JD.Com, a major Chinese e-commerce platform, strategizes to launch multiple stablecoins for business-to-business (B2B) transactions.
In the rapidly evolving world of digital finance, large tech companies are grappling with stringent regulatory requirements as they explore the use of stablecoins. This is particularly true in the United States, where the GENIUS Act has set a comprehensive framework for stablecoin issuance.
As of mid-2025, the GENIUS Act has been enacted, establishing who can issue payment stablecoins and under what conditions. This law applies to all payment stablecoin issuers in the U.S., including domestic and registered foreign issuers. Notably, it restricts the ability of large public or non-financial enterprises, such as JD.com, Ant International, Amazon, and Walmart, to issue stablecoins directly without an exemption from a newly created Stablecoin Certification Review Committee.
Key points of the GENIUS Act relevant to these companies include:
- Only permitted issuers or registered foreign issuers can issue stablecoins in the U.S., with issuance by entities without permission being a prohibited activity with significant penalties.
- Issuers must meet federal or certified state regulations, with smaller issuers (sub $10 billion market cap) having the option to choose state-level regulation if the state’s regime is certified comparable to federal rules.
- Foreign stablecoin issuers must be regulated by jurisdictions that the U.S. Treasury deems comparable and must register with U.S authorities.
- The Act restricts digital asset service providers from offering stablecoins issued by non-permitted or non-registered entities and blocks secondary trading of non-compliant foreign stablecoins in the U.S.
- Custodial services for stablecoins and their reserves must comply with strict segregation and supervision requirements.
The GENIUS Act's stringent regulations have set barriers for these companies to issue their own payment stablecoins without special exemptions. Instead, they are more likely to participate by accepting regulated stablecoins or partnering with compliant issuers.
Meanwhile, globally, regulatory landscapes are evolving. In the European Union, the Markets in Crypto-Assets Regulation (MiCA) is actively enforcing compliance, leading to delisting of non-compliant stablecoins by major exchanges. In Asia, there is notable uptake of stablecoins with regulatory frameworks developing regionally. Companies like JD.com and Ant International are likely navigating complex multi-jurisdictional rules, especially with U.S. restrictions on foreign issuers.
Major players such as Circle and Ripple are expanding stablecoin issuance globally, suggesting that Amazon and Walmart might adopt or accept established compliant stablecoins rather than issuing their own to remain within regulatory boundaries.
As regulatory clarity continues to emerge, these companies will have to monitor and adapt to the evolving landscape. In the case of JD.com, their subsidiary, JINGDONG Coinlink Technology, is already part of Hong Kong's stablecoin sandbox. JD.com's Chairman, Richard Liu, has announced plans to apply for a stablecoin license in all major currency jurisdictions.
Singapore's Ant International and Ant Digital have also announced plans to launch stablecoins, adding to the global competition in this space. The GENIUS Act still has hurdles to pass before becoming law, but its impact on the tech industry's approach to stablecoins is already being felt.
[1] GENIUS Act: A Comprehensive Guide for Stablecoin Regulation in the U.S. (2025) [2] Stablecoins: Navigating the Global Regulatory Landscape (2025) [3] The Impact of the GENIUS Act on Large Tech Companies (2025) [4] Stablecoins and the Future of Cross-Border Payments: A Regulatory Analysis (2025)
Investing in the burgeoning field of stablecoins, given the stringent regulations set by the GENIUS Act, will require technology companies like Amazon and Walmart to collaborate with compliant issuers or accept established stablecoins to adhere to U.S. regulations.
The GENIUS Act has instigated a shift in strategic planning for technology companies, as they seek to comply with the complex multi-jurisdictional rules and navigate the shifting regulatory landscape.
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