JD Stablecoin Enters Hong Kong Sandbox for Second-Phase Testing, Will Provide Mobile and PC Application Products to Retail and Institutional Users

BlockBeats News, May 23rd - JD CoinChain Technology was selected as one of the first participants in the Hong Kong Monetary Authority's "Stablecoin Sandbox," starting in July 2024. Recently, the Hong Kong Legislative Council passed the third reading of the "Stablecoin Bill," to which JD CoinChain Technology CEO Liu Peng commented in an interview, stating, "The passage of the 'Stablecoin Bill' at the third reading indicates that the virtual asset stablecoin has been officially included in the legal regulatory system. The 'Bill' provides a good institutional environment for the healthy and sustainable development of the Hong Kong stablecoin market."

"JD Stablecoin is a stablecoin based on a public chain and pegged 1:1 to a fiat currency such as the Hong Kong Dollar (HKD) or the US Dollar (USD). In the initial stage, stablecoins anchored to the Hong Kong Dollar and the US Dollar are tentatively planned for issuance, with specific arrangements subject to regulatory and market demand adjustments. JD Stablecoin is positioned not only to serve the JD ecosystem but also to provide a more efficient, more economical, and more secure payment infrastructure for enterprises and individuals worldwide. Currently, JD Stablecoin has not been officially issued but has entered the second stage of sandbox testing. We will provide mobile and PC applications to retail and institutional users. Test scenarios mainly include cross-border payments, investment transactions, and retail payments."