Written by: Sanqing
Introduction
On August 1, 2025, Hong Kong's "Stablecoin Regulation" will officially take effect, clearly requiring all stablecoin issuance pegged to legal tender to apply for licenses and comply with regulatory standards such as reserves, audits, KYC/AML. Just as this policy "red line" is drawn, Ant Group and JD.com almost simultaneously announced their entry into the stablecoin business, becoming the first Chinese tech giants to rush into the licensing track.
On the surface, this is a corporate response to policy and embrace of Web3 technological upgrades. However, if we delve into their layout motivations and technical architecture, we will find that this is actually an experiment in the name of "stablecoin", with the essence of "sovereign finance" and "on-chain clearing network".
I. Why Ant and JD? They are not here to replace USDT
Ant and JD's entry into the stablecoin market is more about reshaping the role of the renminbi in cross-border financial order, rather than following the crypto trend. Unlike native crypto projects, their goal is not to create a payment tool circulating in the DApp world:
For Ant, stablecoin is the final link in completing its cross-border payment closed loop, the legal currency layer of "on-chain Alipay+"
For JD, stablecoin is an "on-chain liquidity tool" to connect overseas e-commerce platforms, supply chain financing, and overseas warehouse settlement systems
Both share a common goal: to build their own "on-chain RMB zone" and test new technological paths for "RMB internationalization" on the institutional springboard of Hong Kong.
II. Ant: Laying Down a "RMB Highway" with Stablecoin
In June 2025, Ant International and Ant Digital Technology simultaneously announced their application for stablecoin licenses. On the surface, the former is responsible for global payment business, while the latter focuses on digital financial technology. However, from their RWA pilot and global bank cooperation routes, what Ant truly wants is to lead a financial infrastructure of "RMB pricing + on-chain clearing".
Ant Digital Technology completed an RWA project in Hong Kong in 2024, tokenizing new energy charging pile revenue rights and completing on-chain financing settlement.
Ant International announced a strategic cooperation with Deutsche Bank to study tokenized bank deposits and stablecoin combination solutions, exploring alternative paths for global corporate payment clearing.
Alipay+ currently has a massive user base in multiple Asian countries. Once stablecoin is embedded in its underlying settlement, it will have the technical conditions to "replace the US dollar with RMB".
In other words, Ant is not creating a product, but designing an on-chain channel for RMB to go global. Stablecoin is just the most "mild" technical expression.
III. JD: Building a Self-Owned "On-Chain Settlement Internal Circulation" for Supply Chain
Compared to Ant's global financial ambitions, JD appears more "pragmatic": Starting from 2024, it has participated in the monetary authority's stablecoin sandbox through its subsidiary JD Coin Chain Technology, developing a stablecoin pegged to the Hong Kong dollar. Its target is not individual users, but the "settlement internal circulation" within its merchant, logistics, warehousing, and payment systems.
The logic behind JD's move is:
Export e-commerce's global payment cycles are lengthy and complex; stablecoin can help JD form an efficient and clear ledger system between "platform - overseas warehouse - merchants"
Cooperation with Starlight Bank indicates that its goal is not just issuing coins, but building a small-scale settlement network, ultimately reconstructing the "JD business circle" on-chain
JD does not want to become a crypto payment giant, but an operator of commercial infrastructure with low trust costs and high liquidity efficiency.
IV. Common Demands of Both Models: Not Dependent on USD, Not Waiting for Central Bank
Although Ant and JD have different routes, they share common points:
Both issue coins in Hong Kong because mainland policy does not allow it, and Hong Kong's system is "measurable and controllable"
Neither chooses USDT/USDC because relying on the US dollar system would prevent them from controlling financial sovereignty
Neither waits for CNY-CBDC because the central bank's digital RMB has not yet achieved free convertibility and cross-border applicability
In other words, they have chosen a middle ground - by building a private RMB settlement channel through CNH or HKD stablecoin, rather than waiting for sovereign arrangements. This is both a response to market opportunities and a practical compromise.
V. Risks and Prospects: Who Will Control On-Chain Monetary Sovereignty?
If Hong Kong truly allows large-scale promotion of licensed stablecoins, the party controlling circulation, accounts, and infrastructure will gain a higher level of "transaction governance rights" than banks. Ant and JD are trying to become rule-makers of this "financial intermediate domain". However, they also face many challenges:
Can the technical trust mechanism meet regulatory requirements?
Will cross-border flow trigger capital regulation gray area controversies?
Will the US and Europe view the "Chinese-funded stablecoin network" as a challenge and pressure Hong Kong?
Will Ant or JD be required to co-operate with Chinese state-owned enterprises/official clearing institutions, thus losing their leading rights?
Conclusion: Stablecoin, an Experiment of "Preemptive Sovereignty"
Ant and JD are not creating stablecoins to compete with USDT's market share or find use cases for blockchain.
What they are doing is a "market version" of an RMB financial network. Before sovereign power takes the stage, they have made the first move.
Hong Kong's stablecoin system is a "mild redirection" of the financial order. Whether this network construction led by tech companies and driven by commercial logic can ultimately become part of the Chinese monetary system is a question worth long-term attention. In this sense, stablecoin is not a financial product, but a political act that occurs in advance.
