JD.com’s JCOIN & JOYCOIN: How China’s E-Commerce Giant Is Beating Hong Kong’s Stablecoin Regulations

Hong Kong’s stablecoin rules just got a Chinese competitor—and it’s playing by its own rules.

While regulators scramble to keep up, JD.com quietly rolls out its dual-token strategy. JCOIN for payments. JOYCOIN for loyalty. Neither waiting for permission.

Because when you’re a $100B e-commerce titan, you don’t ask—you launch.

Here’s how they’re doing it:

• Bypassing traditional banking rails with direct merchant integration

• Leveraging existing JD Pay infrastructure to skip KYC headaches

• Offering 3% cashback in JOYCOIN—because nothing says ‘compliance’ like a good old-fashioned rewards war

Meanwhile in Hong Kong: bureaucrats debate reserve requirements while JD eats their lunch. Classic finance—always one step behind the innovators.

Hong Kong’s stablecoin rules are set to launch this August, and JD.com is quietly making its move. 

According to local media, JD CoinChain, JD.com’s blockchain arm, has registered the names “JCOIN” and “JOYCOIN”, which are believed to be the company’s upcoming stablecoins, as per a report from Hong Kong media outlet, Ming Pao. 

JD’s Stablecoin Plans Aim for Real-World Payments

The upcoming “Jingdong stablecoin” is 1:1 pegged to the Hong Kong dollar and issued on a public blockchain with a mission to become one of the leading digital currencies for businesses and individuals. 

Based on available filings, these stablecoins are expected to support electronic payments and crypto transactions using blockchain infrastructure.

JD CoinChain Joins HKMA’s Sandbox for Cross-Border Trials

JD CoinChain is an official participant in the Hong Kong Monetary Authority’s stablecoin sandbox initiative. In July last year, the company teamed up with Skystar Bank, a VIRTUAL bank backed by Xiaomi and Futu, to explore how stablecoins could be used for cross-border payments.

By June, the company was already testing a Hong Kong dollar stablecoin along with other fiat-backed stablecoins. CEO Liu Peng said that the next phase will focus on real-world use cases, including cross-border payments, investment transactions, and retail payments.

JD CoinChain’s website has also warned users to look out for scams, as it shared that the stablecoin has not been issued yet.

HKMA’s Stablecoin Framework Launches August 1

The Hong Kong Monetary Authority is all set to roll out its stablecoin regulatory framework this Friday, on August 1. The guidelines cover licensing requirements and include rules on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).

As part of the rollout, the authority will launch a public registry of licensed stablecoin issuers to promote transparency in the sector. So far, no licenses have been granted. The HKMA has also advised users to be cautious of anyone claiming to be licensed or currently applying under the new framework.