Introduction

On August 1, 2025, Hong Kong’s “Stablecoin Regulation” will officially come into effect, clearly requiring that all stablecoin issuance anchored to fiat currencies must apply for a license and comply with regulatory standards such as reserves, audits, and KYC/AML. Just as this policy “red line” is drawn, Ant Group and JD.com almost simultaneously announced their entry into the stablecoin business, becoming the first batch of Chinese tech giants to rush into the licensing race.

On the surface, this appears to be a technological upgrade by enterprises in response to policies, embracing Web3. However, if we delve into the motives behind the layout and the technological architecture, we will find that this is actually a deep experiment disguised as “stablecoin,” with “sovereign finance” and “on-chain clearing networks” as its substance.

1. Why Ant Group and JD? Aren’t they here to replace USDT?

Ant Group and JD.com entering the stablecoin space is less about following the trend of cryptocurrency and more about trying to reshape the role of the RMB in the cross-border financial order. Unlike native crypto projects, their goal is not to create a payment tool that can circulate in the DApp world:

For Ant Group, stablecoins are the final piece needed to complete its cross-border payment loop, representing the fiat layer of “on-chain Alipay+”.

For JD.com, stablecoins are an “on-chain liquidity tool” that connects overseas e-commerce platforms, supply chain financing, and overseas warehouse settlement systems.

Both have a common goal: to build their own “on-chain Renminbi zone” and test new technological paths for “Renminbi internationalization” on the institutional springboard of Hong Kong.

2. Ant: Bury a “Renminbi Expressway” with stablecoins

In June 2025, Ant International and Ant Digital both announced that they would apply for a stablecoin license. On the surface, the former is responsible for global payment operations, while the latter focuses on digital financial technology. However, based on its RWA pilot and cooperation with global banks, what Ant truly desires is to dominate a financial infrastructure that is “priced in RMB + on-chain settlement.”

• Ant Group has completed the RWA project in Hong Kong in 2024, tokenizing the revenue rights of new energy charging piles and completing on-chain financing settlement.
• Ant Group and Deutsche Bank announced a strategic partnership to study the combination of tokenized bank deposits and stablecoins, exploring alternative paths for global corporate payment and settlement.
• Alipay+ currently has a massive user base in several countries in Asia, and once stablecoins are integrated into its underlying settlement, it will possess the technical conditions to “replace the US dollar with the RMB.”

In other words, Ant is not creating a product, but designing an on-chain channel for the global deployment of the Renminbi. The stablecoin is merely the most “gentle” technical expression.

3. JD.com: Building “on-chain settlement internal circulation” for the supply chain.

Compared to Ant Group’s ambition for global financial expansion, JD.com is more like a “pragmatist”: starting in 2024, it will participate in the Monetary Authority’s stablecoin sandbox through its subsidiary JD Coin Chain Technology, developing a stablecoin pegged to the Hong Kong dollar, with the goal not being individual users, but rather the “settlement internal circulation” among its merchants, logistics, warehousing, and payment systems.

The logic behind JD’s move is:

• The global settlement period for export e-commerce is lengthy and complex, and stablecoins can enable JD to establish an efficient and clear ledger system between “platform - overseas warehouse - merchants.”
• Cooperating with Star Bank indicates that its goal is not only to issue coins but also to build a small-scale settlement network, ultimately reconstructing the “JD Business Circle” on-chain.
• JD.com does not want to become a giant in crypto payments, but rather aims to be an operator of commercial infrastructure with low trust costs and high liquidity efficiency.

4. Common demands of the two modes: not relying on the US dollar, not waiting for central banks.

Ant Group and JD.com have different routes, but their common point is:

• All are issuing coins in Hong Kong because the mainland policy does not allow it. Hong Kong’s system is “measurable and controllable.”
• Do not choose USDT/USDC, as reliance on the US dollar system will prevent them from having financial sovereignty.
• No one is waiting for the CNY-CBDC, as the central bank digital currency has not yet achieved the ability for free exchange and cross-border applicability.

In other words, they chose a middle ground - establishing a private settlement channel for the renminbi in advance through CNH or HKD stablecoins, rather than waiting for sovereign arrangements. This is both a response to market opportunities and a pragmatic compromise.

5. Risks and Prospects: To whom will on-chain currency sovereignty belong?

If Hong Kong really allows licensed stablecoins to be promoted on a large scale, the party that controls circulation, accounts, and infrastructure will gain a level of “transaction governance” higher than that of banks. Ant Group and JD.com are trying to become the rule-makers of this “financial intermediary domain.” However, they also face many challenges:

• Can the technical trust mechanism meet regulatory requirements?
• Will cross-border flow trigger disputes in the gray area of capital regulation?
• Will the US and Europe view the “Chinese-funded stablecoin network” as a challenge and pressure Hong Kong?
• Will Ant Group or JD be required to partner with state-owned enterprises / official clearing institutions, thereby regaining control?

Conclusion: Stablecoin is an experiment of “first-mover sovereignty”.

Ant Group and JD.com are not creating stablecoins to compete for market share with USDT, nor are they looking for use cases for blockchain.

What they are doing is a “market-oriented version” of a RMB financial network. Before the sovereign has made an appearance, they have already taken action.

The Hong Kong stablecoin system is a “gentle transition” of the financial order. Whether this network construction, led by technology companies and driven by commercial logic, can ultimately become a part of the Chinese monetary system will be a question worth long-term attention. In this sense, stablecoins are not financial products; they are a political act that occurs in advance.

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