加密市場很熱，京東也要來分一杯羹？
7月24日，根據財聯社報道，京東科技旗下的京東幣鏈科技 ( 香港 ) 將在香港發行與港元 1:1錨定的加密貨幣穩定幣，在市場上掀起廣泛熱議。
由於眾所周知的監管原因，國內大廠在早年涉足加密領域後均快速撤退，目前多聚焦於產業區塊鏈或作為投資者間接參與加密項目，即使在香港政策釋放後，參與其中的國內互聯網大廠也鳳毛麟角。
京東此舉，著實令人意外。
01、由來：香港穩定幣發行人沙盒
聊起本次京東穩定幣的由來，還要回溯香港的穩定幣監管政策探索歷程。
僅從穩定幣監管而言，香港淵源已久。早在22年1月，香港就已開始關注這項連結傳統金融與加密領域的關鍵基礎設施。當時金管局就發布了關於穩定幣的討論文件，明確了監管框架的初步方向。
在22年10月轟動的虛擬資產宣言中，香港更是明確表述將制定之政策對穩定幣進行監管。 「穩定幣是我們的另一個焦點。有鑑於穩定幣據稱能夠維持價值穩定，而其使用情況愈益增加，例如作為加密貨幣和法定貨幣的交易媒介，因此亦具潛力能夠與傳統金融市場（如支付系統）互相建立關聯。等方面訂出適當的監管。今年3月，金管局公佈了穩定幣發行人沙盒政策，允許在監管沙盒內測試穩定幣發行。
7月17日，香港財庫局和金管局就在香港實施法幣穩定幣發行人監管制度的立法建議聯合發表諮詢總結，對於穩定幣中相應的發行人資格、儲備管理與穩定機制進行了解釋說明。若無意外，下一階段將是立法會審議，預計在年末完成。
在將近2年的探索中，與京東最為密切相關的就是「穩定幣發行人沙盒政策」。以通俗語言表達，香港會在一定監管灰度範圍內，選取合適的測試人，探索穩定幣發行的可行性。 7月18日，香港公佈了5家穩定幣發行人「沙盒」參與者名單，分別為京東幣鏈科技（香港）有限公司(Coinlink)、圓幣創新科技有限公司及渣打銀行（香港）有限公司、安擬集團有限公司、香港電信(HKT) 有限公司。
在名單發布後，幣鏈在官網上披露了其的穩定幣信息，聲明京東穩定幣是一種基於公鏈並與港元(HKD) 1:1掛鉤的穩定幣，將在公共區塊鏈上發行，並強調了每個京東穩定幣可按1：1 的比例贖回，其儲備由高度流動且可信的資產組成，這些資產將安全存放於持牌金融機構的獨立帳戶中，透過定期的揭露和審計報告，對儲備的完整性進行嚴格驗證。而在監管方面，京東穩定幣也顯示將積極與全球監管機構合作，並遵守現有和不斷發展的法律和監管標準。
02、發酵：大廠進軍加密沒有好下場？
若只談及大廠進軍區塊鏈，並不足為奇，高峰期是在2015年前後。彼時在國外超級帳本、R3等區塊鏈浪潮影響下，百度和騰訊在2015年組建了區塊鏈研發團隊，阿里系的螞蟻金服則成立了興趣小組，平安與京東兩者稍晚，於2016年宣布提出開展區塊鏈的研究部門設置。隨後不久，騰訊區塊鏈、螞蟻鏈、百度超級鏈、京東智臻鏈等拔地而起，站穩了大廠區塊鏈的戰略基石。
發展至今，我國互聯網大廠也佔據著區塊鏈產業的第一梯隊，涵蓋了從基礎設施到產品應用乃至拓展服務的所有類別，BaaS平台服務端更是眾多大廠區塊鏈發力的關鍵區域。 2022年，中國區塊鏈BaaS廠商市佔率被七單位瓜分，分別為螞蟻（26.6%）、騰訊雲（16.3%）、 華為雲（11.4%）、聯通數科（7.5%）、趣鏈（ 6.8%）、浪潮（6.7%）以及零數科技（5.4%），七家佔比高達80.7%。
但要提到加密領域，大廠就有避之不及之態。在18年的加密熱中，以騰訊、阿里、迅雷為首的大廠幾乎都參與了加密項目中，當時的DePin在大廠中格外風靡。但後續由於監管原因，大廠在小賺一筆後紛紛轉身割席，僅在21年數位藏品中再度濺起些微水花。目前，多數大廠的數藏平台早已宣告退出。除了螞蟻旗下的鯨探還在營運外，京東旗下的靈稀與百度旗下的愛尋宇已然銷聲匿跡，而騰訊明智的選擇高峰轉身，關停幻核後陸續撤退了旗下子公司所有的數位藏品業務。
到如今，在嚴密的監管下，大廠參與加密也顯得更為迂迴，不是暗中設立海外機構進行業務分割，如嗶哩嗶哩在海外推廣NFT，就是作為投資者完成佈局，如騰訊投資Immutable X和Chainbase，多數則另闢蹊徑，主動當起了賣鏟子的人，業務重心放在如何在加密領域推廣雲端服務以及基礎設施上，如螞蟻鏈面向香港和海外市場的新品牌ZAN。
回到京東本身，整體來看，京東在我國區塊鏈的市場份額相對有限，然而憑藉著自身強大的零售優勢，在溯源存證方向仍有雄厚的市場基礎，官網數據披露的用戶數超過300萬，上鏈數據達到了14億，惠氏、伊利、雀巢等知名消費品牌均是其的區塊鏈客戶。但在加密領域，京東則相對保守，涉足切實不多。在搜尋引擎中，京東和加密業務幾乎沒有關聯度。
