One of China’s largest online retailers, JD, plans to launch its own stablecoin backed by the Hong Kong dollar.
The stablecoin will be supported on several public blockchains, including BNB Chain, Tron, and Ethereum, with plans to add more blockchains in the future.
Hong Kong is one of the leading Asian centers actively developing blockchain technology and stimulating the growth of the cryptocurrency market.
The Hong Kong Monetary Authority (HKMA) has approved JD as a participant in the fiat-backed digital currency deployment program.
JD expects that the release of the stablecoin will improve the city’s payment infrastructure and expand the use of the Hong Kong dollar.
The company commits to placing reserves in independent and licensed financial institutions that will undergo regular audits.
