JD.com Registers ‘Jcoin’ Ahead of Hong Kong’s Stablecoin Launch

E-commerce giant JD.com is getting ready to enter the stablecoin race as Hong Kong’s regulatory regime for digital currencies officially kicks off. The company has registered two potential stablecoin-linked entities, Jcoin and Joycoin, through its fintech arm JD Coinlink Technology, just days before the city’s new framework takes effect.

A 1:1 HKD-pegged stablecoin

According to Hong Kong media outlet Ming Pao, JD Coinlink is among the approved participants in the Hong Kong Monetary Authority’s (HKMA) stablecoin sandbox program, which began in March 2024. The sandbox includes players like Standard Chartered Hong Kong, Animoca Brands, and Hong Kong Telecommunications.

JD’s planned stablecoin, dubbed the “JINGDONG stablecoin,” will be fully backed and pegged 1:1 to the Hong Kong dollar (HKD), according to JD Coinlink’s website. The coin will run on a public blockchain and is designed for widespread use across both businesses and individual consumers, potentially becoming a gateway for stable digital payments in the region.

While JD.com first hinted at its stablecoin ambitions last summer, this move suggests it’s positioning itself to be one of the first officially approved issuers under Hong Kong’s upcoming regulatory framework.

Hong Kong’s new regulatory framework

The HKMA’s long-awaited regulatory regime for stablecoins goes into effect this Friday, August 2. However, the central bank has yet to publish its official register of licensed issuers, with the list currently still blank.

Industry insiders expect the first batch of approvals to come shortly after the framework goes live. He Yifan, CEO of Red Date Technology, said: 

With the coming of the HK stablecoin regime in August, everybody in China and HK is talking about stablecoins. This will be very interesting and involve some new innovations and regulations for the crypto industry.

Among those innovations is a proposal to enable KYC-verified stablecoin wallets on public blockchains, using government-issued decentralized identifiers (DIDs) to protect user privacy while ensuring regulatory compliance.

Warning ahead of launch

JD Coinlink has issued a warning on its official website urging users to stay alert for fraud. The company clarified that neither Jcoin nor any other stablecoin under its brand has been launched yet. This caution shows growing interest in stablecoins ahead of the official rollout and underscores the need for clear, verified channels as the market heats up.

If JD.com secures approval from the HKMA, it will be among the first major Chinese firms to issue a compliant stablecoin, signaling a potentially pivotal moment in the region’s push toward regulated crypto adoption.