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JD.com is taking its first step into the stablecoin race, with founder Richard Liu revealing plans to seek licensing in “all major sovereign currency countries” to support fast and low-cost international payments.
The announcement came during a Tuesday briefing in Beijing, just as the U.S. Senate passed the GENIUS Act—landmark legislation that will put guardrails around dollar-pegged stablecoins.
Liu said JD’s stablecoin would initially target business-to-business (B2B) use, offering global transfers that settle in 10 seconds and cost 90% less than traditional methods like SWIFT. “We can reduce payment costs by 90% and deliver within 10 seconds,” Liu said, pitching the initiative as a practical alternative to legacy banking rails.
JD’s ambitions may eventually stretch beyond B2B. “After we finish B-side payments, we can move toward C-side,” Liu said, suggesting a broader retail rollout could follow. He also acknowledged the project’s risks. “Maybe it will fail—but that’s just how business works,” he added.
The move comes as China steps up its push in digital currency infrastructure. On Wednesday, People’s Bank of China Governor Pan Gongsheng announced plans to launch an international operations hub for the digital yuan in Shanghai. JD was one of the first Chinese firms to pilot the digital yuan, using it for employee payroll and interbank settlement as far back as 2021.
Rising Interest, New Competition
JD is not the only Chinese tech firm moving into the space. JD Coinlink, a subsidiary, reportedly began testing Hong Kong dollar-pegged stablecoins this month. Meanwhile, Ant Group’s international arm said it will also apply for a stablecoin license in Hong Kong.
This wave of activity comes amid broader regulatory clarity. In the U.S., the newly passed GENIUS Act lays the groundwork for federal oversight of stablecoins. Though it still faces hurdles in the House, the bill has renewed global interest in establishing standards for stablecoin issuance and redemption.
Meanwhile, JD.com remains one of China’s dominant e-commerce players. It reported RMB 301.1 billion ($41.5 billion) in revenue for Q1 2025—a 16% increase from a year earlier. Full-year 2024 revenue hit RMB 1.16 trillion ($158.8 billion), keeping it in close competition with Alibaba and Pinduoduo.