03、設想：瞄準最賺錢的支付業務
正因如此，幣鍊大刺刺的打著京東名頭宣告發布穩定幣，無疑引起了市場熱議。大廠的進軍，是春江水暖鴨先知嗎？
此問題尚待深究，但若深扒京東幣鏈，其瞄準支付業務的決心倒是可見一斑。
從成立時間來看，該公司不過剛成立，於今年3月才正式註冊，主要業務涵蓋數位貨幣支付系統與區塊鏈基礎設施，現任CEO為京東科技副總裁劉鵬。
而儘管成立不足5個月，但企業牌照許可卻相當健全，根據香港SFC信息披露，京東幣鏈科技已獲得的證券交易1號牌、4號牌以及資產管理9號牌照。從牌照來看，幣鏈並未遞交虛擬資產業務核心的7號牌與VASP申請，顯示出暫無虛擬資產交易的進軍計劃，但支付業務牌照的覆蓋，仍體現出明確的業務清晰度，當然，也不排除後續有涉足加密平台的可能。
再看現任CEO，領英上其自稱為「微信支付聯創"，並提到在微信支付的8年經驗，稱作為微信支付聯合創始人和產品總監，從無到有創立微信支付產品，並作為核心產品人員創造微信紅包這一現象級產品。 2018年，其進入華為擔任全球行動支付產品營運業務負責人及聚合營運部部長。
直到22年5月，劉鵬進入京東，先後擔任了京東物流集團副總裁，23年開始負責海外金融科技業務，並於今年創立了京東幣鏈。整體來看，1號位的支付經驗也相當豐富。
可以看出，該企業設立之初就是以數位貨幣支付為目標，至於為什麼選擇穩定幣這一切入點，而非更為直接的加密交易平台，答案就相當簡單——賺錢效應。
加密業務在香港最直接的表現就是虛擬資產交易所，而這一領域，顯然暫時不太樂觀。由於嚴格的合規與監管，疊加本土市場狹小，即便有著相對較為亮眼的用戶轉化率，用戶量也非常有限，香港的本地虛擬資產交易所也無可迴避的面臨著盈利與生存困境，頭部交易所Hashkey自持牌來在今年1月才首次實現月度正現金流，而OSL此前更是被BC集團賣身Bitget，反映出經營現狀的不易。
而以ETF論，發行商的收益也肉眼可見，比特幣與以太坊ETF上線2個月交易總量僅有不足3000萬美元，數據只能稱差強人意，作為對比，美國以太坊現貨ETF上市首日的交易量就已突破10億美元。
但作為穩定幣的支付市場，情況則大不相同。數據顯示，過去四年間，穩定幣季轉帳量成長了十七倍，今年第二季已達4兆美元。在2024年7月17日，整個加密貨幣市場的總交易量是948億美元，而穩定幣佔市場交易量的91.7%，達到870億美元，市場龐大。
Take USDT as an example. The parent company Tether is simply making a huge profit. It obtains risk-free interest rates and investment gains by issuing stablecoins at close to zero marginal cost. The net profit obtained in 2023 is as high as 6.2 billion US dollars, and the total number of people in the company With only 100 people, the speed of making money can be described as a money printing machine.
In addition, because the business lines are clear and simple, the operations are not as complicated as the securities business involved on the platform side. In other words, regulatory costs are more controllable and consistent. In this context, as a digital currency payment company, it is natural to target the stablecoin business, which is the most profitable and easiest to enter.
