JD.com has become the most proactive domestic internet giant in the area of stablecoins. Liu Qiangdong recently revealed in a media interview that JD.com currently has six innovative businesses, one of which includes stablecoins. The core of all these businesses is actually centered around the supply chain, including the heavily subsidized food delivery service this year, which is also a part of the supply chain. This makes it very clear why they are heavily investing in stablecoins. Innovation in payment tools is also essential within the supply chain. Application scenarios: 1. Supply chain finance, where "JD platform merchants" use stablecoins for upstream and downstream settlements to improve efficiency, while also providing merchants with financing and factoring services based on stablecoins. 2. Cross-border payments, expanding users through direct customer acquisition and indirect customer acquisition (e.g., collaborating with compliant wholesalers). 3. Investment trading, partnering with global compliant exchanges to launch JD stablecoins in different regions. 4. Retail payments, allowing users to shop using stablecoins in JD's self-operated e-commerce scenarios in Hong Kong and Macau. Overall timeline: End of 2023, Hong Kong establishes a regulatory framework for stablecoins → July 2024, JD enters the sandbox pilot → May 2025, Hong Kong Legislative Council passes the "Stablecoin Ordinance" → May 2025, JD stablecoin completes multiple rounds of testing and enters the second phase of self-testing → Early Q4 of this year, obtains a license and simultaneously launches JD stablecoin. Officially, JD stablecoin is based on a public chain, although it has not been disclosed which chain it is, the outside world generally speculates that it will choose Ethereum or an upgraded version of a self-developed regulatory alliance chain.