Chinese retail titan JD.com has taken concrete steps toward launching a Hong Kong dollar-pegged stablecoin through its fintech arm JD Coinlink Technology. The company recently registered two cryptocurrency-related entities named Jcoin and Joycoin, according to Hong Kong's Ming Pao newspaper. This development comes just before Hong Kong's new stablecoin regulations take effect on August 1, 2025.
JD Coinlink joined the Hong Kong Monetary Authority's (HKMA) stablecoin sandbox program in March 2024 alongside financial heavyweights like Standard Chartered Bank and tech firm Animoca Brands. The company's website describes its planned "Jingdong stablecoin" as a 1:1 Hong Kong dollar-backed digital currency operating on public blockchains, aiming to serve both businesses and individual users.
The HKMA will implement its stablecoin licensing regime this Friday, though the central bank hasn't yet disclosed approved issuers. Industry observers note JD.com's timing appears strategic, with registration completed just before the regulatory deadline. 【Red Date Technology CEO He Yifan】 commented: "The stablecoin regime introduces innovative requirements like KYC procedures for blockchain wallets using government-issued digital IDs."
JD Coinlink has proactively warned investors about potential scams, emphasizing its stablecoin hasn't officially launched. The company website displays prominent cautions against fraudulent actors pretending to offer the digital currency. This comes as Hong Kong's crypto community eagerly awaits the first licensed stablecoins under the new framework.
With the sandbox program also including players like Hong Kong Telecommunications, JD.com faces competition in becoming a leading stablecoin provider. ——Industry analysts suggest—— the e-commerce firm's massive user base and existing payment infrastructure could provide significant advantages in adoption. As regulations take effect, market watchers expect clearer details about approved issuers and launch timelines in coming days.