Just days before Hong Kong’s landmark stablecoin regime takes effect (August 1), Chinese tech giant JD.com has reportedly registered two crypto-related trademarks: JCOIN and JOYCOIN — sparking speculation about its next big move in digital finance.

Signals of a JD-backed stablecoin?

Public trademark records show that JD’s blockchain arm, JD CoinChain, recently registered the names JCOIN and JOYCOIN in Hong Kong. The filings cover blockchain-based fund transfer and crypto trading services — hinting at future use cases tied to stablecoins and cross-border finance.

Some reports suggest the tokens may be pegged 1:1 to the Hong Kong dollar and designed for enterprise-grade cross-border settlement.

Perfect Timing Amid a Policy Window

JD was among the early participants in the Hong Kong Monetary Authority’s (HKMA) regulatory sandbox, testing stablecoin models tied to both HKD and USD since 2024. In June, JD.com founder Richard Liu publicly stated the company is actively applying for stablecoin licenses across major jurisdictions, aiming to cut cross-border remittance time from days to seconds — while slashing costs by up to 90%. With Hong Kong’s new regime about to launch, JD’s trademark filings may be a strategic play to secure early brand positioning and narrative control in a tightly regulated space.

China’s Tech Giants Quietly Enter the Race

JD is far from alone. According to Lily Z. King, COO of crypto custody firm Cobo, over 40–50 companies are preparing to apply for a Hong Kong stablecoin license — many with Chinese backgrounds and overseas ambitions.

HKMA Chief Executive Eddie Yue recently reiterated that only a “small number” of licenses will be granted in the first phase, prioritizing issuers with clear, real-world applications such as Web3 payments and cross-border trade.

A New Arena: Hong Kong as Stablecoin Testing Ground

As one of the first global jurisdictions to introduce specific legislation for fiat-pegged stablecoins, Hong Kong is fast becoming a sandbox for traditional finance and tech players alike. The bigger question: Can Chinese tech giants like JD leverage Hong Kong’s clarity to build new cross-border payment infrastructure? Will this spark a wave of corporate-backed stablecoins that reshape capital flows — and even push forward RMB internationalization?

Do you think JD.com will be the first to launch a licensed HKD-pegged stablecoin? And who do you think will make the next move in this new race?