JD.com makes a bold move! It announces the issuance of a 100% transparent public chain stablecoin, but its success or failure hinges entirely on regulation.

According to a confirmation from The Paper, JD.com plans to launch a fully transparent on-chain stablecoin as early as Q4, with real-time checks on issuance volume and reserves, and a level of technological transparency that surpasses traditional finance. If realized, it will become the first Chinese e-commerce giant to experiment with a public chain stablecoin, targeting cross-border payments (eliminating exchange rate fees), supply chain finance (instant loans through on-chain transactions), and the Web3 breakout opportunity for its 600 million users.

However, a contradiction is starkly exposed: JD.com raises the banner of “transparency” while simultaneously building its own public chain for issuance—essentially, it remains a game of centralized giants. Key issues such as user asset freeze rights and transaction review mechanisms are avoided, making the so-called transparency akin to “running naked” in one’s own glass house, with trust costs unchanged.

A more realistic black swan is regulation. Currently, domestic policy pressure has not eased (the central bank reiterated the ban in May), and the approval for licenses in Hong Kong is stringent. JD.com's “Q4 plan” resembles a high-stakes gamble, betting on whether the Hong Kong Monetary Authority will create special exceptions for e-commerce entities. If it wins, it will be recorded in the annals of Chinese Web3 history; if it loses, it may become a regional experiment.

JD.com's true ambition is to create a “Web2.5” ecological closed loop—using stablecoins to connect the retail, logistics, and financial empires. However, for retail investors, the entry of giants does not equate to a safety endorsement: unlicensed stablecoins remain castles in the air. If the Hong Kong license is not secured before Q1 next year, this high-stakes gamble may exit the stage quietly.

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