jakiro
On July 18, 2024, the Hong Kong Financial Administration (HKMA) released the list of stable currency regulatory sandbox participation. JD.com, Yuancoin, and Standard Chartered became the first batch of participating companies. Once the list was announced, it immediately triggered the high market’s high discussion enthusiasm; 7On the 28th, the Hong Kong Virtual Bank Tianxing Bank, which was established by Xiaomi Group and Shangba Group, also announced on its official website that it has reached a stable coin issuer Shazi, a stable coin issuer, with Jingdong Group.Box cooperation has caused infinite reveries in the market.
As a traditional Internet giant, JD.com enters the stable currency track, known as the “crown of the encryption industry”. The strategic considerations, demonstration effects, and the profound impact on the development of Hong Kong Web3 behind them are worthy of in -depth analysis. More importantly, what is more important is thatThe Hong Kong Financial Administration’s release of stable currency supervision legislative consultation documents in July provided the market with a “Hong Kong solution” with both prudential and inclusive innovation.From the entry of the giant to the speed -up of legislation, whether the stable currency based on Hong Kong can move globally, the legislative proposal proposes to reflect the regulatory trend behind it, and where is the way of stable currency victory under the blessing of the giant, this article analyzes this article one by one.
1. Reasons: Traditional Internet giants enter the bureau web3, the first layout of the era of the big out of the sea
1. 1.JD.com’s strategic considerations: Make up the subversive advantage of the payment of payment, stable coins in cross -border payment
According to public information, as early as 2014, when JD.com was listed in the United States, some media reporters interviewed Liu Qiangdong and asked “whether he had made mistakes.” Liu Qiangdong replied at the time:I just started paying earlier.To this day, a word is made, and the loss of the advantage in the payment will allow Jingdong to have no effort in third -party payment with Ali and Tencent.WeChat and Alipay share have more than 5 times the gap.
>
The post -issuance of the payment may give Jingdong a full warning. JD.com ’s subsequent strategic layout in technology is very forward to avoid missing major opportunities. Every wind in the Internet will almost see JD.com.
The history of backing payments can be relatively clearly seeing the strategic considerations behind JD.com’s announcement of the stable currency.As a payment tool that has been established by the market, stablecoins have a disruptive advantage relative to traditional payment, especially the amazing profit prospects and broad space of the stabilization currency business itself.What’s more, in the context of the domestic Internet e -commerce giants’ performance and their respective “going to sea” as the second growth curve of business growth, JD.com will not let themselves fall into the dilemma of recovery and catching up again.Unwilling to miss the upcoming Web3 “Golden Age”.
2.In the era of big out of the sea: cross -border overseas and web3 payments are combined at the time, seizing the first issuance
Behind Jingdong’s entry of stablecoins, a more important background is the collective go to sea of the Chinese e -commerce giants. Especially after the epidemic, the competition for going to sea is becoming more and more intense. Among them, cross -border payment is even more important, but cross -border paymentIssues such as efficiency and geopolitical risks have always troubled these giants to go to sea.
Taking the traditional SWIFT system as an example, it was a top -down construction at the beginning of its establishment. It has developed to the present, and the system is bloated. A cross -border transfer process not only involves remittances and receipts, but also involves liquidation banks, Agent Bank, SWIFT and other multi -organization communication, messages, and capital circulation, especially in recent years, agents in the global SWIFT system have continuously reduced, further improving the timeliness and cost of cross -border settlement.What is more concerned about is that due to the current frequent geographical risks, the Swift organization is facing fragile cooperative relationships. Once the SWIFT system is removed or sanctioned by finance, it means that it is basically unable to contact banks outside the border.
>
In addition to the cornerstone of the entire web3 industry, the USD and USDC represented by USDT and USDC are the most likely to subvert traditional payment tools.Compared with traditional payment, the transfer payment of stable coins on the blockchain is enough to achieve the function of paying and clearing without any intermediate link.
According to the statistics of the International Clenging Bank (BIS), using cryptocurrencies such as stable currency for cross -border payment, the time efficiency is increased by more than 100 times, and the transfer cost is reduced by more than 10 times.It is a subversive impact.
In the specific scene of cross -border overseas, we have unparalleled advantages to pay at least in terms of efficiency and cost by using Web3. In this field, Tencent and Ali follow the advantages accumulated in the country to quickly open up Jiangjiang overseas to expand overseas.Turkey, the two have continued to obtain payment licenses in Malaysia, Singapore, and the United States. At present, dozens of countries and regions around the world have landed.
