News 
May 30, 2025 
6 min. 
JD.com is making steady progress in its stablecoin initiative, with the digital currency now entering Phase 2 of testing under Hong Kong’s regulatory sandbox, according to a May 30 report by Guandian.
The move signals a strategic step forward for JD.com, as it navigates blockchain innovation within the legal framework of Hong Kong, especially notable given the ongoing crypto restrictions in mainland China.
Liu Peng, CEO of JD Chain, confirmed that the stablecoin is pegged 1:1 to fiat currencies, including the Hong Kong dollar and U.S. dollar, reinforcing its potential utility for global payments and enterprise-level blockchain applications.
This controlled testing phase reflects growing interest in regulatory-compliant digital assets in Asia’s leading financial hubs.
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JD.com Nears Official Launch of Stablecoin Aimed at Global Commerce and Retail Use
JD.com is moving closer to launching its own stablecoin, designed to power cross-border payments, enterprise settlements, and everyday retail transactions. Built on a public blockchain infrastructure, the digital asset will roll out more broadly following completion of Hong Kong’s regulatory sandbox program.
According to Liu Peng, CEO of JD Chain, the stablecoin aims to improve payment efficiency not only within JD’s internal ecosystem but also for users and businesses worldwide.
“We hope this project contributes to payment efficiency not only within JD’s ecosystem but also for businesses and individuals worldwide,” Liu said.
The initiative officially entered Hong Kong’s stablecoin issuer sandbox after more than a year of development. JD.com pointed to the region’s clear regulatory framework and government backing for digital asset innovation as key motivators behind selecting Hong Kong as its launchpad.
While public release is still pending, the company emphasized its commitment to regulatory compliance and infrastructure readiness. Liu also cautioned users against engaging with unauthorized token offerings, stating that any current purchase channels are unofficial.
The project reflects JD.com’s broader vision of strengthening its global commerce capabilities by integrating secure, blockchain-based financial infrastructure.
Hong Kong’s Regulatory Sandbox Draws Chinese Tech Giants Like JD.com
JD.com, one of China’s largest players in e-commerce and logistics, is leveraging Hong Kong’s regulatory sandbox to advance its blockchain ambitions. Through its blockchain division, JD Chain, the company is developing digital infrastructure tailored to enterprise needs, including payments, asset tokenization, and smart contract solutions.
Although cryptocurrency trading remains prohibited in mainland China, Hong Kong operates under a distinct regulatory framework that allows for controlled digital asset experimentation. This legal separation has enabled JD.com to explore blockchain-based payments without conflicting with national restrictions.
JD Chain’s inclusion in the sandbox aligns with efforts by the Hong Kong Monetary Authority (HKMA) to oversee stablecoin projects and support cross-border central bank digital currency (CBDC) pilots. JD.com’s stablecoin is now among several enterprise-led initiatives testing legal and technical standards for tokenized financial systems in the region.
The company’s involvement may signal a broader shift among Chinese enterprises toward blockchain innovation, particularly in regulated and utility-focused sectors. While speculative crypto activity remains off-limits on the mainland, state-backed directives have encouraged blockchain development in areas such as logistics, payment efficiency, and regulatory compliance.
Frequently Asked Questions (FAQ)
Why did JD Chain choose a public blockchain for its stablecoin?
By leveraging a public blockchain, JD Chain enhances transparency and fosters potential compatibility with other blockchain networks. This approach supports broader use cases, especially in global payments and cross-border settlements, where openness and integration are key.
What impact could JD.com’s project have on other Chinese firms?
JD.com’s sandbox participation could serve as a blueprint for other mainland-based enterprises looking to engage in blockchain innovation. Operating through Hong Kong offers a legal testing ground for digital payments, enabling companies to gather practical insights that may shape future regulatory decisions in mainland China.
Does this indicate a change in China’s stance on crypto and blockchain?
This move doesn’t signal a shift in national crypto policy. Instead, it reflects a strategic use of Hong Kong’s independent regulatory framework, allowing controlled blockchain experimentation without breaching mainland restrictions.
