JD.com’s Stablecoin Push: Revolutionizing Cross-Border Payments in Seconds

Main Points:

• JD.com aims to cut cross-border payment costs by up to 90% and settle transactions in under 10 seconds using stablecoins.
• A pilot in Hong Kong’s regulatory sandbox, led by Jingdong Coinlink Technology, leverages the in-house Zhizhen Chain blockchain network.
• The initiative begins with B2B payments and plans to expand to JD.com’s nearly 600 million active consumers.
• China’s major tech players (e.g., Ant Group) and Western financial giants (e.g., PayPal, Mastercard) are also racing to issue stablecoins.
• Technical scalability and navigating a complex, multi-jurisdictional regulatory environment remain key challenges.
• If successful, JD.com’s stablecoin could transform global e-commerce, supply-chain finance, and everyday consumer payments.

Introduction

In June 2025, JD.com—the US $90 billion Chinese e-commerce powerhouse—announced a groundbreaking plan to overhaul cross-border payments using stablecoins. By harnessing blockchain technology, the company seeks to reduce both transaction times and costs dramatically, promising near-instant settlements in under 10 seconds and fee savings of up to 90%. This ambitious initiative, spearheaded by JD.com’s subsidiary Jingdong Coinlink Technology in Hong Kong’s regulatory sandbox, represents a bold step toward reinventing traditional correspondent banking models for business-to-business (B2B) and, eventually, consumer transactions.

The Need for Faster, Cheaper Cross-Border Payments

Traditional cross-border remittances typically rely on a network of correspondent banks, leading to processing delays of two to four days and high intermediary fees. Businesses face uncertain settlement times and substantial costs that can erode profit margins and hamper global trade efficiency. According to Richard Liu Qiangdong, JD.com’s founder and chairman, these legacy processes “take an average of two to four days” and “incur substantial fees that can be eliminated” through blockchain-based stablecoin settlements.

JD.com’s Stablecoin Strategy

JD.com plans to pilot its stablecoin solution in Hong Kong’s Monetary Authority (HKMA) regulatory sandbox. Jingdong Coinlink Technology has already joined this sandbox framework, which guides and supervises stablecoin issuers in Hong Kong. The pilot harnesses stablecoins pegged to major fiat currencies—initially the US dollar and Hong Kong dollar—enabling enterprises to transact directly without banks, clearinghouses, or other intermediaries.

Leveraging Zhizhen Chain for B2B Payments

At the heart of the pilot is Zhizhen Chain, JD.com’s proprietary blockchain network. Already used for the company’s supply-chain finance operations—handling about $7 billion annually—Zhizhen Chain provides the throughput and security needed for high-volume payment settlements. By settling transactions in under 10 seconds, the network can dramatically accelerate working capital turnover for businesses engaged in international trade.

Expanding to Consumer Transactions

Once B2B stability and scalability are proven, JD.com intends to integrate stablecoin payments into its consumer-facing platforms. With nearly 600 million active users on its e-commerce marketplace, JD.com could enable shoppers worldwide to pay with digital currency at checkout. This consumer rollout aligns with the company’s broader vision “that one day, anyone in the world making a purchase could use JD Stablecoin”.

Competing in the Global Stablecoin Race

JD.com is not alone. Ant Group—the operator of Alipay—recently announced plans to apply for a stablecoin license in Hong Kong under the new law taking effect August 2025, as well as seeking approvals in Singapore and Luxembourg. Meanwhile, Western players like PayPal and Mastercard have launched or piloted token-based payment systems, signaling that digital currencies are entering a pivotal growth phase worldwide.

Technical Infrastructure and Scalability

Building a blockchain payment rail capable of handling billions of dollars in daily transactions requires robust technical infrastructure. Zhizhen Chain must ensure high throughput, low latency, and fault tolerance. JD.com’s existing network of over 3,600 self-operated warehouses provides complementary logistics data that could integrate seamlessly with on-chain payment verification, offering end-to-end visibility from order placement to settlement.

Navigating the Regulatory Maze

Issuing stablecoins across multiple jurisdictions involves traversing a complex web of regulations. Each country’s central bank or financial authority has distinct licensing requirements, capital-reserve rules, and consumer-protection standards. JD.com plans to secure stablecoin licenses “across key currency markets globally” to ensure compliance and foster trust among institutional and retail users.

Implications for E-commerce and Supply Chains

If successful, JD.com’s stablecoin could reshape global e-commerce by:

• Reducing Costs: Slashing transaction fees by up to 90%.
• Accelerating Settlements: Cutting payment times from days to seconds.
• Enhancing Transparency: Offering on-chain audit trails for every transaction.
• Boosting Liquidity: Enabling faster fund turnover for suppliers and merchants.

For supply-chain finance, the stablecoin could unlock new financing models where smart contracts automatically trigger payments upon delivery milestones. This would reduce reliance on letters of credit and minimize counterparty risk.

Future Outlook and Industry Impact

Looking ahead, JD.com’s stablecoin venture could:

1. Catalyze Wider Adoption: Encourage other e-commerce platforms and financial institutions to embrace tokenized payments.
2. Drive Regulatory Clarification: Prompt authorities to refine stablecoin frameworks for consumer protection and systemic stability.
3. Inspire Innovation: Spur new DeFi-style applications—such as programmable money for automated trade settlements.
4. Influence Monetary Policy: Shape central bank digital currency (CBDC) strategies as governments observe private-sector stablecoin performance.

Industry analysts predict that mainstream stablecoin issuance by corporations like JD.com will accelerate the convergence of traditional finance and blockchain technology, creating a more efficient, inclusive global payment ecosystem.

Conclusion

JD.com’s stablecoin initiative represents a significant leap toward frictionless, cost-effective cross-border payments. By leveraging the Zhizhen Chain network and navigating Hong Kong’s regulatory sandbox, JD.com is pioneering a model that could soon extend to hundreds of millions of consumers. As Chinese tech giants and Western financial firms vie for leadership in the tokenized payments space, JD.com’s approach may well set new standards for transaction speed, transparency, and scalability. While regulatory hurdles remain, the potential to reduce fees by 90% and settle transactions in under 10 seconds marks a transformative milestone for global e-commerce and supply-chain finance.