04. Current situation: It is worth a try under the constraints of practical difficulties
Judging from the current situation, JD Coin Chain obviously also intends to imitate, focusing on infrastructure payment, gaining first-mover scale advantages and then expanding its business. However, although the idea is good, the actual implementation is also difficult.
Attracted by the rich cake, many well-known institutions have entered the stablecoin field in recent years, but most of them failed. The core reason is that the head effect of stablecoins is too prominent. In the stablecoin market, the three major stablecoins account for 90% of the market share, especially USDT, which is almost a dominant player. Among the total market capitalization of US$160 billion, there are More than 110 billion yuan is in USDT. Take the world-renowned payment giant Paypal as an example. Although it ranks among the top in terms of payment users and brand awareness, the stablecoin PYUSD it issued in August last year has been tepid, with a total issuance of only US$349 million. However, it is already in the No. 7 in the stablecoin field.
For JD.com, the environment is even worse. The implicit result of the concentration of the U.S. dollar stablecoin market is that the market for other legal currency stablecoins is restricted. Compared with the size of the Hong Kong crypto market, it remains to be seen whether the Hong Kong dollar stablecoin can break through the encirclement, and local regulation will also hinder JD.com’s development in this field. .
From the perspective of local regulatory requirements, Hong Kong has relatively clear regulations for issuers, and the high compliance costs are obvious. Regarding the qualifications of issuers, the Treasury Bureau requires that only licensed fiat currency stablecoin issuers, banks, licensed corporations, and licensed virtual asset trading platforms can sell fiat currency stablecoins in Hong Kong, or actively sell fiat currency stablecoins to the Hong Kong public. To promote relevant services, the Treasury Bureau has set up transitional arrangements for existing stablecoin issuers.
In terms of reserves, the Hong Kong Monetary Authority requires issuers to ensure that fiat stablecoins are backed by 100% reserves of high-quality and highly liquid reserve assets. At the same time, the issuer's minimum paid-up share capital should be at least 2% of the total amount of fiat stablecoins in circulation. , or HK$25 million, whichever is higher. In order to curb the damage caused by stablecoins to the traditional financial system, Hong Kong stablecoin issuers will also ban interest payments to users.
Hong Kong has not directly vetoed the entry of mainstream stablecoins such as USDT and USDC into the market, but emphasized whether they can pass Hong Kong's regulatory requirements. Institutions need to establish entities in Hong Kong and obtain license approval. It is worth noting that Hong Kong has not ruled out banking institutions applying for stablecoins.
This undoubtedly means that even if it is difficult to obtain issuer qualifications, the competitive pressure you need to face will increase. Original issuers, licensed exchanges, and even banks can become potential opponents. Even from short-term practical considerations, stablecoins still have many problems. The issuance threshold is high, there is no direct payment system and stored value method to carry stablecoins, and at the accounting level, the determination of company assets is not clear.
But in any case, given the timeliness and singleness faced by the current payment system, there is bound to be market space for the tokenization of fiat currencies. Especially for Hong Kong, a region that hopes to become a global center for virtual assets, stablecoins are an indispensable foundation. Facilities, perhaps this is one of the important reasons why large manufacturers are willing to get involved.
Mosquito meat is also meat, and JD.com obviously needs this piece of meat. After all, the Troika’s core e-commerce business growth is facing a bottleneck, logistics is in an optimization period, and the exploration of new growth points in digital finance is particularly critical. After Hong Kong's policies opened up, the huge traffic in the virtual asset market has become a profit point within easy reach. Whether it is to test the waters or seek development, there are enough reasons for the establishment of JD Coin Chain. The application scenarios of stablecoins span the B-side and C-side, and include traditional financial markets and crypto markets. Not to mention that crypto cross-border payments are highly compatible with JD.com’s own e-commerce retail business, and eventually became JD.com’s primary entrance into crypto. .
On the whole, JD.com’s involvement still sends a positive signal to the encryption industry. It is worth looking forward to whether it will attract more major manufacturers to join in the future. But on the other hand, it needs to be emphasized that according to the regulations, although it has entered the sandbox pilot, this is only a small-scale test and does not mean that JD Coin Chain is qualified to issue stablecoins. It will still have to go through many steps in the future. Currently, the currency chain has not issued any stablecoins in Hong Kong or other jurisdictions, and sandbox participants will not involve the use of public funds in the initial stage. Investors should also remain vigilant.
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