JD Taps into Hong Kong’s Digital Asset Hub with New Stablecoin

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Jingdong Technology Group’s subsidiary, Jingdong Coinlink Technology, has announced plans to launch a stablecoin pegged to the Hong Kong dollar at a 1:1 ratio. This stablecoin will be issued on public blockchains like Ethereum (ETH) and Solana (SOL).

The Chinese e-commerce giant aims to create a highly liquid stablecoin with verifiable reserves. Regular disclosures and audit reports will ensure transparency. Jingdong (JD) is among the stablecoin issuers listed by the Hong Kong Monetary Authority (HKMA) to maintain a regulated market.

JD, one of China's largest e-commerce groups, will issue Hong Kong dollar stablecoin on public blockchain. JD ranked first in the sandbox list of three stablecoin issuers announced earlier by Hong Kong. Circle and Tether are not currently in the sandbox. https://t.co/ViFG7jntYJ

— Wu Blockchain (@WuBlockchain) July 24, 2024 Hong Kong’s Digital Asset Focus

Over the past year, Hong Kong has significantly increased its focus on digital assets and Web3 projects. To compete with other global financial markets, including the United States, Hong Kong recently approved spot ETFs for Ethereum and Bitcoin.

Recent market data shows that Hong Kong’s spot Bitcoin ETFs have accumulated nearly 5,000 Bitcoins, valued at approximately $324 million. Additionally, Hong Kong’s spot Ethereum ETFs have amassed 12,940 Ethers, worth around $44.5 million.

The growing adoption of digital assets and Web3 projects in Hong Kong has attracted significant interest from Chinese investors. Rumors suggest that the Chinese government might reconsider its stance on Bitcoin and crypto trading before the end of 2024.

Impact on the Digital Asset Industry

The introduction of the JD stablecoin is expected to boost blockchain technology adoption. As one of China’s leading B2C online retailers by transaction volume and revenue, JD’s involvement in the stablecoin market could have a significant impact on the digital asset industry.

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This is just the beginning. Expect to see more major players enter the Hong Kong stablecoin market!