JD.com’s stablecoin strategy aligns with its broader ambitions to scale existing supply chain infrastructure internationally. This move was also announced amid global regulatory momentum, particularly in the US, where the Senate passed the GENIUS Act—a major legislative push to regulate stablecoins. The Act aims to enforce full asset backing, licensing, audits, and AML compliance, signaling Washington’s intent to dominate the digital dollar race. Meanwhile, Malaysia opened a digital asset sandbox, while China is setting up an international digital yuan hub. As stablecoins are being recognised as vital instruments for programmable, borderless finance, JD.com’s entry could be a pivotal moment in the global digital payments transformation. JD.com Enters Stablecoin Race Chinese e-commerce giant JD.com is entering the stablecoin space with an ambitious global strategy. Founder Liu Qiangdong announced plans during a media briefing in Beijing to apply for stablecoin licenses across major sovereign currency nations to facilitate faster and cheaper cross-border payments. Liu claimed JD’s stablecoin could cut payment costs by 90% and settle transactions within 10 seconds, which is a huge improvement over the traditional SWIFT system's two-to-four-day timeframe. Initially, the stablecoin will focus on business-to-business transactions, but JD.com envisions expanding into consumer payments in the future. Liu acknowledged that while the project could face setbacks or even fail, such risks are inherent in business ventures. The company is maintaining its core supply chain-focused strategy and does not intend to launch entirely new business models, but rather deepen its current business verticals and scale them internationally. JD.com’s move coincides with the broader momentum in the stablecoin sector, fueled by regulatory developments like the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in the US Senate. The landmark bill sets out federal guidelines for stablecoin issuance and usage. Though the GENIUS Act faces potential challenges in the House, its Senate approval is a critical step in US crypto regulation. Meanwhile, China is also ramping up its digital currency efforts. People’s Bank of China Governor Pan Gongsheng announced plans to establish an international digital yuan operations center in Shanghai to help reduce global dependence on the US dollar. JD.com has already been active in the space after using China's Digital Currency Electronic Payment (DCEP) system for employee salaries and cross-bank settlements since 2021. These developments come as industry leaders like Circle CEO Jeremy Allaire suggest that stablecoins are on the brink of a major adoption moment. While Allaire believes the sector has not yet reached its ”iPhone moment,” he pointed out the growing realization of the potential behind programmable digital dollars. JD.com’s stablecoin initiative may be an early step toward that inflection point. Malaysia Opens Doors to Stablecoin Testing Malaysia also recently made strides in the crypto sector after it launched the Digital Asset Innovation Hub , a regulatory sandbox that is designed to allow fintech and digital asset firms to test emerging technologies under the supervision of the country’s central bank. Prime Minister Anwar Ibrahim announced the initiative at the Sasana Symposium 2025 in Kuala Lumpur, and called it the start of a new chapter for the country’s digital economy. The sandbox will explore innovations like programmable payments, ringgit-backed stablecoins, and supply chain financing in a controlled environment, with the goal of aligning infrastructure, policy, and talent across public and private sectors to build a digitally capable Malaysia. (Source: Asean Business ) The initiative is part of a strategy to position Malaysia as a regional fintech leader. Central Bank Governor Abdul Rasheed Ghaffour believes in the importance of modernizing the nation’s financial systems, including efforts to upgrade the Rentas payment infrastructure, improve cross-border payment connectivity, and experiment with asset tokenization. These moves are seen as essential to keeping pace with the growing financial ecosystem. Earlier this year, Anwar also met with Binance founder Changpeng Zhao. Despite previous regulatory tension, Binance later gained access to the Malaysian market through a minority stake in MX Global, a firm operating under local regulations. Meanwhile, neighboring Singapore is taking a stricter approach to digital asset regulation. On May 30, the Monetary Authority of Singapore announced that entities providing digital token services to overseas markets must be properly licensed under the Financial Services and Markets Act 2022. Firms operating without a license were given until June 30 to cease operations, with no transitional grace period. Violators risk facing fines of up to 250,000 Singaporean dollars and potential prison sentences of up to three years. GENIUS Act Could Define Future of Digital Dollars In the US, The GENIUS Act is a landmark piece of legislation aiming to regulate stablecoins. So far, industry leaders have responded to the Act with cautious optimism. Coinbase’s chief legal officer Paul Grewal recently pointed out the bill’s potential to bring long-awaited regulatory clarity, while others placed emphasis on the broader implications for the digital economy. Still, not all voices are supportive. Critics, including Senator Elizabeth Warren, warned the bill could facilitate abuse by entities tied to political interests. A key proposed amendment seeks to ban elected officials and their families from issuing stablecoins to try and address these concerns. If enacted, the GENIUS Act will create a regulatory framework requiring stablecoin issuers to register with the US government, maintain full 1:1 asset backing, submit to audits, and comply with Anti-Money Laundering standards. Supporters say the bill could help reinforce the dollar’s dominance in the digital age and provide a regulatory foundation that integrates blockchain with traditional financial systems. OKX US CEO Roshan Robert called it a “strong signal” that the US is taking a pragmatic approach to digital assets, and sees the legislation as a bridge between centralized and decentralized infrastructure. Stablecoins are often pegged to fiat currencies like the dollar, and are increasingly seen as key tools for low-cost, cross-border payments. The GENIUS Act could pave the way for broader use of programmable money and more seamless integration with global payment systems. Mike Cahill , CEO of Douro Labs, suggested the bill could legitimize stablecoins as an entirely new financial category, unlocking their potential across payments, settlements, and treasury operations. He added that the US has a chance to lead not only in crypto but in shaping the next global financial rulebook. Supporters also argue that embracing dollar-backed stablecoins could counter rising de-dollarization sentiment. As other nations seek alternatives to US financial dominance, stablecoins like Tether’s USDT and Circle’s USDC may offer a modern pathway to strengthen the dollar’s global relevance. Bill Sebell of the XDC Foundation explained that by enabling anyone with a smartphone to access compliant digital dollars, the US could reinforce its monetary influence at a time when critics are predicting its decline.
