Cobo Market Observation: JD.com’s Stablecoin Ambition is Not Just Cross-Border Payment

According to Sina Finance, JD Group's Chairman Liu Qiangdong has clearly stated that his goal is to apply for stablecoin licenses in all major monetary countries worldwide, aiming to reduce cross-border payment costs for global enterprises by 90% and improve efficiency to within 10 seconds. Against the backdrop of increasingly clear global regulatory attitudes, the capital market is launching a new wave of stablecoin concepts. According to Wind data, the related index has been rising sharply for multiple consecutive days in mid-June. Beneath this prosperous scene, a division about the form of next-generation financial infrastructure is taking shape. JD, a Chinese internet technology giant, is entering this global competition with a distinctly different approach through the public declaration of its top leadership. This announcement represents a grand roadmap from solving internal pain points to building a global financial network. Decoding JD: From "Local Infrastructure" to "Global Strategy" Until June 17th, when Liu Qiangdong first placed the stablecoin strategy at the core of the company's blueprint, the outside world could glimpse JD's global financial vision. Liu stated that JD's international business will not follow cross-border e-commerce, but instead focus on local e-commerce, local infrastructure, local employees, local procurement, and local delivery, selling only brand goods. JD aims to replicate a "local JD" in mainstream global markets, requiring local settlement capabilities for each node. To operate efficiently in Japan, they'll need a yen stablecoin; to establish in Europe, they'll need a euro stablecoin. This business-driven compliance need has generated a rigid pursuit of "local stablecoin licenses". The first stage of the stablecoin network's goal is to create a unified and efficient financial operating system for distributed global business. After establishing the B2B settlement network, JD's second-stage goal is to enter the consumer market, realizing Liu's vision of using JD stablecoins for global consumption. Ultimately, when JD builds a financial network with sufficient liquidity and trust foundation, its stablecoin strategy will evolve from an internal settlement system to an open "international stablecoin settlement hub". Produced by: Cobo Ventures Cover: Photo by Shubham's Web3 on Unsplash

However, the passage of this stablecoin bill in the Senate is only the first step in this regulatory long march. According to reports, the bill has received over 100 proposed amendments, and a "battle of interpretation" over rule details has just begun. Among these, one amendment has received widespread attention, proposing that a non-financial listed company... shall not issue payment-type stablecoins unless unanimously approved by a "Stablecoin Certification Review Committee". The final interpretation and specific implementation details of this clause will be determined by regulatory agencies such as the Federal Reserve and the Treasury Department through intense negotiations. If restrictions are strictly enforced, tech giants like Amazon and Walmart will need to collaborate with licensed issuers rather than issuing their own; for existing issuers like Circle, which have already made extensive compliance investments at the state level, this is tantamount to a "regulatory moat" solidified by federal law.

At this point, beyond digital renminbi, China and the US are demonstrating seemingly two different paths for the future development of the global stablecoin market: First, the Asian model represented by JD.com, driven by commercial giants seeking "vertical integration". Second, the US model driven by regulation, with a mainstream trend seeking "separation of issuance and distribution", but leaving enormous uncertainty in the market due to the ambiguity of final rules.

Beyond the Chessboard: Geopolitical Finance Beyond Payments

All of this is happening against the grand backdrop of global monetary system transformation and reflection on SWIFT system dependence. JD.com's strategic intent has transcended pure commercial efficiency considerations. It clearly supports and promotes the issuance of offshore renminbi stablecoins, though ultimate feasibility depends on mainland regulation. Once this multi-currency stablecoin network is established, it would itself be an efficient global trade settlement layer independent of US dollar hegemony.

Therefore, JD.com's layout can be interpreted as a market-driven, bottom-up exploration of renminbi internationalization. The world's eyes are focused here, observing this major game potentially determining the form of next-generation financial infrastructure, jointly driven by regulation and commerce.

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