Jd.com (Nasdaq: JD), China’s largest dealer of revenue, is to dare to Stablecoin Arena, and it has international ambition.
In a new media briefing, the chairman and founder Richard Liu Qiangdong stated that he believes Stablecoins will dominate Border transfer marketAnd his company wants a piece of the pie.
“JD.com intends to secure Stablecoin licenses over important currency markets globally … to reduce cross-border transaction costs by 90 percent and improve efficiency to within ten seconds,” he said, as reported at South China Morning Post.
LiU pointed out that today’s cross -border payments, who rely on FASTremain slow and expensive due to the banner’s inefficiency and the large number of intermediaries. A quick transfer can take anything from one day to five, depending on the corridor and currencies. However, a Stablecoin transaction takes a few seconds and costs a fraction of older fees.
“We hope JD Stablecoin will be a universal payment method all over the world,” says Liu.
LiU’s approval comes after months of Stablecoin efforts from JD.com’s Hong Kong-based subsidiary, Jingdong CoinLink technology. The company is part of the city’s Stablecoin Sandbox, such as Hong Kong Monetary Authority (HKMA) Launched Earlier this year.
In a new interview, CoinLink -vd LiU Peng revealed that the company completed the second phase of its Stablecoin pilot in Hong Kong a month ago. While the pilot directed cross -border settlements, it also experimented with retail payments and investments.
Money added that the company expects to acquire a license in Hong Kong under the city New Stablecoin regimen Later this year and launch its new HKD-supported Stablecoin for the next six months.
JD.com joins dozens of other global companies aimed at Stablecoin launches in the next few years when the industry becomes one of the most lucrative in the sector. Circle Recently Initial Public Offer (IPO) (and subsequent 750% nail in share value) proved that the market is ready for a Stablecoin implosion, and other companies rush after part of the change.
In Asia, Alibaba (Nasdaq: Babaf), which owns JD.com’s largest rival, Tmall, has announced similar plans and also conducts a Hong Kong license. In addition to Asia, giants like Walmart (Nasdaq: WMT), Amazon (Nasdaq: Amzn) and JPMorgan (Nasdaq: JPM) is too working their own stablecoins.
Stablecoins have been on the radar for these giants for several years. However, according to market experts, they had waived the sector because it was largely unregulated.
“The infrastructure has been clear, but the missing application scenarios. The reason why the institutions previously hesitated to use Stablecoins was that they did not match,” says OKG Research’s Senior Analyst Jason Jiang.
No longer. The United States is edging closer to welcome Genius Act; Singapore has completed its Stablecoin frameworks; and Hong KongThe StableCoin Regulation will take effect in August.
Bo Tang, head of Hong Kongs University of Science and Technology, adds that these regulations lay the foundation for a new economic order.
“A brand new payment ecosystem built on Stablecoins will emerge.”
Bank of Korea: Stablecoins can threaten financial stability
Somewhere else the Bank of Korea (book) says that it is not against Stabilized stableBut it is concerned about their impact on financial stability and foreign currency.
Governor Rhee Chang-Yong said that stable Stablecoins can solve the increase in USD options, which dominate the market. According to Atlantic Council, USD Stablecoins stands for 98% of the daily transactive value.
However, the central bank is worried that the Koreans can use the won Stablecoins to acquire dollar options, which “in turn can increase the demand for Dollar StableCoin and make it difficult for us to manage Forex,” he abandoned.
The governor’s concern comes as the government, led by the new president, Lee Jae-Myung, is running for adoption of StableCoin. Lee fought on a Pro-digital accessTo promise to make South Korea a Bitcoin -Nav and Stablecoins are central to this agenda.
In a separate media briefing, Deputy Governor Ryoo Sangdai proposed a gradual roll -out that only allows regulated financial institutions to initially issue Stablecoins.
“It would be desirable to initially allow Stablecoin issue, mainly through banks, which are subject to higher levels of financial regulation, and gradually expand it to the non-banking sector,” he stated, as reported by Yonhap News.
This proposal would benefit local banks, and some already support to venture into the sector. The country’s largest lender, KB Kookmin, potted 17 brand Applications This week, all related to Stablecoins. Kakaopay, which runs the leading mobile payment service, has also submitted similar brand applications.
Watch: Richard Baker on Engineering a smarter financial world with blockchain
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