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China's JD.com signs up for 'Jcoin' ahead of Hong Kong's stablecoin regime.
JD.com, "the Amazon of China," is said to have registered two entities related to stablecoin, namely Jcoin and Joycoin, through its subsidiary JD Coinlink, just before Hong Kong implemented new regulations on stablecoin on August 2.
JD Coinlink is one of the participants in the stablecoin pilot program of the Hong Kong Monetary Authority (HKMA) starting in 2024. According to the JD Coinlink website, the stablecoin "Jingdong" will be pegged 1:1 to the Hong Kong dollar and issued on a public blockchain. The HKMA has not yet announced which organization has been officially licensed, while JD warns users about impersonators offering stablecoins. JD's sign up move is considered timely, as the entire cryptocurrency industry in China – Hong Kong is focusing on stablecoins. JD has not responded to reports related to Jcoin and Joycoin.