Asia Tech Wire (July 24) -- Chinese tech giant JD.com Inc. (9618.HK) will issue a cryptocurrency stablecoin in Hong Kong with a 1:1 peg to the Hong Kong dollar.

The move is particularly notable given the strict regulation of cryptocurrencies in mainland China.

JINGDONG Coinlink Technology Hong Kong Limite, a part of JD.com, specializes in digital currency payment systems and blockchain infrastructure development.

According to JINGDONG Coinlink's official website, JINGDONG Stablecoin is a public blockchain-based stablecoin pegged 1:1 to the Hong Kong Dollar (HKD), to be issued on a public blockchain with a reserve consisting of highly liquid and trusted assets, which are securely deposited in segregated accounts at licensed financial institutions, and the integrity of the reserve is rigorously verified through regular disclosures and audit reports.

Last week, the Hong Kong Monetary Authority announced the list of participants of its stablecoin issuer sandbox, including JINGDONG Coinlink.