JD.com Coin Chain CEO: The JD.com stablecoin is expected to obtain a license in the fourth quarter, and will be pegged to the Hong Kong dollar and other currencies

In early June this year, Liu Peng, CEO of JD Coin Chain ("JD Coin Chain"), accepted an exclusive interview with Bloomberg, answering a series of questions regarding the future of stablecoins, application landing, and industry expansion.

As a former core member of "WeChat Pay," Liu Peng expressed that he has captured a similar "feeling" to the eve of the explosive growth of mobile payments—he believes that payment-type stablecoins will serve as new financial infrastructure in the Web3 era, playing a "disruptive" positive role in scenarios such as international trade.

In Liu Peng's view, many people equate payment-type stablecoins with cryptocurrencies like Bitcoin and Ethereum, which are actually completely different. Stablecoins in Web3 are akin to mobile payments in Web2; both are payment tools aimed at leveraging advanced technology and business models to reduce costs, increase efficiency, enhance experience, and promote inclusive finance.

Liu Peng revealed that JD Coin Chain is expected to obtain a license in the early fourth quarter. Currently, JD Coin Chain's scenario testing in the "sandbox" is progressing smoothly, with plans to launch stablecoins pegged to the Hong Kong dollar and other currencies. He believes one of JD Coin Chain's first-mover advantages is having a "cold start" scenario from zero to one, namely the JD e-commerce ecosystem.

Below is the full interview:

What is the progress of the stablecoin sandbox testing?

Question: In May this year, JD's stablecoin completed the second phase of sandbox self-testing. What is the current progress?

Liu Peng: As of early June, we have primarily completed the testing of the Hong Kong dollar stablecoin, and will soon test other fiat stablecoins. Based on market demand, we expect these two stablecoins to be issued simultaneously.

The second phase differs from the first phase: the first phase mainly tested product functionality and technical details, while the second phase focuses on usage testing in three practical scenarios: cross-border payments, investment transactions, and retail payments.

• In terms of cross-border payments, we plan to expand users through "direct connection acquisition + cooperative wholesale";

• In investment transactions, we are negotiating cooperation with global compliant exchanges, planning to launch JD Stablecoin in different regions;

• In the retail sector, we will first launch on the "JD Global Sale Hong Kong and Macau Station," allowing users to prioritize shopping with stablecoins in JD's self-operated e-commerce scenarios.

Listing and Initial Planning

Question: When does JD Coin Chain expect to obtain a license? How will the stablecoin be listed on exchanges? What is the initial issuance scale?

Liu Peng: The specific timing still depends on the regulatory progress.

We expect to obtain the issuance license in early Q4 2025 and simultaneously launch JD Stablecoin. The stablecoin will be issued on a public chain, and anyone can publicly view its issuance volume and other data.

How to stand out in a market dominated by USDT/USDC?

Question: Currently, USDT and USDC dominate cross-border payments. How can compliant stablecoins enter the market?

Liu Peng: First of all, compliance itself is a core competitive advantage. As regulation progresses and business lands, the market's understanding of this advantage will gradually mature. **The goal of JD Stablecoin is not to get involved in Crypto-native or investment trading scenarios, but to open up a new "battlefield"—connecting the traditional cross-border trade settlement market **

This market has gathered a large number of physical enterprises, cross-border trade participants, payment technology companies, etc., all of which require secure, compliant, transparent, and auditable stablecoin services.

Therefore, we will be highly targeted in product design and customer expansion. We expect that international trade in the Asia-Pacific, Middle East, Africa, South America, and Europe may prioritize the adoption of stablecoins issued in Hong Kong.

The Cross-Border Payment Value of Stablecoins and G10 Currencies

Question: Some founders of leading cross-border payment companies believe that stablecoins have limited value in G10 currency transactions. What is your view?

Liu Peng: Stablecoins are a system engineering project, not a single product. The competitiveness of compliant stablecoins lies not only in low cost, high efficiency, and good experience but also in a stable custody mechanism, secure clearing channels, and reliable operational logic that protect the rights of holders. We also welcome cooperation with cross-border payment companies to jointly build a stablecoin ecosystem.

