With the Hong Kong Stablecoins Ordinance set to officially take effect on August 1, 2025, Hong Kong's position as a global digital asset hub is further solidified. Recent media reports indicate that JD.com’s subsidiary, Jingdong Coinlink Technology, has registered the trademarks “JCOIN” and “JOYCOIN,” leading to speculation that these names may represent its upcoming stablecoin brands. According to the registration details, the related services encompass electronic fund transfers and cryptocurrency financial transactions through blockchain technology, showcasing JD's ambitions in the stablecoin sector.

Hong Kong Stablecoins Ordinance: Balancing Regulation and Innovation

The Hong Kong Stablecoins Ordinance aims to establish a comprehensive regulatory framework for fiat-referenced stablecoins (FRS), requiring entities issuing stablecoins or Hong Kong dollar-pegged stablecoins in Hong Kong to obtain a license from the Hong Kong Monetary Authority (HKMA). Under the ordinance, stablecoin issuers must meet stringent requirements for reserve asset management, redemption mechanisms, and risk management, including a minimum paid-up capital of HKD 25 million, reserve assets that must match the value of circulating stablecoins on a 1:1 basis, and ensuring high liquidity and low investment risk. Additionally, the ordinance has extraterritorial effect, applying regulatory oversight to the issuance of Hong Kong dollar-pegged stablecoins marketed to the public in Hong Kong from outside the region.

This regulatory framework is seen as a reflection of Hong Kong's "risk-based, pragmatic, and flexible" regulatory strategy in the digital asset space. HKMA Chief Executive Eddie Yue stated, “The ordinance establishes a robust and applicable regulatory environment that will provide favorable conditions for the development of stablecoins and the broader digital asset ecosystem in Hong Kong, promoting healthy, responsible, and sustainable growth.”
Compared to the European Union's Markets in Crypto-Assets Regulation (MiCA) and Singapore's stablecoin regulatory framework, Hong Kong's ordinance focuses on fiat-referenced stablecoins while providing greater regulatory clarity and avoiding excessive constraints on other crypto assets.

JD Coinlink's Stablecoin Strategy: JCOIN and JOYCOIN

Market speculation suggests that the trademarks “JCOIN” and “JOYCOIN” registered by Jingdong Coinlink may represent stablecoin projects pegged to the Hong Kong dollar and the US dollar, respectively. This move marks JD's further commitment to the blockchain payment sector, aiming to leverage Hong Kong's regulatory environment to create efficient and secure cross-border payment solutions.

As early as July 2024, Jingdong Coinlink became one of the first participants in the HKMA's stablecoin sandbox and completed the second phase of sandbox testing in May 2025. The testing covered reserve asset management, redemption processes, and the application of blockchain technology for the Hong Kong dollar-pegged stablecoin. It is reported that Jingdong Coinlink plans to officially launch its stablecoins in the fourth quarter of 2025, with the specific timing dependent on the HKMA's approval. The company's CEO, Liu Peng, stated in a recent interview that the stablecoin will become the next generation of payment systems, “reducing cross-border payment processing times from days to minutes.”

Notably, Jingdong Coinlink collaborated with local virtual bank Airstar Bank (backed by Xiaomi and Futu) during the sandbox testing to explore stablecoin-based cross-border payment solutions for enterprises. This collaboration not only demonstrates the potential of stablecoins in optimizing corporate payment efficiency but also reflects Hong Kong's unique advantages as a fintech hub. Airstar Bank's involvement indicates that the collaborative innovation between traditional financial institutions and blockchain companies is accelerating, promoting the practical application of stablecoins in real business scenarios.

Market Impact and Industry Trends

The “JCOIN” and “JOYCOIN” projects from Jingdong Coinlink are not only an extension of its own strategy but also reflect the rapid growth trend of the global stablecoin market. According to a report by S&P Global Ratings, as of early 2025, the total value of the global stablecoin market has surpassed USD 250 billion, widely used in cross-border payments, decentralized finance (DeFi), and digital asset trading. Hong Kong's Stablecoins Ordinance provides clear regulatory guidance for enterprises, attracting global players, including JD, to accelerate their positioning.

Risks and Challenges

Despite the optimistic outlook, the stablecoin market still faces numerous challenges. The decentralized nature of stablecoins may pose risks of money laundering and illegal financing, prompting the HKMA to require issuers to implement strict customer due diligence (KYC) and transaction monitoring measures. Market volatility may lead to the risk of stablecoin de-pegging, as evidenced by the collapse of TerraUSD in 2022. Jingdong Coinlink must ensure the stability of “JCOIN” and “JOYCOIN” through robust reserve management and transparent auditing mechanisms. The inconsistency of global regulatory environments may pose obstacles to the promotion of cross-border stablecoins.

This article is for informational purposes only and does not constitute investment advice for anyone.

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