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

E-commerce giant JD.com is preparing to enter the stablecoin market as Hong Kong’s new regulatory regime for digital currencies officially begins. 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.

In Brief

• JD.com has registered “Jcoin” and “Joycoin” ahead of Hong Kong’s new stablecoin regulations taking effect this Friday.
• The tokens will be issued via JD Coinlink, a fintech arm participating in the Hong Kong Monetary Authority’s (HKMA) stablecoin sandbox.
• The Hong Kong dollar–pegged stablecoin could be one of the first officially launched under the new regulatory framework.

A 1:1 HKD-Pegged Stablecoin

According to Hong Kong media outlet Ming Pao, JD Coinlink is among the approved participants in the HKMA’s stablecoin sandbox program, which began in March 2024. Other participants include Standard Chartered Hong Kong, Animoca Brands, and Hong Kong Telecommunications. JD’s planned stablecoin, referred to as 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 operate on a public blockchain and is designed for widespread use by both businesses and individual consumers, potentially becoming a key gateway for stable digital payments in the region. While JD.com first hinted at its stablecoin ambitions last summer, this recent registration signals its intent to be among the first officially approved issuers under Hong Kong’s upcoming regulatory framework.

Hong Kong’s New Regulatory Framework

The HKMA’s long-anticipated regulatory regime for stablecoins goes into effect on Friday, August 2, 2025. However, the central bank has not yet published its official register of licensed issuers, which currently remains empty. Industry insiders expect the first batch of approvals to be announced shortly after the framework becomes active. He Yifan, CEO of Red Date Technology, commented:

“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 these innovations is a proposal to enable KYC-verified stablecoin wallets on public blockchains, utilizing 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 remain vigilant against fraud. The company clarified that neither Jcoin nor any other stablecoin under its brand has been officially launched yet. This caution reflects growing market interest ahead of the official rollout and highlights the importance of clear, verified channels as the stablecoin 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, marking a potentially pivotal moment in the region’s push toward regulated crypto adoption.

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

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Frequently Asked Questions (FAQ)

Q: What are Jcoin and Joycoin? A: Jcoin and Joycoin are two potential stablecoin entities registered by JD.com's fintech arm, JD Coinlink Technology, in preparation for Hong Kong's new stablecoin regulatory regime. Q: What is JD Coinlink Technology? A: JD Coinlink Technology is the fintech arm of JD.com that is participating in the Hong Kong Monetary Authority's (HKMA) stablecoin sandbox program and is behind the registration of Jcoin and Joycoin. Q: What is the purpose of Hong Kong's new stablecoin regulatory regime? A: The new regime aims to officially regulate digital currencies, including stablecoins, by establishing a framework for licensed issuers and ensuring compliance. Q: What is a stablecoin pegged to Hong Kong Dollar (HKD)? A: It is a digital currency designed to maintain a stable value by being pegged 1:1 to the Hong Kong Dollar. JD.com's planned stablecoin is intended to be of this type. Q: What is the HKMA's stablecoin sandbox program? A: The HKMA's stablecoin sandbox is a program that allows approved participants, like JD Coinlink, to test and develop stablecoin initiatives under regulatory supervision. Q: What precautions has JD Coinlink taken before the launch? A: JD Coinlink has issued a warning to users to be vigilant against fraud, emphasizing that neither Jcoin nor any other stablecoin under their brand has been officially launched yet. Q: What is the significance of JD.com issuing a stablecoin in Hong Kong? A: If approved, JD.com would be among the first major Chinese firms to issue a compliant stablecoin, marking a significant step in regulated crypto adoption in the region.

Crypto Market AI's Take

The move by JD.com to register "Jcoin" and "Joycoin" ahead of Hong Kong's new stablecoin regulations signifies a growing trend of traditional financial players and major tech companies entering the digital asset space. As regulatory clarity emerges in key financial hubs like Hong Kong, we anticipate more such initiatives. Our platform, Crypto Market AI, is at the forefront of analyzing these developments, providing real-time market intelligence and insights into how these regulated digital assets will integrate with the broader financial ecosystem. Understanding the implications of stablecoins for payment systems and the wider adoption of blockchain technology is crucial, and our AI-driven analysis helps navigate this evolving landscape.

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