JD.com plans to launch a global stablecoin program to make international payments faster and cheaper.
- JD.com aims to reduce payment costs by 90%
- GENIUS Act signals growing interest in stablecoin regulation
- China also increases support for digital yuan expansion
JD.com Steps Into Stablecoins
JD.com founder Liu Qiangdong says the Chinese e-commerce company is working on a global stablecoin project. The goal is to get licensed in major economies worldwide. The stablecoin will mainly help with cross-border payments.
Liu claims it can cut costs by 90% and complete payments in under 10 seconds. That’s much faster than the traditional SWIFT system, which can take up to four days. JD.com plans to start with business payments and later expand to consumers.
US Senate Passes GENIUS Act
The US Senate passed the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. It puts federal rules in place for stablecoins, helping build trust and clarity. The bill passed after a full Senate vote and could face more challenges in the House of Representatives.
This law could help speed up stablecoin use in the US. It also supports companies like JD.com that want to build stablecoin solutions across borders.
China Advances Digital Yuan
China continues to push its digital yuan. The People’s Bank of China plans to open an international digital yuan operations center in Shanghai. This helps China reduce its dependence on the US dollar for global trade.
JD.com already uses China’s Digital Currency Electronic Payment (DCEP) system since 2021. It has paid employee wages and settled business payments using the digital yuan.
What’s Next for JD.com?
JD.com will stick to its main business model and expand globally. Liu said the stablecoin may fail, but he’s willing to take that risk. The company’s stablecoin effort could reshape how businesses and people send money across borders.
As stablecoins become more accepted, companies like JD.com are preparing for wider use. The launch depends on getting licenses and working with regulators in many countries.
Source: cointelegraph.com
