JD.com's stablecoin enters the second phase of Hong Kong's "Stablecoin Sandbox" test and will provide mobile and PC application products for retail and institutions

On May 23, JD Chain Technology was selected as one of the first participants in the Hong Kong Monetary Authority's "Stablecoin Sandbox" for July 2024. Recently, the Hong Kong Legislative Council passed the "Stablecoin Regulation Bill" in its third reading. In an exclusive interview, JD Chain Technology CEO Liu Peng stated, "The third reading of the 'Stablecoin Regulation Bill' marks the formal inclusion of stablecoins as virtual assets into the legal regulatory system. The Regulation provides a good institutional environment for the healthy and sustainable development of Hong Kong's stablecoin market. JD Stablecoin is a blockchain-based stablecoin pegged 1:1 with legal currencies such as Hong Kong dollars (HKD) or US dollars (USD). The first phase will tentatively issue stablecoins anchored to Hong Kong dollars and US dollars, with specific details adjusted based on regulatory and market demands. JD Stablecoin is not limited to serving JD's own ecosystem but is committed to providing more efficient, economical, and secure payment infrastructure for global enterprises and individuals. Currently, JD Stablecoin has not been officially launched and is in the second stage of sandbox testing. We will provide mobile and PC application products for retail and institutional users. The test scenarios mainly include cross-border payments, investment transactions, and retail payments."