Sou Hu Cai Jing·2025-06-23 08:22Core Insights - The article highlights the emergence of stablecoins as a revolutionary force in digital finance, particularly with the upcoming launch of JD-HKD by JD.com, which aims to disrupt traditional cross-border payment systems [1][3]. Group 1: Market Context - The Hong Kong Legislative Council rapidly passed the "Stablecoin Ordinance," establishing a regulatory framework for stablecoin issuance and allowing licensed institutions to conduct cross-border payment trials in the Greater Bay Area [3]. - JD.com is applying for stablecoin licenses in major currencies like USD, EUR, and JPY to build a global payment network [3]. Group 2: Cost and Efficiency - Traditional international transfers incur fees of 3%-6% and take 3-7 days, with global cross-border payment costs reaching $1.2 trillion in 2024 [3]. - JD-HKD aims to reduce transaction fees to 0.1% and achieve "instant settlement" using blockchain technology [3]. Group 3: Financial Impact - With JD.com's projected cross-border business scale of 1.8 trillion yuan in 2024, the potential annual savings on payment costs could exceed 5.4 billion yuan [5]. Group 4: Key Partnerships - The first partner, Youbuxun, is a key collaborator for JD's stablecoin testing, with payment terminals compatible with JD's system and certified by the Hong Kong Monetary Authority [6]. - The second partner, Huafeng Superfiber, has developed a cross-border payment interface that connects to both SWIFT and CIPS, processing over 1.2 million stablecoin transactions daily with minimal latency [8]. - The third partner, a blockchain technology firm with ties to both JD.com and Alibaba's Ant Chain, enhances JD-HKD's cross-border transaction capabilities and has been recognized by major brokerages as a core stablecoin target [9].