JD.com became the most active domestic internet giant in terms of stablecoins. Liu Qiangdong recently revealed in a media interview that JD.com currently has six innovative businesses, including stablecoins. And the core of all the business actually revolves around the supply chain, including the takeaway business, which is heavily subsidised this year, which is also a part of the supply chain. It is very clear why we are vigorously deploying stablecoins at this time. Innovation in payment tools is also essential in the supply chain. Application scenarios: 1. Supply chain finance, "JD platform merchants" use stablecoins to improve efficiency in upstream and downstream settlements, and at the same time can provide merchants with financing and factoring services based on stablecoins. 2. Cross-border payments, expanding users through direct and indirect customer acquisition (e.g., partnering with compliant wholesalers). 3. Investment and trading, cooperate with global compliance exchanges to launch JD stablecoins to different regions. 4. Retail payment, users can use stablecoins to shop in the self-operated e-commerce scenario of JD Hong Kong and Macau Station. Overall timeline: Hong Kong formulates a regulatory framework for stablecoins by the end of 2023 → JD.com enters the sandpit pilot in July 2024 → In May 2025, the Hong Kong Legislative Council passes the Stablecoin Ordinance → In May 2025, JD.com's stablecoin completed multiple rounds of testing and entered the second phase of self-testing→ was licensed at the beginning of the fourth quarter of this year, and JD.com's stablecoin was launched at the same time. The official introduction of JD stablecoin is based on the public chain, although it has not been announced which chain, the outside world is generally speculated to choose Ethereum, or the upgraded version of the self-developed regulatory alliance chain.