China’s JD.com enters stablecoin race as US passes GENIUS Act
JD.com plans to apply for stablecoin licenses in major countries, aiming to slash cross-border payment costs by 90% and settle in 10 seconds.
Chinese e-commerce giant JD.com is stepping into the stablecoin arena, with founder Liu Qiangdong revealing plans for a global licensing push aimed at cross-border payments.
The announcement, made during a media briefing in Beijing on Tuesday, came as the US Senate passed the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, a landmark bill establishing federal guardrails for stablecoins.
“We hope to apply for our stablecoin license in all major sovereign currency countries in the world,” Liu said. He outlined that the stablecoin would be used to enable faster, cheaper global transactions.