JD.com and Ant Group are actively applying for stablecoin licenses, primarily to seize the new track of digital finance, leveraging Hong Kong's relaxed regulatory policies and the rapid growth of the global stablecoin market. Below is a detailed analysis of the reasons:

Capturing the New Track of Digital Finance

• Huge Market Potential: In 2025, the total market value of global stablecoins has already exceeded $250 billion, and it is projected to reach between $1.6 trillion and $3.7 trillion by 2030. Stablecoins have broad application prospects in cross-border payments and asset tokenization, and both JD.com and Ant Group hope to expand their business boundaries and gain new growth points through this opportunity.

• Enhancing Payment Efficiency: Stablecoins, with their low volatility and efficient cross-border payment capabilities, can significantly reduce the cost and time of cross-border transactions. JD.com, relying on its e-commerce and supply chain advantages, aims to lower cross-border transaction costs through stablecoins; Ant Group, on the other hand, leverages its massive user base of Alipay to optimize global payment efficiency.

Driven by Hong Kong's Regulatory Policies

• Clear Compliance Framework: Hong Kong launched a regulatory framework for stablecoins in 2023 and will officially implement the Stablecoin Ordinance in August 2025, providing companies with a clear path to compliance. This reduces the risks for companies entering the digital asset market and attracts JD.com and Ant Group to actively plan their layouts.

• Appeal of the Regulatory Sandbox: JD.com's subsidiary, Coinlink Technology, has entered the Hong Kong stablecoin regulatory sandbox to test scenarios such as cross-border payments and investment transactions. The regulatory sandbox offers a relatively relaxed and controlled experimental environment, helping companies explore the application scenarios and technical solutions of stablecoins in a compliant manner.

Corporate Strengths and Strategic Layouts

• JD.com's E-commerce and Supply Chain Advantages: As the second-largest e-commerce platform in China, JD.com has a vast supply chain and cross-border e-commerce business. Stablecoins can significantly reduce the cost and time of cross-border transactions. In addition, JD.com has accumulated extensive experience in blockchain technology, and its independently developed blockchain platform "ZhiZhen Chain" has been applied to supply chain finance and logistics tracking.

• Ant Group's Payment and User Base: Ant Group, as the parent company of Alipay, owns the world's largest mobile payment platform, covering over 1 billion users. Its international business subsidiaries and blockchain business subsidiaries are planning to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg to optimize global payment efficiency.

Multiple Values of Stablecoins

• New Sources of Revenue: Stablecoins not only enhance the efficiency of cross-border payments but also provide new sources of income for companies, such as interest income from reserve assets.

• Synergy between Technology and Business: The accumulation of blockchain technology by JD.com and Ant Group provides a technical foundation for the issuance and application of stablecoins, and the application of stablecoins can further promote the development of their blockchain technology.

Industry Impact and Future Outlook

• Promoting the Mainstream Adoption of Stablecoins: The entry of JD.com and Ant Group will promote the acceptance of stablecoins in mainstream finance and accelerate their transition from a cryptocurrency trading tool to a daily payment instrument.

• Creating a New Competitive Landscape in the Industry: The strategic moves of these two giants may prompt more technology companies to follow suit, forming a new competitive landscape in the industry. For example, WeChat Pay may face greater pressure, which could prompt it to explore similar paths.

• Exploring Innovative Applications: As regulatory frameworks in Hong Kong, Singapore, and other places are perfected, the stablecoin market will see more innovative applications, such as supply chain finance, asset tokenization, and cross-border investments.