JD.com registers JCOIN, JOYCOIN ahead of HK stablecoin ruling

Tech giant JD.com's (9618) Jingdong Coinlink Technology Hong Kong has reportedly registered JCOIN and JOYCOIN, which are widely anticipated to be the names for its upcoming stablecoins, the Hong Kong Economic Times reported.

The company joined the stablecoin issuer sandbox launched by the Hong Kong Monetary Authority last year. It had reportedly been testing Hong Kong dollar stablecoins in the sandbox and deploying other fiat stablecoins for experimentation.

Liu Peng, chief executive of Jingdong Coinlink Technology Hong Kong, said last month that the second phase of testing scenarios for stablecoins would focus on cross-border and retail payments as well as investment transactions.

HKMA's chief executive Eddie Yue Wai-man previously said the authority will approve only a limited number of stablecoin licenses when the law comes into effect this Friday.

The services of stablecoins include providing electronic funds transfers and cryptocurrency financial transactions through blockchains, according to the media, citing the registration statement. Morgan Stanley recently released a report speculating that the potential applications of JD.com's stablecoins would include cross-border payments, supply chain financing, and retail payments.

HELEN ZHONG