JD.com, a Chinese e-commerce giant with a $90 billion market size, has announced an ambitious plan to innovate existing financial infrastructure by establishing a cross-border payment system using stablecoins.
According to Cryptopolitan on the 17th, JD.com announced that through its blockchain-based payment infrastructure, it can significantly reduce international transaction time and costs, enabling almost instant payments and reducing fees by up to 90%.
This announcement came during an open forum this week where JD.com's chairman and founder Liu Qiangdong presented the company's vision. He proposed a future with faster payments, reduced intermediaries, and transactions using digital currencies linked to local fiat currencies for both businesses and consumers.
Market reaction was relatively quiet. JD's stock opened slightly up at around $33.90 but later dropped to $33.47.
The core of JD.com's plan is a Hong Kong stablecoin regulatory sandbox pilot project led by its subsidiary Jingdong Coinlink Technology. Chairman Liu mentioned that existing cross-border payments between companies through correspondent banks typically take 2-4 days and incur substantial fees.
JD.com aims to reduce this to less than 10 seconds.
To achieve this, the company is utilizing its own blockchain network, the Zhizhen Chain. This network already processes approximately $7 billion annually through supply chain financial operations. The idea is to remove intermediary banks, clearing houses, and other third parties, allowing businesses to pay each other directly using stablecoins.
While the initial focus is on business-to-business transactions, JD.com has much larger ambitions. Once the infrastructure proves stable and scalable, the company plans to expand stablecoin usage to consumer platforms.
This could mean integrating stablecoin payments into JD.com's e-commerce payment experience, potentially opening doors for nearly 600 million active users to use digital currencies in everyday shopping. With a logistics network spanning 20 countries, JD.com has the infrastructure to build a truly global payment system.
Industry analysts suggest that JD.com might accelerate adoption by requiring or incentivizing platform sellers to accept their stablecoin.
JD.com is not the only major Chinese tech company entering the stablecoin competition. Ant Group, best known for operating Alipay, recently announced it will apply for a stablecoin license in Hong Kong when new laws take effect in August 2025, and is also seeking regulatory approvals in Singapore and Luxembourg.
Hong Kong has emerged as a regional leader in regulated stablecoin innovation. Since launching its sandbox in 2023, the city has seen active participation from global players like Standard Chartered and Xiaomi's Tianxing Bank, testing tokenized payment systems under the Hong Kong Monetary Authority (HKMA).
With a new stablecoin ordinance fully implemented by August 2025, Hong Kong is positioning itself as a launchpad for next-generation fintech innovation in Asia, enabling mainland companies like JD and Ant to operate despite China's domestic cryptocurrency ban.
Analysts estimate the global stablecoin market at around $250 billion this year, projecting it could reach nearly $1 trillion by 2030.
Western financial giants like PayPal and MasterCard have already launched or tested their own token-based payment systems, adding to the sense that the industry is entering a new stage.
JD.com's approach, based on its own blockchain and directly integrated with its retail ecosystem, offers a unique perspective. However, it also faces challenges. Stablecoin infrastructure is not just a technical issue but a regulatory maze, especially when moving money across multiple jurisdictions.
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