“JD.com intends to secure stablecoin licences across key currency markets globally … to reduce cross-border transaction costs by 90 per cent,” Liu said in a media briefing on Tuesday. “We hope that JD stablecoin will become a universal payment method worldwide.”

“I believe stablecoins will become the next-generation payment system – that is beyond doubt,” Jingdong Coinlink CEO Teddy Liu said at an event in Hong Kong earlier this month. He said the company may even issue an offshore yuan stablecoin, but added that it would only come with Beijing’s approval.In his keynote speech at the Lujiazui Forum in Shanghai on Wednesday, People’s Bank of China Governor Pan Gongsheng acknowledged the positive role of stablecoins, pointing out that these virtual assets are reshaping the global payment system and shortening cross-border payment cycles.Still, Beiijing authorities continue to enforce a strict domestic ban against cryptocurrencies such as bitcoin.