Chinese e-commerce giant JD.com has filed trademark applications for "JCOIN" and "JOYCOIN" through its fintech subsidiary JD Coinlink, signaling plans to launch a Hong Kong dollar-pegged stablecoin just ahead of the Hong Kong Monetary Authority's (HKMA) new stablecoin regulations taking effect.
The trademarks indicate JD.com's strategic move into digital finance, with the planned stablecoin being 1:1 backed by HKD and issued on a public blockchain. JD Coinlink is an official participant in HKMA's stablecoin issuer sandbox program launched in March 2024, alongside institutions like Standard Chartered Bank and Animoca Brands. The initiative aims to transform B2B and B2C payments within JD.com's ecosystem, aligning with Hong Kong's regulatory framework that becomes active this Friday.
JD.com Chairman Richard Liu stated: "We are actively exploring blockchain-based solutions to enhance our payment systems." However, JD Coinlink warns against fraudulent imitations, clarifying the stablecoin hasn't been officially issued. The HKMA has not yet disclosed licensed issuers despite its registry going live imminently.
Red Date Technology CEO He Yifan noted: "Everybody in China and HK is talking about stablecoins," highlighting innovations like KYC procedures for public chain wallets. The move mirrors historical corporate stablecoin attempts like Meta's Diem but faces regulatory scrutiny and undisclosed financial details.