"Exploring Global Market Entry Following Payment System Innovation"
"Within 10 Seconds of Payment... Aiming to Reduce Card Fees by 90%"
);)
On the 17th, Richard Liu, Chairman of JD, announced at a press conference that he will launch a stablecoin for efficient international payments and global consumer acquisition, and introduce it to JD.
Liu stated, "We aim to apply for stablecoin licenses in all major currency countries" and "Our current vision is that someday people worldwide will use JD's stablecoin for payments."
According to Liu's announcement, JD is exploring ways to reduce payment time to within 10 seconds and cut payment costs by up to 90% compared to credit cards through the stablecoin.
Liu said, "JD, once a e-commerce powerhouse, experienced a 'lost five years' due to lack of innovation and low growth" and "We will challenge new businesses including food delivery and tourism through the stablecoin."
JD's announcement is drawing attention as it comes at a time when the U.S. stablecoin regulation bill passed the Senate. The U.S. stablecoin regulation bill 'GENIUS Act' passed the Senate with a final vote of 68 to 30 on the 18th.
The GENIUS Act includes provisions allowing private companies to issue stablecoins if approved by federal or state regulatory agencies, and is evaluated as opening the door for private companies to issue dollar-pegged stablecoins. In fact, global financial institutions like JP Morgan and Bank of America, and large companies like Amazon and Walmart are exploring issuing their own stablecoins in anticipation of the Act's congressional passage.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
