In the context of increasingly clear global regulatory attitudes, the capital market is experiencing a new wave of interest in the concept of stablecoins. According to Wind data, related indices have risen sharply for several consecutive days since mid-June. Beneath this prosperous scene, a division regarding the form of next-generation financial infrastructure is taking shape. China's internet technology giant JD.com, with a public declaration from its top leadership, is entering this global game in a distinctly different manner.

According to Sina Finance, Liu Qiangdong, Chairman of JD Group, has clearly stated that his goal is to apply for stablecoin licenses in all major currency countries worldwide, aiming to reduce cross-border payment costs between global enterprises by 90% and improve efficiency to within 10 seconds. Behind this declaration is a grand roadmap from solving its own pain points to building a global financial network.

Deconstructing JD.com: From "Local Infrastructure" to "Global Game"

It was not until June 17 that Liu Qiangdong first placed the stablecoin strategy at the core of the company's blueprint, allowing the outside world a glimpse of JD's global financial vision. Liu mentioned in discussions with reporters about the company's strategy, "JD's international business does not follow the cross-border e-commerce route, but rather focuses on local e-commerce, local infrastructure, local employees, local procurement, and local shipping, only selling branded products." This "localization" logic is key to understanding its stablecoin layout.

To replicate "Local JD" in mainstream global markets, JD needs to equip each node with local settlement capabilities. To operate efficiently in Japan, a yen stablecoin is required; to establish a presence in Europe, a euro stablecoin is necessary. This inherent compliance demand within the business has led to a rigid pursuit of "local stablecoin licenses." The first phase goal of the stablecoin network is to create a unified and efficient financial operating system for distributed global business.

Once the B2B settlement network is established, JD's second phase goal is to move towards the C-end market, realizing Liu Qiangdong's vision of "one day everyone can use JD stablecoin for payments when consuming around the world." The core challenge to achieving this cross-border consumption experience is traditional foreign exchange friction (FX Friction). In fact, the current stablecoin market is highly dependent on USD stablecoins, and users in non-USD regions still need to frequently exchange currencies during payments, resulting in high costs and low efficiency. To address this issue, the multi-currency stablecoin system anchored to local fiat currencies, built in the first phase, will be key to breaking down this barrier. Once the network matures, it will not only serve as an internal settlement tool but will evolve into a programmable, high-efficiency "on-chain foreign exchange market," providing underlying support for seamless payments and instant exchanges among global users.

It can be said that the focus of JD's stablecoin strategy is directly aimed at the traditional trade settlement market, with "compliance" as the core barrier, focusing on serving global entities that have a rigid demand for transparent and efficient payment solutions. This approach aligns closely with the background of Liu Peng, CEO of JD Coin Chain Technology. This industry veteran, who was deeply involved in the design of "WeChat Pay," has dedicated his career to embedding payment technology into real industry scenarios, making JD's "industry-first" path not only pragmatic and feasible but also credible for implementation.

Ultimately, when the financial network built by JD has sufficient liquidity and a foundation of trust, its stablecoin strategy will evolve from an internal settlement system to an open "international stablecoin settlement hub."

Two Paradigms: The Ambiguous Boundaries of the US Stablecoin Bill

However, while Asian tech giants like JD are accelerating their "vertical integration" model, across the ocean, the United States is constructing a distinctly different regulatory framework. The highly anticipated "GENIUS Act" stablecoin bill was recently passed in the US Senate with an overwhelming bipartisan vote of 68-30.

However, the passage of this stablecoin bill in the Senate is just the first step in a long regulatory journey. Reports indicate that the bill has received over 100 proposed amendments, and a "battle of interpretations" regarding the details of the rules has just begun. Among these, a widely discussed amendment is particularly critical, proposing that a publicly traded company whose main business is not financial… shall not issue payment stablecoins unless it obtains unanimous consent from a "Stablecoin Certification Review Committee." The final interpretation and specific implementation details of this clause will be determined by regulatory agencies such as the Federal Reserve and the Treasury Department through intense negotiations. If restrictions are strictly enforced, then for tech giants like Amazon and Walmart, the path forward will involve collaborating with licensed issuers rather than issuing themselves; for existing issuers like Circle, which have already made significant compliance investments at the state level, this would be akin to a "regulatory moat" solidified by federal law.

Thus, beyond the digital yuan, the exploration of future development paths in the global stablecoin market between China and the US appears to showcase two seemingly different models: one is the Asian model represented by JD, driven by commercial giants seeking "vertical integration." The other is the US model, driven by regulation, with the mainstream trend seeking "separation of issuance and distribution," but the ultimate ambiguity of the rules leaves significant uncertainty in the market.

On the Chessboard: Geofinance Beyond Payments

All of this is happening against the grand backdrop of reforming the global monetary system and reflecting on the reliance on the SWIFT system. JD's strategic intent has transcended mere commercial efficiency considerations. It has explicitly stated its support for and promotion of issuing offshore RMB stablecoins, but whether this can ultimately be realized still depends on domestic regulation. Once this multi-currency stablecoin network is established, it will itself be an efficient global trade clearing layer that does not rely on dollar hegemony.

Therefore, JD's layout can be interpreted as a market-driven, bottom-up exploration of RMB internationalization. The world's attention is focused on this, observing a grand game driven by both regulation and commerce that may determine the form of the next generation of financial infrastructure.

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