Why are JD.com and Ant Group competing to apply for stablecoin licenses?

Why are JD.com and Ant Group competing to apply for stablecoin licenses?

JD.com and Ant Group are competing to apply for stablecoin licenses, mainly to seize the new track of digital finance, combining Hong Kong's loose regulatory policies with the rapid growth of the global stablecoin market. The stablecoin regulatory framework launched by Hong Kong in 2023 and the Stablecoin Ordinance to be implemented in August 2025 provide companies with a compliance path, attracting JD.com to enter the regulatory sandbox through CoinChain Technology to test cross-border payment scenarios, while Ant Group plans to apply for licenses in Hong Kong, Singapore and other places to lay out a global payment network. Under the current global economic environment, the market value of the stablecoin market will exceed US$250 billion in 2025 and is expected to reach a trillion-dollar level in 2030, especially in the field of cross-border payments and asset tokenization. JD.com relies on its e-commerce and supply chain advantages to reduce cross-border transaction costs; Ant uses Alipay's 1 billion user base to optimize global payment efficiency. Both companies rely on the accumulation of blockchain technology, seize policy dividends and economic digitalization trends, and strive to take the lead in the field of digital finance.

In recent years, as a hot topic in blockchain technology and digital finance, stablecoins are rapidly becoming a strategic focus for global fintech companies. In June 2025, two Chinese technology giants, JD.com and Ant Group, announced plans to apply for stablecoin licenses, which attracted widespread attention from the market. JD.com's CoinChain Technology has entered the Hong Kong Stablecoin Regulatory Sandbox, while Ant Group plans to apply for licenses in Hong Kong, Singapore and Luxembourg. This move not only reflects the ambitions of Chinese companies in the field of digital assets, but also heralds the potential of stablecoins in global payment and investment scenarios. This article will explore the reasons behind JD.com and Ant Group's application for stablecoin licenses and their significance to the industry.

Stablecoin craze and market opportunities

Stablecoins are cryptocurrencies whose value is linked to fiat currencies or other assets. They are favored by companies and institutions for their low volatility and efficient cross-border payment capabilities. According to reports, the total market value of the global stablecoin market has exceeded US$250 billion in 2025, and is expected to reach US$1.6 trillion to US$3.7 trillion by 2030. As an Asian financial center, Hong Kong launched a stablecoin regulatory framework in 2023 and will officially implement the Stablecoin Ordinance in August 2025, providing companies with a clear compliance path.

JD.com and Ant Group have seized this opportunity and are trying to seize the new digital financial track through stablecoin licenses. Stablecoins can not only optimize cross-border payment efficiency, but also provide companies with new sources of income, such as interest income from reserve assets.

JD.com: Taking the lead and deepening cross-border payment

JD.com, through its subsidiary Jingdong Coinlink Technology, has taken the lead in entering the Hong Kong stablecoin regulatory sandbox to test scenarios such as cross-border payments and investment transactions. JD.com's strategy is closely related to its e-commerce ecosystem. As China's second largest e-commerce platform, JD.com has a huge supply chain and cross-border e-commerce business. Stablecoins can significantly reduce the cost and time of cross-border transactions. For example, stablecoins can achieve real-time settlement and solve the delay problem of cross-border payments in the traditional banking system.

In addition, JD.com has deep experience in blockchain technology. Its self-developed blockchain platform "Zhizhen Chain" has been applied to supply chain finance and logistics tracking. Applying for a stablecoin license is a natural step in the extension of technology. JD.com's layout may also be linked to its internationalization strategy, and it will enhance its competitiveness in Southeast Asian markets through stablecoins.

Ant Group: Global Vision, the New Game of the Payment Giant

Ant Group, the parent company of Alipay, owns the world's largest mobile payment platform, covering more than 1 billion users. Its international business subsidiary Ant International and blockchain business subsidiary Ant Digital Technologies plan to apply for stablecoin licenses in Hong Kong, Singapore and Luxembourg respectively. Ant's layout is inseparable from its global payment strategy. Alipay's leading position in the field of cross-border payments has made it urgently need more efficient tools, and stablecoins are seen as an ideal solution to solve the pain points of cross-chain and cross-currency payments.

Ant Group also continues to make efforts in blockchain technology. Its AntChain-2 layer network can be used as a settlement layer for stablecoin transactions, further improving efficiency. In addition, Ant’s cooperation with Deutsche Bank shows that its exploration in reserve management and blockchain platforms (such as Ant Whale) lays the foundation for the issuance of stablecoins.

Joint drive: Dual benefits from regulation and market

Behind JD.com and Ant Group's competition to apply for stablecoin licenses, there is both a regulatory environment and market demand. Hong Kong's Stablecoin Ordinance provides companies with a clear compliance framework and reduces the risk of entering the digital asset market. At the same time, global demand for stablecoins has surged, especially in institutional adoption and cross-border payment scenarios. For example, USDC issued by Circle processed $850 billion in on-chain transactions in 2024, showing the huge potential of stablecoins.

In addition, Chinese companies' cautious attitude towards digital assets is changing. Although mainland China has a restrictive policy on cryptocurrencies, Hong Kong's special status as an international financial center provides a testing ground for companies. The moves of JD.com and Ant Group show that they hope to gain a foothold in the global digital financial market through a compliant path.

Industry Impact and Future Outlook

The stablecoin layout of JD.com and Ant Group will have a profound impact on the digital financial ecosystem. First, it will promote the acceptance of stablecoins in mainstream finance and accelerate its transformation from a crypto trading tool to a daily payment method. Second, the entry of the two giants may trigger more technology companies to follow up, forming a new pattern of industry competition. For example, WeChat Pay may face greater pressure, prompting it to explore similar paths.

In the future, as the regulatory frameworks in Hong Kong, Singapore and other places improve, the stablecoin market will usher in more innovative applications, such as supply chain finance, asset tokenization and cross-border investment. JD.com and Ant Group are expected to become leaders in this field with their technological accumulation and user base. However, challenges still exist, including compliance costs, technology integration and uncertainty in global regulatory coordination.

Conclusion

The strategic layout of JD.com and Ant Group to apply for stablecoin licenses is an important step for Chinese technology giants in the field of digital finance. With the regulatory advantages of Hong Kong and other places and the growth potential of the global stablecoin market, the two companies are accelerating the construction of a financial ecosystem with blockchain as the core. Whether it is JD.com's cross-border e-commerce empowerment or Ant's global payment ambitions, stablecoins will become their key lever to leverage the future. This race for digital finance has just begun and deserves continued attention.