Application Implementation and Industry Expansion

Question: Within the JD.com ecosystem, in which areas will stablecoins be implemented first? How to enhance acceptance outside the ecosystem?

Liu Peng: JD.com stablecoins will first be applied in scenarios such as JD Global Sales and fund recovery. Outside the ecosystem, we will customize stablecoin payment solutions based on differences in transaction frequency, settlement mechanisms, and other factors across different industries.

Currently, JD.com stablecoins have reduced transfer time from "days" to "seconds," and costs have dropped to less than half of traditional transfers, with on-chain fund circulation also becoming faster. We believe these advantages will attract international trade participants.

The Evolution of Supply Chain Finance in the Era of Stablecoins

Question: How can supply chain finance be integrated with stablecoins in cross-border payment scenarios?

Liu Peng: The issuer of stablecoins cannot engage in pledging, lending, or paying interest, so we will cooperate with licensed institutions that have the corresponding qualifications to carry out supply chain finance services.

From a solution design perspective, we are sorting out scenarios related to JD International Logistics.

Theoretically, with authorization from all parties, small and medium-sized enterprises can put data such as overseas warehouse orders on the blockchain and use stablecoins to complete payments and financing, greatly improving the efficiency of the entire process. Of course, everything must be done under the premise of legality and compliance.

Similarities and Differences Between Stablecoin Payments and Mobile Payments

Question: What are the similarities and differences between stablecoin payments and mobile payments that you studied in the past?

Liu Peng: Many people equate payment-type stablecoins with cryptocurrencies like Bitcoin and Ethereum, but they are completely different. Web3 stablecoins are like Web2 mobile payments; both are payment tools aimed at reducing costs and increasing efficiency, enhancing experience, and promoting inclusive finance through advanced technology and business models.

Technically, stablecoins are based on a decentralized architecture, while mobile payments are centralized; in terms of product structure, stablecoins also have an "issuance system." Therefore, the regulation of stablecoins is more complex and cannot rely on compliance in a single region but requires global coordination.

The Payment Status in Mainland China and the Entry Point for Stablecoins

Question: Mainland mobile payments have almost completely replaced cash; where might the entry point for stablecoins be?

Liu Peng: Within five years, mobile payments will fully surpass cash in transaction scale, user coverage, and scenario penetration. The low-cost promotion of QR codes is the core driver—transitioning from expensive POS machines to a few stickers has significantly reduced settlement costs, allowing small and micro merchants to fully participate.

Of course, it cannot be said that stablecoins can 100% replace the current financial infrastructure, but there will indeed be a significant transformation in many real financial service scenarios.

• From a B2B perspective: Large transactions may first accept stablecoins, especially in cross-border payments, which have high friction costs, significant exchange rate fluctuations, and long cycles;

• From a B2C perspective: To fully stimulate users' willingness to pay, it may require a phenomenon-level product like "WeChat Red Envelopes."

How to improve the stablecoin ecosystem in Hong Kong?

Liu Peng: The key lies in establishing a risk-based, pragmatic, flexible, and open collaborative ecosystem based on the "Stablecoin Regulation." Regulatory agencies, issuers, wholesalers, scenario providers, users, and investors must cooperate with each other.

Fund settlement is both an endpoint and a starting point. We need to seize this breakthrough, leveraging Hong Kong's international financial and trade status to promote the circulation and use of stablecoins issued in Hong Kong across multiple regions, further establishing Hong Kong as an international stablecoin settlement hub.

Can Hong Kong issue offshore RMB stablecoins?

Question: Hong Kong is both a global trade center and an offshore RMB hub; will it issue offshore RMB stablecoins?

Liu Peng: From a product technology perspective, there is not much difference between offshore RMB stablecoins and HKD stablecoins. Moreover, scenarios like the "Belt and Road" have already created potential demand for offshore RMB stablecoins.

JD.com Coin Chain has always supported and promoted the future issuance of offshore RMB stablecoins, but it must be comprehensively considered in terms of legal compliance, regulatory approval, and business logic. Ultimately, whether it can be realized still depends on the arrangements of mainland regulation