Hong Kong Stock Exchange

361 Degrees Explores Stablecoins for Faster, Cheaper Global Transactions

Chinese sportswear giant 361 Degrees International Limited is taking a step into the world of digital finance, announcing a trial of stablecoin settlements for transactions outside of mainland china.This includes retail sales, online purchases, supply chain operations, and its expanding digital ecosystem.The company has partnered wiht a third-party digital payment provider specializing in both fiat and stablecoin transactions to facilitate the trial.

The goal? To streamline global transactions, making them faster, more efficient, and less expensive for both customers and buisness partners.

Why Stablecoins?

Stablecoins, digital currencies pegged to the value of customary currencies like the U.S. dollar, are gaining traction in international trade due to their speed and lower costs compared to traditional banking systems. for 361 degrees, this coudl address key challenges related to swift local payments and smooth cross-border settlements. The company anticipates benefits including reduced expenses, faster transaction times, and minimized foreign exchange risks, ultimately improving the experience for e-commerce customers and overseas partners.

A Strategic Move

This initiative, shared as a voluntary proclamation to shareholders, demonstrates 361 Degrees’ commitment to adapting to a rapidly evolving market. Chairman Ding Huihuang highlighted the increasing adoption of digital assets globally, positioning stablecoins as a potential source of new opportunities and increased efficiency. However, the company emphasized that this is currently an experimental phase, with any significant developments to be communicated through official announcements adhering to Hong kong Stock Exchange regulations.

About 361 Degrees

Founded in 2003,361 Degrees has become a leading sportswear brand in China,designing,manufacturing,and marketing a diverse range of athletic apparel and footwear – from running shoes to basketball gear. The brand’s “One Degree Beyond” philosophy embodies its focus on energy, youth, and international appeal. The company also operates 361° Kids, catering to the sportswear needs of children and teenagers.

Bridging Sportswear and Digital Finance

361 Degrees’ exploration of stablecoins reflects a growing trend of traditional consumer brands embracing blockchain technology. By testing this option, the company aims to potentially lower costs, attract a younger, digitally-savvy customer base, and strengthen its competitive position in the global market through faster and more accessible cross-border trade.

What’s Next?

While the integration of stablecoins into mainstream retail is still in its early stages, 361 Degrees’ move signals a serious consideration of this emerging technology. This experiment represents a forward-thinking step that could pave the way for easier and cheaper payment options for customers and signifies innovation beyond the company’s core sportswear business. the fashion and finance industries will be closely watching as 361 Degrees continues to explore the potential of stablecoin settlements.