Chinese e-commerce titan JD.com has reportedly registered two stablecoins-Jcoin and Joycoin-through its fintech arm JD Coinlink Technology, according to Hong Kong media reports.
This proactive step comes as Hong Kong gears up to implement its new regulatory regime for stablecoin issuers on August 1.
JD Coinlink is already recognized as an official participant in the Hong Kong Monetary Authority’s (HKMA) stablecoin sandbox program, which has attracted fintech leaders and banking giants since its launch in March 2024.
JD Coinlink has teases in its website that its forthcoming “Jingdong stablecoin” will be fully pegged 1:1 to the Hong Kong dollar and issued on a public blockchain.
JD Coinlink also stated that it aims to make the stablecoin the leading digital currency for both businesses and consumers across the region, promising transparent, regulated, and accessible digital payments.
The timing of JD.com’s stablecoin registrations is significant. The HKMA will begin enforcing its stablecoin oversight regime this Friday, following a year-long sandbox pilot that included participants such as RD InnoTech, Animoca Brands, Standard Chartered Bank’s Hong Kong unit, and Hong Kong Telecommunications.
While JD Coinlink quickly disclosed its stablecoin ambitions after joining the HKMA sandbox last year, the names of officially licensed stablecoin issuers have yet to be released.
The HKMA’s public register currently lists no license holders, keeping the market in suspense ahead of the regulatory go-live date.
The coming regulatory shift has triggered vigorous discussion throughout China and Hong Kong.
Industry leaders, including Red Date Technology CEO He Yifan, note that the new regime will drive innovation, enhanced compliance, and fresh approaches to user identity, such as integrating decentralized identifiers (DIDs) with KYC for public blockchain stablecoin wallets.
Ahead of the launch, JD Coinlink has also issued a fraud warning on its site to clarify that its stablecoin is not yet available, cautioning users to beware of scams as anticipation builds.
As Hong Kong’s new stablecoin regulations come into force, JD.com’s timely entity registrations with Jcoin and Joycoin position it at the forefront of regulated digital payments innovation.
Market watchers now await confirmation from the HKMA on which projects will receive licenses, with JD.com’s latest moves likely to play a pivotal role in shaping the region’s digital finance ecosystem.
JD.com will issue a stablecoin in Hong Kong based on a public blockchain and pegged 1:1 to the Hong Kong dollar.
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