On July 24, according to Cailianshe, JD CoinChain Technology (Hong Kong) will issue a cryptocurrency stablecoin anchored to the Hong Kong dollar at a 1:1 ratio in Hong Kong.

JD CoinChain Technology (Hong Kong) is a subsidiary of JD Technology Group and the only potential stablecoin issuer under JD. According to the official website, JD Stablecoin is a stablecoin based on the public chain and pegged to the Hong Kong dollar (HKD) at a 1:1 ratio, which will be issued on the public blockchain.

Each JD Stablecoin can be redeemed at a 1:1 ratio, and its reserves are composed of highly liquid and credible assets, which are securely stored in independent accounts of licensed financial institutions, and the integrity of the reserves is strictly verified through regular disclosure and audit reports. In terms of supervision, JD Stablecoin will actively cooperate with global regulators and comply with existing and evolving legal and regulatory standards.

Calling himself "co-founder of WeChat Pay", what is the background of Coinlink CEO?

Liu Teddy, CEO of JD Coinchain Technology, labeled himself as "co-founder of WeChat Pay" on his LinkedIn introduction, but people familiar with the matter told BlockBeats that WeChat Pay did not co-create it, and he may have been the product manager or head of a business of WeChat Pay before.

According to LinkedIn information, Liu Teddy also serves as the vice president of JD Technology. He graduated from Beijing University of Technology with a major in computer science and technology in 2006, and is currently studying for a doctorate in financial technology at the Hong Kong Polytechnic University.

From 2010 to 2018, Liu Teddy, as the co-founder and product director of WeChat Pay, created the WeChat Pay product from scratch. On this basis, as a core product personnel, he created the phenomenal product WeChat Red Packet. In terms of the "WeChat Pay+" business model, he is responsible for the operation of more than 15 industries related to catering, cultural tourism, transportation, logistics, retail, education, etc., such as the catering industry solution of scanning code to order food.

Since 2018, Liu Teddy has served as the head of global mobile payment product operations and director of the converged operations department at Huawei, responsible for global financial solutions, and completed the expansion, research and development, and implementation of mobile financial products in 19 countries and regions overseas. The products serve over 600 million people, including Kenya's M-Pesa, Bangladesh's B-Kash, Indonesia's T-Cash, Thailand's K Bank, East Africa's largest bank KCB, Ghana's GCB, Pakistan's JAZZCASH, Myanmar's KBZ Bank, etc. As the co-founder of Myanmar's KBZPay, he has promoted KBZPay from scratch to become Myanmar's largest payment brand.

In May 2022, Liu Teddy served as Vice President of JD Logistics Group and Head of Logistics Technology Product R&D. From 2023, he served as Vice President of JD Technology, responsible for overseas financial technology business. From March 2024, he served as CEO of JINGDONG Coinlink Technology Hong Kong Limited.

JD picked up blockchain again

This is not the first time that JD has been involved in blockchain business.

In May 2016, JD Finance joined the "Financial Blockchain Cooperation Alliance". Although JD entered the blockchain field later than other Internet companies, its development momentum is not much inferior, and it will focus on the alliance chain.

In May 2017, JD Finance cooperated with UnionPay to build the alliance chain "Zhizhen Chain". In the same month, Wanda and China Merchants Bank joined JD's alliance chain. In 2018, JD Finance improved the underlying blockchain technology of the ABS cloud platform and established a multi-party independently deployed alliance chain, which was first deployed by each party in an independent environment and then networked. At the same time, a business bottom layer supporting various assets was established.

At that time, JD.com, as the retailer with the highest turnover in China, established the "JD Quality Traceability and Anti-Counterfeiting Alliance" with the Ministry of Agriculture, the National Quality Inspection Headquarters, the Ministry of Industry and Information Technology, etc. in June 2017 to cooperate in building a blockchain traceability platform; in December of the same year, JD.com established China's first safe food blockchain traceability alliance; in August 2018, JD.com's blockchain anti-counterfeiting and traceability platform BaaS was officially released, and the first edition of the "JD Blockchain Technology Practice White Paper" was released in the same year.

In addition to the alliance chain, JD.com also made an NFT platform "Lingxi", which was officially launched at the end of 2021 and provided technical support by "Zhizhen Chain". Initially launched on the JD APP mini program, the first batch of NFTs on sale were designed based on the JD mascot "Joy".

Lingxi main page in the JD mini program, source: Jiemian News

At that time, among the domestic technology giants that deployed NFTs, "Lingxi" formed a three-legged tripod with Ant's "Jingtan" and Tencent's "Huanhe", but now "Zhizhen Chain" and "Lingxi" have long faded out of the public eye.

On July 18, the Hong Kong Monetary Authority announced the list of participants in the "Sandbox" for stablecoin issuers, including JD CoinChain Technology (Hong Kong). Currently, JD CoinChain Technology has obtained Type 1 (Securities Trading), Type 4 (Providing Advice on Securities) and Type 9 (Asset Management) licenses from the Hong Kong Securities and Futures Commission (SFC).

The Sandbox was launched in March this year as one of the HKMA's initiatives to promote the sustainable and responsible development of Hong Kong's stablecoin ecosystem. Through the Sandbox, the HKMA allows institutions that intend to issue stablecoins in Hong Kong to test their operational plans and conduct two-way communication on the proposed regulatory requirements to develop a regulatory system that is fit-for-purpose and risk-based.

JD CoinChain Technology (Hong Kong) The issuance of this stablecoin marks the first entry of JD Technology Group into the cryptocurrency market. The announcement of the issuance of stablecoins at a time when Hong Kong is vigorously deploying stablecoins shows that JD is still actively exploring the development direction of the blockchain field.

However, due to the influence of various factors such as regulation, the development of JD's stablecoin business may not be smooth sailing, but this step taken by JD may stimulate other technology companies to resume blockchain business to a certain extent, thereby bringing more positive signals to the crypto industry.

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