JD.com Eyes Global Stablecoin Licenses to Slash Cross-Border Payment Costs
On June 17, JD.com founder Liu Qiangdong told China Entrepreneur and other media outlets that the company plans to apply for stablecoin licenses in all major currency jurisdictions, aiming to cut cross-border payment costs by 90% and reduce transaction time to under 10 seconds.
“Right now, it takes an average of 2 to 4 days and significant fees for companies to send payments across borders,” Liu said. “Once we complete stablecoin infrastructure for B2B transactions, we will expand to consumer payments. One day, we hope people around the world will be able to use a JD stablecoin to make purchases.”
Unlike highly volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins are pegged to fiat currencies like the USD or HKD—or to other reserve assets such as gold—to ensure price stability. Examples include USDT and USDC (USD-pegged) and PAX Gold (gold-pegged). According to the Bank for International Settlements (BIS), stablecoin-based cross-border payments can be 100 times more efficient and over 10 times cheaper than traditional payment systems.
JD.com’s stablecoin strategy will unfold in two phases:
- The first phase will focus on issuing coins pegged to the Hong Kong dollar and US dollar.
- The second phase will introduce mobile and desktop applications for both retail and institutional users, with use cases in cross-border remittances, investment transactions, and retail payments.
JD.com isn’t alone in its stablecoin ambitions.
- Ant Group has announced it will apply for stablecoin licenses in Hong Kong and Singapore, with Hong Kong as its global headquarters. The company is testing stablecoin use cases in regulated sandboxes, targeting global treasury management and cross-border B2B payments.
- Amazon and Walmart are also exploring stablecoin-based systems, seeking to reach underbanked populations and expand into emerging markets via low-fee transactions.
- Xiaomi, through its digital bank Airstar, is partnering with JD’s blockchain subsidiary to pilot cross-border payment solutions.
- Traditional payment giants like Visa and PayPal are also developing stablecoin products to maintain relevance in this evolving ecosystem.
Power Bank Recall Expands as Battery Supplier Amprius (Wuxi) Faces Certification Fallout
On June 20, Anker Innovations (300866.SZ) announced a voluntary recall of 71,294 units of select power bank models (A1642, A1647, A1652, A1680, A1681, A1689, A1257), offering full refunds, replacements, or voucher compensation. The company also confirmed it would terminate cooperation with the implicated battery supplier.
Just days earlier, on June 16, the Shenzhen Municipal Administration for Market Regulation revealed that Shenzhen Romoss Technology had initiated a recall of 491,745 units of PAC20-272, PAC20-392, and PLT20A-152 power bank models under the Romoss brand.
The recalls trace back to a common upstream supplier: Amprius (Wuxi) Co., Ltd., a joint venture between U.S.-based Amprius and Wuxi Industry Development Group. The issue reportedly involves pouch-type lithium battery cells, a key component used in mobile power banks, smartphones, laptops, and drones.
Amprius’ batteries are widely used across the consumer electronics sector, and the fallout is spreading. According to China’s National Certification and Accreditation Information Public Service Platform, all 3C certifications for Amprius battery products have been suspended or revoked, with most enforcement actions taking place in June.
This certification crisis is now reverberating across the industry. Leading portable power brands such as Anker, Romoss, UGREEN, and Baseus have all had multiple product certifications suspended, highlighting the vulnerability of downstream brands to quality control issues within their supply chains.
Baidu’s Apollo Go Expands Robotaxi Testing in Hong Kong, Eyes Southeast Asia Launch by 2025
On June 18, the Transport Department of the Hong Kong SAR announced that Apollo Go, Baidu’s autonomous ride-hailing platform, has been approved to conduct trials on designated roads and during specific time periods in Tung Chung. This marks a significant step forward in broadening autonomous driving applications in the city.
The latest approval follows an April update to Hong Kong’s autonomous vehicle trial licensing framework, which allowed Apollo Go to expand its testing zones. The progress underscores growing regulatory support for smart mobility innovation within the region.
Apollo Go is planning to enter Southeast Asian markets by late 2025, with Singapore and Malaysia identified as key targets for its international expansion. The company aims to accelerate the commercialization of autonomous ride-hailing services across the region.
