Cobo Market Observation | JD's Stablecoin Ambition, Not Just Cross-Border Payments

In the context of increasingly clear global regulatory attitudes, the capital market is witnessing a new wave of enthusiasm for the concept of stablecoins. According to Wind data, related indices have risen sharply for several consecutive days since mid-June. Beneath this prosperous scene, a division regarding the form of next-generation financial infrastructure is taking shape. China's internet technology giant JD.com, with the public declaration from its top leadership, is entering this global game in a distinctly different manner.

According to Sina Finance, Liu Qiangdong, Chairman of JD Group, has clearly stated that its goal is to apply for stablecoin licenses in all major currency countries globally, aiming to reduce cross-border payment costs between global enterprises by 90% and improve efficiency to within 10 seconds. Behind this declaration lies a grand roadmap from solving its own pain points to building a global financial network.

Deconstructing JD.com: From "Local Infrastructure" to "Global Game"

It wasn't until June 17 that Liu Qiangdong first placed the stablecoin strategy at the core of the company's blueprint, allowing the outside world a glimpse into JD's global financial vision. Liu mentioned in discussions with reporters about the company's strategy, "JD's international business does not follow the cross-border e-commerce route, but rather local e-commerce, local infrastructure, local employees, local procurement, and local shipping, only selling branded products." This "localization" logic is key to understanding its stablecoin layout.

To replicate "Local JD" in mainstream global markets, JD needs to equip each node with local settlement capabilities. To operate efficiently in Japan, a yen stablecoin is required; to establish a presence in Europe, a euro stablecoin is necessary. This compliance demand inherent in the business has led to a rigid pursuit of "local stablecoin licenses." The first phase goal of the stablecoin network is to create a unified and efficient financial operating system for distributed global businesses.

Once the B2B settlement network is established, JD's second phase goal is to move towards the C-end market, realizing Liu Qiangdong's vision that "one day everyone can use JD stablecoins for payments when consuming around the world." The core challenge in achieving this cross-border consumption experience is traditional foreign exchange friction (FX Friction). In fact, the current stablecoin market heavily relies on USD stablecoins, and non-USD region users still need to frequently exchange currencies during payments, leading to high costs and low efficiency. To address this issue, the multi-currency stablecoin system anchored to local fiat currencies, built in the first phase, will be key to breaking down this barrier. Once the network matures, it will not only serve as an internal settlement tool but will evolve into a programmable, high-efficiency "on-chain foreign exchange market," providing underlying support for seamless payments and instant exchanges among global users.

It can be said that the focus of JD's stablecoin strategy directly targets the traditional trade settlement market, with "compliance" as the core barrier, concentrating on serving global entities with rigid demands for transparent and efficient payment solutions. This approach aligns closely with the background of Liu Peng, CEO of JD Coin Chain Technology. This industry veteran, who was deeply involved in the design of "WeChat Pay," has dedicated his career to embedding payment technology into real industry scenarios, making JD's "industry-first" path not only pragmatic and feasible but also credible for implementation.

Ultimately, when the financial network constructed by JD has sufficient liquidity and a foundation of trust, its stablecoin strategy will evolve from an internal settlement system to an open "international stablecoin settlement hub."

Two Paradigms: The Ambiguous Boundaries of the U.S. Stablecoin Bill

However, while Asian tech giants like JD are accelerating their layout of a "vertical integration" model, the United States across the ocean is constructing a distinctly different regulatory framework. The highly anticipated "GENIUS Act" stablecoin bill has recently passed in the U.S. Senate with an overwhelming bipartisan vote of 68-30.

However, the passage of this stablecoin bill in the Senate is just the first step in a long regulatory journey. Reports indicate that the bill has received over 100 proposed amendments, and a "battle of interpretations" regarding the details of the rules has just begun. Among them, a widely discussed amendment is particularly crucial, proposing that a publicly listed company whose main business is not financial… shall not issue payment stablecoins unless it obtains unanimous consent from a "Stablecoin Certification Review Committee." The final interpretation and specific implementation details of this clause will be determined by regulatory agencies such as the Federal Reserve and the Treasury Department through intense negotiations. If the restrictions are strictly enforced, then for tech giants like Amazon and Walmart, the path ahead will involve collaborating with licensed issuers rather than issuing themselves; for existing issuers like Circle, which have already made substantial compliance investments at the state level, this would mean a "regulatory moat" solidified by federal law.

Thus, beyond the digital yuan, the exploration of future development paths for the global stablecoin market between China and the U.S. appears to showcase seemingly two different models: one is the Asian model represented by JD, driven by commercial giants seeking "vertical integration." The other is the U.S. model, driven by regulation, with the mainstream trend seeking "separation of issuance and distribution," but the ultimate ambiguity of the rules leaves significant uncertainty in the market.

On the Chessboard: Geofinance Beyond Payments

All of this is happening against the grand backdrop of changes in the global monetary system and reflections on dependence on the SWIFT system. JD's strategic intent has transcended mere considerations of commercial efficiency. It has clearly stated its support for and promotion of issuing offshore RMB stablecoins, but whether this can ultimately be realized still depends on domestic regulation. Once this multi-currency stablecoin network is established, it will itself be an efficient global trade clearing layer that does not rely on dollar hegemony.

Therefore, JD's layout can be interpreted as a market-driven, bottom-up exploration of RMB internationalization. The world's attention is focused on this, observing a grand game driven by both regulation and commerce that may determine the form of the next generation of financial infrastructure.