So, Richard Liu—the Jeff Bezos of China but with even more dramatic earnings calls—has something to say. JD.com, China’s retail blockbuster, wants to go on a little globe-trotting adventure for stablecoin licenses. Where, you ask? You know, just the “major sovereign currency countries and international markets.” Translation: everywhere people have money. 💰
JD Wants Stablecoins Because Wiring Money Shouldn’t Be Like Sending a Carrier Pigeon
JD.com—yeah, that place you bought your knockoff Roomba from—is not messing around. Liu claims these magic licenses could cut cross-border payment costs by a whopping 90%, and get this… transactions would only take 10 seconds. Ten seconds! That’s barely enough time to fake-read the Terms & Conditions. (Look, if my international wire doesn’t leave me questioning my life choices, is it really innovation?)
If this plan works out, SWIFT might finally stop haunting your accountant’s dreams. The vision is a shiny JD coin bouncing around the world, handling payments faster than you can ask, “Wait, is this legal?”
Apparently, blockchain and stablecoins are muscling their way into TradFi (Traditional Finance, not a new diet). Even China’s central bank governor, Pan Gongsheng, admits the new boys have shown up and rearranged the furniture in the payments room, presumably while TradFi is muttering, “Kids these days…”
The upside? Cross-border transactions could stop resembling your last attempt to break up with your wireless carrier. Whee!
China: Stablecoins Are Suspicious, But Let’s Give It a Whirl
About four years ago, Fan Yifei of the People’s Bank of China was basically giving stablecoins the side-eye in public. He practically yelled, “Speculation! Financial security! Social stability!”—which are also things your uncle mumbles when asked about TikTok.
“These (digital) currencies have themselves become speculation tools,” Fan grumbled, while clutching his favorite abacus. He worried about threats to “financial security and social stability.”
So, instead of stablecoins, China’s solution has been the Central Bank Digital Currency (CBDC). Why? Because if there’s one thing the PBoC likes, it’s control and a good spreadsheet. But JD.com made the first stablecoin pegged 1:1 to the Hong Kong Dollar anyway—because obviously the rules are more like guidelines, right?
This move for a stablecoin license? It’s JD jumping on the bandwagon, only the bandwagon is made of code and existential questions about money.
Meanwhile in America: Senators, Crypto and The GENIUS Act
Hey, let’s not forget the side plot in the US, where lawmakers are also trying to regulate stablecoins using something called the GUIDING AND ESTABLISHING NATIONAL INNOVATION FOR US STABLECOINS Act—aka the GENIUS Act. (Naming bills: the last refuge of Dad Joke humor in government.)
On June 17, the Senate actually passed this bill, and suddenly every CEO in crypto was out here on social media like it was Coachella for coin nerds. Brad Garlinghouse of Ripple even called it “a truly historic moment” (possibly the most optimistic thing anyone in crypto has said without a chart in hand). This is apparently the first crypto bill to pass since Dodd-Frank, which means…well, lawyers are excited? 🎉
The overall mood is that this law will make crypto innovation less like playing Jenga on a trampoline. Coinbase, Gemini, and other players are practically tossing hats in the air. Will it foster growth? Maybe. Will there be memes about it? Absolutely.
Read More
- How Angel Studios Is Spreading the Gospel of “Faith-Friendly” Cinema
- Hero Tale best builds – One for melee, one for ranged characters
- Comparing the Switch 2’s Battery Life to Other Handheld Consoles
- Gold Rate Forecast
- Stellar Blade Steam Deck Impressions – Recommended Settings, PC Port Features, & ROG Ally Performance
- Castle Duels tier list – Best Legendary and Epic cards
- Mini Heroes Magic Throne tier list
- 9 Most Underrated Jeff Goldblum Movies
- USD CNY PREDICTION
- EUR CNY PREDICTION
2025-06-18 20:02