JD.com’s cutting of Web3 through stable coins can be achieved overseas overseas overtaking, but once it is successfully implemented, the gap between the rapid flattening and other giants will also prove that at least in the field of payment, the first -mover advantage is very good.important.
3..The actions of the big manufacturers: from Hong Kong to the world, the tentacles extending to the Web3 secret extension
Jingdong is not a novice on the blockchain.The main body of the company this time: although Jingdong Coinlink (Jingdong Coinlink) was established in March this year, it was not newly established. Instead, JD.com’s asset management company in Hong Kong was renamed. At the same timeThe No. 1, 4, and 9 of the SFC also hired Liu Peng, the veteran of the payment industry, at least showing that JD.com was not “temporary intention” or just catching fashion in this matter.In fact, Jingdong has a long history on the blockchain. Around 2016, when the chain of the domestic alliance was hot, JD.com participated strongly and established a Zhizhen chain with UnionPay.It was released on the NFT platform. Although it was subsequently influenced by the tightening of supervision, JD.com was no stranger to technology and the understanding of the blockchain.
Corresponding to this, although other large factories have successively withdrawn from the field of tracks such as NFT, they have not fully abandoned Web3 overseas. Various investment is secretly extending. The important influencing factors in this place are Hong Kong and Singapore.The process of equal localization.
Tencent announced in 2021 that its Tencent Cloud prohibited matters related to virtual currency -related matters. In 2023, after the supervision of Hong Kong, Singapore, Dubai and other places gradually became clear, Tencent officially restarted its support for the global web3 industry at the Web3 summit held in Singapore in Singapore.At the same time, there are four heavy partners, ANKR, Avalanche, Scroll, and SUI, which are the first batch of four heavy partners in cooperation. The four projects are well -known projects in the encrypted industry; in 2023 and 2024, Lens Protocol and their are invested.Chainbase, the latter is not only involved in investment, but also a leading investor.
Byte beating announced in April 2024 that it had reached a cooperation with the SUI to start the first involved in the blockchain project. It intends to cut into Web3 through games and SocialFi ecology. Of course, Tiktok, a subsidiary of bytes under the NFT boom period, also launched the NFT series.
Another Internet giant Ali has deepened the intervention of Web3. It is consistent with Tencent at the time of intervention. In 2023, it has fully opened Web3.cooperate.Cai Chongxin, one of Ali’s current helm and founder, is a firm supporter of Web3. The family’s Lanchi Capital has invested in well -known Web3 projects such as FTX, Polygon, and Animoca.
From the point of view of the timeline, from the silence of NFT, to a key time point for re -opening Web3 investment, it was in the second half of 2022 and 2023. The subtle thing is that Hong Kong was in October 2022 in October 2022.The “Declaration of Policy on the Development of Virtual Assets in Hong Kong” was released, and the determination of the Hong Kong government behind the declaration. The trend of regulatory compliance may be an important foundation for these big manufacturers to participate in the end.Until this time, JD.com directly ended the web3 project.
Second, stable currency supervision: from regulatory sandboxes to legislative suggestions, policy tolerance is cautious
1. 1.Regulatory sandbox: Careful and pragmatic regulatory ideas, but participation does not mean accuracy, it is intended to send it first
The operation of the sandbox has an overall standard. Participation does not mean accuracy, but the timing is important.The financial technology supervision sandbox of the Hong Kong HKMA was launched as early as 2016. The main purpose is to allow participating companies to test the new financial products in a relatively loose regulatory environment, without the need to fully follow the current regulatory system.During the disclosure, the Hong Kong HKMA has a total of 336 sandbox operation projects.In terms of specific sandbox operations, there are no detailed regulations and standards as a whole, but the general features have the following characteristics:
a. Allow participating in the sandbox institution to launch related fintech products or services
b. Participate in the testing agency during the sandbox without meeting all the requirements of supervision
c. Participating in testing agencies should not use the “supervision” sandbox to avoid certain applicable regulatory regulations
During the evaluation phase of the sandbox, the HKMA did not have a clear standard. The overall supervision was relatively flexible. In the end, the HKMA will decide whether to pass the sandbox test and whether it is allowed to be promoted to the entire market based on the test results and various factors.
