In Hong Kong, on June 2025, Chinese tech giants JD.com and Ant Group announced plans to apply for stablecoin licenses. This move is in response to Hong Kong's Stablecoin Ordinance, which came into effect on August 1, 2025. The ordinance establishes a licensing framework for fiat-referenced stablecoin issuers. (Source: Reuters, June 12, 2025)
JD.com, through its subsidiary, plans to issue stablecoins pegged to both the Hong Kong and U.S. dollars. Founder Richard Liu Qiangdong estimates stablecoins could cut cross-border transaction costs by up to 90% and settle payments within 10 seconds. Ant Group also intends to apply for a license through its international arm. (Source: Reuters, June 12, 2025)
The People's Bank of China (PBOC) has been pushing for yuan internationalization. In April 2025, the PBOC encouraged state-owned enterprises to prioritize yuan usage in overseas payments. As of July 3, 2025, JD.com's stock is trading at $32.47 USD, down 0.69% from the previous close. (Source: Reuters, April 21, 2025)