JD Stablecoin has entered the Hong Kong "sandbox" testing phase, awaiting the implementation of relevant laws and regulations.

Recently, Shen Jianguang, Vice President and Chief Economist of JD Group, stated in an interview that JD has entered the stablecoin issuance "sandbox" testing phase in Hong Kong. The legislation related to stablecoins in Hong Kong is still being pushed forward and there are no clear provisions yet. It is expected that after the approval of the "Stablecoin Regulation Bill" in Hong Kong, the Hong Kong Monetary Authority can officially release the specific regulations for stablecoin issuance. Shen Jianguang pointed out that stablecoins are decentralized commercial issuances at the corporate level, with minimal fluctuations influenced by macroeconomics. Currently, three companies have entered the testing phase of the Hong Kong "sandbox". As a type of payment virtual currency usually pegged to legal tender or stable assets, stablecoins are gradually entering the public eye. At the end of last year, the Hong Kong SAR government submitted the "Stablecoin Regulation Bill" to the Hong Kong Legislative Council. As a global financial center, Hong Kong is not only consolidating traditional financial markets but also actively promoting innovative financial technologies. Currently, the two largest stablecoins globally are USDT and USDC. USDC (USD Coin) holds licenses in Europe and has done well in terms of transparency, allowing for issuance and transactions in Europe. On the other hand, USDT lags behind in compliance and transparency. With the full implementation of the EU's MiCA, many cryptocurrency exchanges have delisted USDT trading services in Europe.