The stable coin regulatory sandbox was officially launched on March 12 this year. According to the requirements of the regulatory sandbox, all participants need to provide a detailed business to the HKMA and the “sandbox” plan.The core considerations are the reasonable plan for real wishes and the issuance of stable coins, sandbox plans, and reasonable expectations that meet the regulatory requirements.
What is worth further clarification is that participating in the supervision sandbox does not mean that it is officially issued, nor does it mean to get a stable coin license.In March of this year, the supervisory sandbox document disclosed by the HKMA clearly stated that the sandbox has an exit mechanism.
>
The above documents also means that for the three participants, they can be exited at any time or forced to withdraw from the requirements of the HKMA.At the same time, in the overall principle of supervision of the sandbox, if the subsequent stable coin supervision sandbox is not passed, it still cannot launch a stablecoin to the market.
If Jingdong, Yuancoin, Standard Chartered; Anyi & AMP; HKT has passed the sandbox test. Although it still needs to apply to the regulatory department, it is far greater than the unadestable probability.This is undoubtedly an important reason for JD.com and two other participants to participate in the test of stable coin and sandbox tests.
The three backgrounds have their own strengths, but they all have traditional backgrounds. The Hong Kong Government’s supervision ideas are cautious and pragmatic.EssenceThere are two characteristics of the participants released by the Hong Kong HKMA:
a.They all have the background of traditional finance.This may not be entirely coincidental. After all, traditional finance has rich experience in risk control, supervision and communication, and consumer protection, and the capital strength behind it is quite powerful, and it can ensure that they have sufficient ability to satisfy during the testing period to satisfy the test period.All requirements are sufficient to illustrate the carefulness and high thresholds of the HKMA on the issuance of stable currency issuance.
b.The three institutions have their own resource endowments, but they have clear scene support behind them.The current stabilization coin market is a oligopoly market. The US dollar linked stablecoin accounts for more than 99%of the share, of which Tether occupies a share of more than 70%of the US dollar stabilization coin market.
>
If a non -linked US dollar stablecoin can be launched, whether it can make breakthroughs in the market share, in addition to the need to supervise, it is more important to find the scene cases of the Hong Kong dollar stable coin.Especially critical.The huge cross -border e -commerce trade behind JD.com is an important scenic carrier for stabilizing coins as an important scenario for payment tools; Yuancoin Technology itself has wallets, DEFI and other businesses. In the field of web3, it can use Hong Kong dollar stablecoin as WE2 to Web3 important bridge tools.In this way, traditional banks represented by Standard Chartered Bank can further explore the core tools of stable coins in the financial payment market.
From the above two points, the signal that can be clearly read is that the Hong Kong government is cautious as a whole in the issuance of stable coins. After careful selection of the participating list, it has clear scene support.The pragmatic side.
2.Hong Kong Stable Coin Legislative Suggestion Draft: Supervisory ideas cautiously tolerance
In addition to the sandbox announced in July, the HKMA also announced the “Legislative Suggestions (Consultation Summary) of the Regulatory System of the Stable Coin Issuer (Consultation)”.The document is a summary and answer to the consultation documents and responses of the stable currency supervision system officially released in December 2023. Among them, the Hong Kong government’s regulatory ideas on the issuance of stable coins can be seen.
The documents clarify the Hong Kong government’s legislative methods, regulatory framework, hosting, sales, etc. of the Hong Kong government in detail.
>
For stable currency, its core key is undoubtedly the safety and liquidity of stable currency hook reserve assets. This is the core interest concern for users.Combined with the last consultation draft and documents, it can be clearly seen that the Hong Kong government has a very detailed response to reserve assets, and some of the positions are very firm, highlighting the attitude of protecting consumer rights and interests; on the other handThe content has been partially adjusted and innovated.
The more significant display of the innovation of the Hong Kong government is reflected in the form of assets that allow the RWA assets of RWA assets such as Treasury bonds, and assets that are also allowed to be denominated as Hong Kong dollars as the reserve assets of Hong Kong dollars.There is no precedent for China, which also profoundly reflects the support and innovative and inclusive side of the Hong Kong government’s chain of real world assets represented by RWA.
