Why have stablecoins become so popular? How can enterprises choose suitable and secure stablecoins for cross - border payments?

A cross - border transfer generally takes 1 - 5 days to reach the recipient after passing through several banks. A single exchange rate fluctuation may cause a company to lose millions in profits. For a long time, slow payment processing and large exchange rate fluctuations have been the two major pain points in the payment industry. The emergence of stablecoins is changing this situation. There is no need for multiple intermediary banks, and real - time peer - to - peer transfers can be achieved. Transactions can even be carried out within an app...

The government of the Hong Kong Special Administrative Region of China passed the "Stablecoin Bill" on May 21, 2025, which will come into effect on August 1, 2025. Major enterprises such as Ant Group, Standard Chartered, and JD.com have started to make strategic arrangements. Some focus on cross - border payments, some delve into B2B transactions, and some target the Asia - Pacific and African markets. The application market for stablecoins is gradually unfolding.

However, how can the "stability" of stablecoins be guaranteed? What are the core differences between stablecoins and traditional virtual currencies like Bitcoin? What advantages do stablecoins have compared to traditional cross - border payment methods? To address these questions, we had a special conversation with Jiang Bo, an expert in cross - border business at a financial institution, to analyze the development of stablecoins and their application prospects in the overseas market.

[Interviewee: Jiang Bo, an expert in cross - border business at a leading domestic financial institution, with many years of experience in the finance and cross - border payment industries.]

1. How do stablecoins solve the pain points of traditional cross - border payments?

36Kr: Why are stablecoins attracting so much attention? Why did Hong Kong introduce the "Stablecoin Ordinance" at this time?

Jiang Bo: Slow payment processing and large exchange rate fluctuations are two long - standing problems in the traditional cross - border payment field. With traditional cross - border payment methods, it may take 1 - 3 days or 3 - 5 days for funds to be remitted from an overseas bank to a domestic bank. Secondly, for large - scale companies, a single day's exchange rate fluctuation can affect the company's profits by millions. Many people want to change these situations, and that's why stablecoins came into being.

One reason why Hong Kong is introducing stablecoins now is that it helps us deal with the risks of the US dollar hegemony and the global exchange rate system. After years of development, stablecoins have become relatively mature and are suitable for commercial deployment.

36Kr: What are the core differences in the mechanisms between stablecoins and traditional virtual currencies like Bitcoin? How do stablecoins ensure "stability"?

Jiang Bo: The mechanisms of stablecoins and Bitcoin are different. Bitcoin is decentralized, while stablecoins need fiat currencies or high - value assets as the basis for exchange. That is to say, the issuers of stablecoins need to deposit corresponding amounts of assets in compliant banks, which is the core reason for the "stability" of stablecoins.

36Kr: Why does Ant Group's stablecoin strategy focus on the markets of Hong Kong, Singapore, and Luxembourg?

Jiang Bo: Hong Kong, Singapore, and Luxembourg are all markets with relatively complete global financial systems and relatively mature regulatory capabilities. Hong Kong has clear regulatory rules for stablecoins. Singapore has a relatively open attitude towards innovative finance, and Luxembourg is the compliance gateway for the EU. Therefore, they focus on these three relatively open and inclusive places for pilot projects.

36Kr: Currently, many large institutions and enterprises are deploying stablecoins. What are the differences in the focuses and uses of stablecoins issued by different issuers?

Jiang Bo: JD.com issues stablecoins through JD Coin Chain Technology, mainly aiming to connect the Asia - Pacific, Middle East, and African markets. It can directly conduct transactions with Southeast Asian suppliers using its own issued stablecoins, achieving minute - level transfers. Ant Group focuses more on cross - border finance and cross - border payment services. For example, Ant International focuses on cross - border payment services and supply - chain finance. Standard Chartered Bank currently focuses on cross - border B2B payments.

2. With over 300 types of stablecoins on the market, how should overseas - going enterprises choose?

36Kr: What are the different pain points in cross - border payments between large enterprises and small and medium - sized merchants?

Jiang Bo: Large enterprises mainly focus on exchange rate fluctuations because each transaction involves tens of millions of dollars. Secondly, the timeliness of remittance is also important. Small and medium - sized enterprises may be more concerned about the handling fee costs.

36Kr: What advantages do stablecoins have in terms of payment efficiency and cost compared to traditional cross - border payment methods?

Jiang Bo: In terms of efficiency, stablecoins do not require the participation of multiple intermediate banks and can achieve real - time peer - to - peer transfers. In the future, people can directly conduct transactions with stablecoins in apps. Moreover, the cross - border payment processing time can reach the minute - level, which is crucial for cross - border e - commerce merchants. The repayment cycle for Amazon merchants is generally 7 - 15 days. Higher payment efficiency helps ensure stable cash flow and improve the efficiency of capital utilization.

In terms of cost, the handling fees for stablecoins are only about one - tenth or even lower than those of foreign trade transactions. The advantages are very obvious in high - frequency and small - value order scenarios. From the customers we have contacted, cross - border e - commerce merchants and enterprises engaged in digital service exports are more willing to try stablecoins, mainly because they see the advantages of stablecoins in terms of efficiency and cost.

36Kr: What are the potential risks of stablecoins? With over 300 types of stablecoins on the market, how should enterprises with cross - border payment needs choose suitable and safe stablecoins?

Jiang Bo: Currently, the problems solved by stablecoins issued by different platforms are different. Some solve trade problems, some solve timeliness problems, and some solve arbitrage issues. Enterprises should choose according to their own business scenarios. There are many stablecoins, each focusing on specific currencies and service scenarios. For example, if a merchant only needs to exchange US dollars for Hong Kong dollars, they can choose Hong Kong dollar or US dollar stablecoins.

In addition, the security of stablecoins can be evaluated from two aspects: First, is the issuer licensed to operate? Is it endorsed by the government and regulatory agencies? Second, liquidity. After purchasing a currency, it needs to be able to be cashed out at any time. For example, USDT and USDC are widely traded on the market, and many can be cashed out on the same day. Enterprises can obtain specific information about stablecoins through the official channels of the issuers and can also consult banks or financial institutions.

(Authors: Feng Yaling, Yang Yuexin)