As a core component of Baidu’s autonomous driving unit Apollo, Apollo Go has already achieved large-scale deployment in mainland China and is regarded as one of the most advanced robotaxi services globally.
China Sees Sharp Drop in Kindergarten Enrollment as Child-Rearing Reluctance Grows
China’s Ministry of Education recently released its Statistical Bulletin on the Development of National Education in 2024, revealing a notable decline in early childhood education participation—a reflection of deeper demographic and societal shifts.
As of 2024, the number of kindergartens nationwide stood at 253,300, a drop of over 20,000 from 2023. The number of enrolled children fell by more than 5 million, from 40.93 million in 2023 to 35.84 million. Public-benefit kindergartens—those offering affordable access—also declined from 236,400 to 221,000, now representing 87.26% of all kindergartens. The gross enrollment rate in preschool education dipped slightly to 92.00%.
The numbers point to a rapidly evolving social landscape in China, where young adults are increasingly reluctant to have children. While economic pressures—such as soaring housing prices, intense educational competition, and rising costs of living—are commonly cited as deterrents, experts say these challenges may only scratch the surface.
In the past, raising children was largely seen as a linear obligation: feed, clothe, educate, and launch into adulthood. Today, however, the perceived lifecycle of parenting has grown dramatically longer and more demanding. Modern parents are expected not only to secure higher education and stable employment for their children, but also to assist with housing and marriage—often well into their children’s adult years.
Moreover, urbanization has compounded the issue. City life brings higher costs, cramped living spaces, and limited public resources. Dual-income households have become the norm, and childbearing is increasingly viewed as a career risk, particularly for women. Unlike in previous generations, fewer young people see children as a reliable source of support in old age.
Some analysts argue that modern technology is the deeper disruptor. The ubiquity of information, social media comparisons, and algorithm-driven content consumption have recalibrated people’s expectations of life, careers, and family. Parenthood, once seen as a fulfilling milestone, is now often portrayed as a costly sacrifice, both financially and emotionally.
As demographic pressures mount and birth rates continue to decline, the Chinese government faces the urgent challenge of reversing this trend. But doing so will require more than financial incentives—it may demand a fundamental reimagining of modern family life in the digital age.
Pop Mart’s Labubu Faces Price Crash Amid Surprise Restocks — What It Means for China’s Booming Collectibles Market
The hashtag “Labubu price crash” surged to the top of Weibo’s trending list on June 19, triggering widespread discussion and market jitters over the dramatic fall in resale prices of the once-hot collectible.
Labubu, a character from Pop Mart’s The Monsters series, has become a global cultural sensation in recent months—drawing crowds from Beijing to London to Seoul. Fueled by limited availability, social media buzz, and speculative resale activity, certain Labubu figures and accessories have sold for thousands of yuan, spawning a cottage industry of doll clothing and third-party accessories.
But that momentum may now be stalling.
According to industry analysts, the sudden plunge in prices was triggered by a surprise restock from Pop Mart beginning the afternoon of June 18. The company’s online platforms issued back-to-back restock alerts, while new waves of inventory simultaneously hit Tmall flagship stores and Douyin livestreams. An insider at Pop Mart noted that this irregular restocking cadence is an intentional strategy to deter scalpers and maintain brand accessibility.
That strategy appears to be working—at least for consumers. For scalpers, however, it’s a sharp reversal. “It’s not that rare anymore,” one frustrated reseller told local media. “If I can’t sell it, I guess I’ll just keep it for myself.”
The price correction is also casting uncertainty over the broader collectibles ecosystem. Accessory makers, many of whom built businesses around Labubu’s surge in popularity, could face declining demand. And with a flood of copycat brands and designs entering the market, there’s growing concern about oversaturation and quality dilution—hallmarks of a market entering its late cycle.
This raises deeper questions about the emotional consumption model that Pop Mart thrives on—one built on impulse, scarcity, and design novelty. While this formula has delivered explosive success, it may also carry structural risks when consumer sentiment shifts.
🎥 Glopen will soon release an in-depth business video on the Labubu phenomenon. We’ll explore Pop Mart’s rise, its monetization strategy, and the potential cracks in its business model amid shifting market dynamics.