3. Impact and prospects: Based on Hong Kong, facing global, cooperative winning for winning
1. 1.Impact: The demonstration effect of the giant end
Traditional giants represented by JD.com can all cause huge discussions in the Web3 field. Behind this is an expectation of the mainstream of the native crypto world, as well as the overall trend of the integrated integration of Web2 and Web3.From Hong Kong to the world, it is better.For example, the traditional payment giant PayPal issued stablecoin in August 2023. The total market value of the year has exceeded 600 million US dollars in one year; VISA not only cooperates with the exchange to launch a storage card, but also cooperates with Solana to provide USDC stablecoin settlement settlement settlement settlement settlement.Essence
Especially since this year, Bitcoin spot ETF and Ethereum spot ETF have been listed in the United States and Hong Kong. The encrypted world compliance has officially become the mainstream paradigm. Under the blessing of compliance, traditional institutions have increasingly embracing virtual currencies.JD is not the first, and it will not be the last.
In recent years, due to the regulatory reasons of mainland China, the large manufacturers have been based on watching the encrypted ecology. Occasionally, the enrollment is also a small overseas investment.We made a good demonstration, especially the actual helm of JD.com, Liu Qiangdong, has always been known for its unique strategic vision in the industry, and its leading role is stronger.On the one hand, it is an early encryption world that is increasingly compliant and vigorous. On the other hand, it is a traditional Internet ecology that competes with extremely brutal rolls; entering the encrypted ecology may become a must -have for big factories, and this trend will only become stronger and stronger.
2.Outlook: Exploring the stable currency scene of the Hong Kong dollar and building an ecology in the cooperation is the key to defeating the ecology
For the first batch of participants such as JD.com, Yuancoin, and Standard Chartered, even if the US dollar -priced fiat currency assets are used as a reserve, how the Hong Kong dollar stable coin is still a big problem to expand the market in the oligopoly US dollar stable coin, especially the Hong Kong government at the same time.To promote the digital Hong Kong dollar and not allow the Hong Kong dollar to stabilize the currency interest, this also further distinguishes the application of digital Hong Kong dollars and stable coins.The former uses the status of fiat currency as the most basic credit currency tool, and the offline retail scenarios can be adopted, while the Hong Kong dollar stabilized currency acts as the value metering tool and cross -border payment tools for encrypted assets.
From the perspective of blockchain technology, the issuance of stable currency does not involve high barriers. At present, the use of the blockchain technology of the stable currency mortgage of fiat currency assets in the market is similar, and there is no obvious difference, but from the perspective of adoption rate,However, there is a clear gap. In terms of fiat currency mortgage stable coins, the core elements are mainly compliance basis and scenario application support.Taking USDT, USDC, and FDUSD as an example, the three are fiat currency mortgage stable coins. USDT benefits from strong user inertia to firmly occupy the first position in the market, but the rise of USDC and FDUSD has benefited from compliance and scene support.If analysis of historical data, it can be found that whenever USDT encounters a crisis of compliance trust, the market value of USDC can always go up the step; FDUSD benefits from Binance’s strong support and drainage, and the scale has soared rapidly.
It can be seen from a variety of practical successful cases that the success of the Hong Kong dollar stable coins in the future is inseparable from the carrying of large traffic application scenarios, and it is not enough to rely on JD.com or other two participants.From the user’s experience process, the full compliance channel of the fiat currency-stable currency-crypto asset-stabilization currency-fiat currency must be opened to provide a basis for large-scale adoption.
Hong Kong’s largest licensed exchange has a typical example of the cooperation with Hashkey Exchange and Kun Kun. It solves the problem of compliance trading of user fiat currency and cryptocurrency, but this is just the first step.Publishers, compliance exchanges, licensed OTC, RWA assets issuance, and custody banks’ cooperation can be used to grow the entire ecology.
>
The above figure is an example. The Hong Kong dollar stable currency issuer must not only solve the first fiat currency to the stable currency, but also with the licensed bank, the compliance exchange (such as Hashkey, OSL), the encrypted asset management institution, the licensed OTCIntroducing the license mechanism), third -party payment institutions, etc. have established cooperation to allow the use case of Hong Kong dollar stable coins not only limited to payment, but also allow users to enjoy a series of benefits such as crypto asset wealth management and investment to build a complete user encryption journeyIt can not only solve the practical payment problem, but also help users enjoy the overall growth bonus of the encrypted industry, thereby expanding the user’s adoption rate and stickiness, and achieving the true break of the Hong Kong dollar stable coin.
