- Jingdong Coinlink’s CEO Liu Peng compares stablecoins to mobile payments, positioning them as secure foundational Web3 payment tools.
- Hong Kong’s Stablecoin Regulations establish issuer licensing; sandbox trials test cross-border payments, investment trading, and retail transaction workflows.
Liu Peng, CEO of Jingdong Coinlink, spoke with Bloomberg Businessweek China in early June. He compared stablecoins to mobile payment tools rather than to cryptocurrencies like Bitcoin or Ethereum. As a former core member of WeChat Pay and a payments lead at Huawei, he sees today’s stablecoins as the Web3 equivalent of mobile wallets.
Hong Kong has moved to regulate stablecoin issuers linked to the Hong Kong dollar. In late May, the city published its Stablecoin Regulations. Earlier, three firms—including Jingdong Coinlink—joined the Hong Kong Monetary Authority’s sandbox to test these tokens under strict oversight. Thus, Hong Kong aims to protect users while fostering real‑world use cases.
Jingdong Coinlink registered in Hong Kong in March 2024 under the JD Technology Group. The group’s vast e‑commerce platform offers a built‑in launchpad for compliant stablecoins. Liu expects merchants on JD’s global sales site for Hong Kong and Macau to first adopt a Hong Kong‑dollar stablecoin for faster, cheaper payments.
In phase two of its sandbox trials, Coinlink has focused on cross‑border payments, investment trading, and retail transactions. For cross‑border transfers, it will combine direct customer outreach with partnerships. Meanwhile, it is in talks with regulated exchanges to list its stablecoins for trading and settlement.
Moreover, the team plans to issue both a Hong Kong‑dollar and at least one other fiat‑pegged token. They aim to win business from international traders in Asia, the Middle East, Africa, South America, and Europe. Liu believes that secure, on‑chain settlements will cut transaction times from days to seconds and halve costs compared to traditional methods.
The project’s true test will come once the licensing regime takes effect on August 1. At that point, Coinlink hopes to win its issuer license in early Q4 and launch its tokens on public blockchains. All issuance data will remain transparent and open for public audit.
Stablecoins promise low fees and traceable records, yet they depend on global regulatory alignment. In mainland China, rapid mobile payment adoption was driven by cheap QR codes. By contrast, stablecoins require coordinated rules across regions before they can reach a similar scale.
Liu Peng believes that stablecoins will serve large transactions first—especially in cross‑border trade—before retail users embrace them fully. He notes that a consumer incentive, akin to “digital red packets” may be needed to popularize on‑chain payments. For now, he focuses on building a robust, risk‑based framework in Hong Kong, aiming to solidify the city’s role as a global settlement hub for these new payment tools.
