Chinese e-commerce giant JD.com is preparing to take a significant step into the digital asset world. Ahead of new stablecoin regulations in Hong Kong, which will take effect on August 1st, the company has filed trademark applications for two crypto assets, "JCOIN" and "JOYCOIN." This move is being interpreted as a sign that JD.com is preparing to launch its own fiat-backed stablecoin.
The applications, submitted by JD.com's fintech subsidiary, JD Coinlink Technology, reveal that the stablecoins will be pegged 1:1 to the Hong Kong dollar (HKD) on a public blockchain. According to a statement by JD.com President Richard Liu Qiangdong, the company aims to obtain stablecoin licenses not only locally but also globally, achieving a cost advantage of up to 90% in cross-border payment transactions. Liu said, "We hope the JD stablecoin will become a universal payment method worldwide."
According to information on JD Coinlink's official website, this new digital asset aims to become one of the leading stablecoins widely available to individuals and institutions. The company also emphasized that the stablecoin has not yet been launched and that users should be wary of fraudulent projects.
This development follows its participation in the stablecoin pilot program (sandbox) launched by the Hong Kong Monetary Authority (HKMA) last year. JD Coinlink participated in this program alongside prominent institutions such as Standard Chartered Hong Kong, Animoca Brands, and Hong Kong Telecommunications. Following the sandbox process, the company officially announced its plans to launch a stablecoin.
Stablecoin Law to be Enacted in Hong Kong
However, JD.com's stablecoin move is part of its strategy to prepare for the new regulatory environment. The Hong Kong Stablecoin Ordinance, which will come into effect on August 1, will only allow licensed projects to operate. HKMA CEO Eddie Yue stated that approximately 50 companies have applied for licenses to date, but most will be eliminated due to inadequate planning and risk management.
Under the new law, offering or promoting unlicensed fiat-backed stablecoins will be illegal. Violators face up to six months in prison and a fine of approximately $6,300. These strict regulations are intended to prevent speculative transactions and ensure financial security in the digital asset market.
While the HKMA has not yet officially announced a licensed stablecoin company, JD Coinlink's applications demonstrate its ambition to be an early mover in the stablecoin market. Industry figures suggest that Hong Kong could become a global hub for stablecoin innovation in this new era.
