Chongqing- On June 17, Liu Qiangdong, founder of Chinese e-commerce giant JD.com, outlined his vision to revolutionize cross-border payments using stablecoins. Speaking at a media briefing, Liu announced plans to secure stablecoin licenses in key global markets, aiming to reduce transaction costs by 90% and shorten payment processing times to under 10 seconds.
Liu Qiangdong, the founder of JD.com. (Photo/Shen Yang)
"After the business-side payments are handled, we aim to penetrate the consumer-side payments. We envision a day when everyone can use JD's stablecoin to make payments globally," Liu said.
Stablecoins, cryptocurrencies backed by a reference asset, typically a digital fiat currency such as the U.S. dollar or the Hong Kong dollar, are gaining traction in the financial world. Citi's report states that stablecoins not only offer a way to store value without the volatility of traditional cryptocurrencies, but they are also increasingly seen as an efficient tool for cross-border payments. Stablecoin usage could significantly reduce transaction fees, making payments faster and more secure, with regulatory clarity enabling broader adoption.
In Hong Kong, the legislative landscape is aligning with this trend. In May 2025, the Legislative Council of the Hong Kong Special Administrative Region passed the Stablecoin Bill, which is scheduled to take effect on August 1. The new law will require businesses issuing fiat-backed stablecoins to apply for a license from the Hong Kong Monetary Authority. This move has sparked a wave of applications, with major players such as JD.com, Ant Group, and Standard Chartered already entering the regulatory sandbox.
Liu Peng, CEO of JD CoinChain Technology, announced that JD's stablecoin is currently in its second phase of testing, with a focus on use cases such as cross-border payments, investment transactions, and retail payments. Currently, cross-border payments predominantly rely on the SWIFT system, which can take up to four days and incur fees of 1-3% per transaction. In contrast, JD's stablecoin promises to process these payments in seconds and reduce costs by up to 90%.
As of May 2025, the global stablecoin market has surpassed $240 billion in issuance, according to CoinMarketCap. Citi has forecast that this figure could reach $1.6 trillion to $3.7 trillion by 2030.
Pan Gongsheng, Governor of the People's Bank of China (PBC), further expanded on the potential of these technologies during the Lujiazui Forum on June 18, calling emerging technologies like blockchain and distributed ledger pivotal in transforming the global payment system. He noted that such innovations could dramatically shorten the cross-border payment chain, but also stressed the significant challenges they present to financial regulation.
Ant Group, a key player in China's digital economy, is also making moves. According to Bian Zhuoqun, Vice President of Ant Group, the company has already initiated the process of applying for a stablecoin license in Hong Kong, which will help facilitate more efficient payments across borders.
As the stablecoin market expands, major global players, including PayPal, Bank of America, and MasterCard, are also exploring stablecoin initiatives aimed at tapping into the cross-border payment market. Mastercard recently announced plans to introduce a "stablecoin settlement" option for merchants, responding to the growing regulatory push in digital finance.
In the United States, the regulatory landscape is also shifting. On June 17, the U.S. Senate passed the GENIUS Act, which provides a regulatory framework for stablecoins.
Liu Xiaochun, vice president of the Shanghai New Finance Institute, stated that stablecoin regulations in Hong Kong and the U.S. are similar to those governing cashier's checks and banknotes. He emphasized that while stablecoins offer direct, efficient cross-border payments, their real success lies in seamlessly integrating with the banking system. Ultimately, currency exchange and payment settlement still rely on traditional bank clearing systems for final conversion into legal tender.