China’s JD Eyes Global Stablecoin Licenses to Slash Payment Costs

JD.com plans to apply for Stablecoin licenses in several countries as part of a comprehensive effort to reduce the costs and time of cross -border payments, Richard Liu, founder and president, announced on Tuesday.

Speaking at a press conference in Beijing, Liu said The Chinese e-commerce giant aims to start Stabblecoin globally, starting with the payment of companies and business and eventually expanding for consumer use.

“Our goal is to apply for our Stablecoin license in all major countries of sovereign currency countries in the world,” Liu said. “Our vision is that one day people around the world will be able to use local JD coins for global payments.”

Liu said the company believed that Stablecoins could reduce the settling time to less than 10 seconds and reduce payment costs up to 90%.

The initiative is part of JD.com to reverse years of stagnation. Once the dominant force in the Chinese e-commerce, JD struggled with what Liu called “five lost years,” characterized by a lack of innovation and disputed growth. The Stablecoin project joins the wider slate of new ventures, including relocation to food delivery and tourism.

Stablecoin Push also comes as a global momentum behind the technology still growing.

On Tuesday, American Senate passed The Law on genius, a significant proposal for a law that establishes a regulatory framework for issuing and trading stable stable costumes. The draft adopted 68-30 and attracted the interest of major banks, traders and technological companies. Companies, including Amazon, Walmart and Citigroup, are already exploring Stablecoin applications.

However, critics warn that technology could strengthen large corporations for the issuance of private currencies and monitor consumers’ data. Senator Elizabeth Warren criticized the ingenious act as the rear for technological giants to launch financial products based on supervision.

“If the Congress does not repair it, billionaires like Elon Musk, Jeff Besos and Mark Zuckerberg could launch stablecoins who follow your purchase, exploit your information and squeeze out competitors,” Warren previously said Decipher.

“Then they will come to pray for the rescue when it inevitably blows,” she added.

Others claim that Stablecoini offer poor value to consumers because they usually do not bring interest, although the companies themselves can potentially earn on deposits with customers.

Couter Miperat Fourder Philippe Laffont was invited For basic contracts that would convey the stablecoin owners to a video of interest.

JD has not determined the launch of launch or which jurisdiction would be a priority for licensing. She described the initiative as a “foreign project”, suggesting that it would not divorce in China itself.

The company did not immediately respond to Decipherptic Request for comment on that point.

Edited Sebastian Sinclair