China’s Financial Behemoth Ant Group Plans To Roll Out Stablecoins In Major Asian Financial Hubs

💠Ant plans to file in Hong Kong when its Stablecoins Ordinance takes effect in August and then target Singapore and Luxembourg. 💠The move leverages Ant’s Whale blockchain, which processed roughly $333B last year, to expand regulated stablecoin offerings.

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Meghna Chowdhury
Meghna Chowdhury
Meghna is a Journalism graduate with specialisation in Print Journalism. She is currently pursuing a Master's Degree in journalism and mass communication. With over 3.5 years of experience in the Web3 and cryptocurrency space, she is working as a Senior Crypto Journalist for UnoCrypto. She is dedicated to delivering quality journalism and informative insights in her field. Apart from business and finance articles, horror is her favourite genre.

Ant Group, backed by Jack Ma, plans to apply for stablecoin licenses in key Asian markets. The move comes as Hong Kong’s new stablecoin rules take effect in August. 

The company’s Singapore-based international arm will file first in Hong Kong. It also aims to secure permits in Singapore and Luxembourg, Bloomberg reported.

Alibaba Group’s Ant Group Plans to Roll Out Stablecoins

The Singapore unit will submit its application as soon as Hong Kong’s Stablecoins Ordinance is live. The city’s framework will create a clear path for stablecoin issuers. Ant Group sees this as a chance to anchor its digital currency plans in leading financial hubs.

Stablecoins hold promise as a bridge between fiat money and digital finance. They can make moving funds faster, cheaper, and more transparent. By securing licences in major hubs, Ant aims to tap this promise under clear rules.

Blockchain as Strategy

Ant has long been best known for Alipay, its popular payments app in China. In recent years, it has turned its attention to blockchain.

The firm has built cross-border payment services on its proprietary Whale platform. This network uses advanced privacy computing and multi-party verification.

Last year, Ant International handled more than one trillion dollars in global transactions. About one-third of that volume passed through the Whale blockchain. 

The platform already supports tokenised assets from banks and other institutions worldwide. Ant’s team believes this base will help it launch stablecoin operations smoothly.

Also Read: South Korea’s President Lee Pushes Bill Allowing Local Companies To Issue Stablecoins

Strategic Shift

Chinese regulators halted Ant’s planned initial public offering in 2020. They also tightened rules on their online lending arm. Since then, Ant has turned outside China for growth. 

Its international unit posted nearly $3 billion in revenue in 2024 and made a profit for the second year in a row. The arm now has its board to prepare for a possible spin-off and stock market debut.

Global Ambitions

By targeting Hong Kong, Singapore and Luxembourg, Ant taps markets with clear digital asset rules. Singapore has long supported token projects with institutional-grade guidelines.

Luxembourg has a reputation for robust financial regulation. Ant’s leaders see both as vital stepping stones in their blockchain push.

The plan shows Ant pushing deeper into crypto and digital assets. It may attract international investors who want exposure to stablecoins but seek regulated issuers. 

Experts say Ant’s size and track record with Alipay give it an edge over smaller rivals. Yet questions remain on how quickly it can gain market share in each region.

Ant Group’s bid for stablecoin licenses marks a key step in its global expansion. It blends the firm’s payment know-how with new blockchain goals.

As Hong Kong’s rules take effect and permits in Singapore and Luxembourg follow, Ant will test its ability to grow beyond its home market.

Also Read: Uber Plans To Use Stablecoins To Slash Cross-Border Money Transfer Costs

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