JD.com in China may launch a Hong Kong dollar-based stablecoin as early as Q4

JD.com, often referred to as the 'Amazon of China', has announced plans to launch a Hong Kong dollar-based stablecoin as early as the fourth quarter of this year.

On the 18th (local time), Liu Peng, CEO of JD Coinlink, a subsidiary of JD.com, told Bloomberg Businessweek in an interview that “stablecoins pegged to the Hong Kong dollar and other currencies are being tested through the Hong Kong Monetary Authority's sandbox program,” and “it is expected to launch as early as the fourth quarter of this year.” He added that the “stablecoin will be issued on a public blockchain.”

He went on to say, “I feel a similarity between the explosive growth of the mobile payment market and the stablecoin market,” and predicted, “payment stablecoins will play a very core role in building new financial infrastructure.” In particular, he explained that JD Stablecoin has strengths for adoption in global trade based on its fast transfer time and capital turnover.

The previous day, Richard Liu, Chairman of JD.com, also expressed interest in the stablecoin market. According to the Chinese media outlet Sina Finance, Chairman Richard Liu said, “We plan to apply for stablecoin licenses in all major currency countries around the world,” and added, “Someday, I hope that everyone in the world can make payments using JD Stablecoin.”

Meanwhile, 'JD Global Sale Hong Kong·Macau' is expected to support payments using JD Stablecoin.