Ant International is seeking stablecoin licenses in Hong Kong and Singapore.
Ant International, the Singapore arm of Jack Ma’s Ant Group, plans to apply for stablecoin issuer licenses in Hong Kong and Singapore to enter the regulated digital asset space. The move shows growing trust by legacy fintech companies in the developing regulatory mechanisms for cryptocurrencies.
Ant International intends to apply once Hong Kong’s new stablecoin regulatory regime kicks in August, sources cited by Bloomberg have reported. The firm also plans to pursue licensing in Singapore and Luxembourg as part of its leadership in compliance for crypto-based financial services.
Ant Group, operator of Alipay, is linked to Alibaba. With over 1.3 billion users globally and more than 80 million merchants in China on its platform, Alipay is a leader in the digital payment space.
Hong Kong’s Stablecoin Ordinance Drives Licensing Push
The Stablecoin Ordinance that Hong Kong enacted on May 21 is the reason for the stablecoin licensing push. Under the new law, each entity willing to issue a fiat-backed stablecoin will have to get a license from the Hong Kong Monetary Authority (HKMA). Failure to comply may attract fines of up to 5 million Hong Kong dollars (about $640,000).
Expanding Blockchain-Based Payment Systems
Ant International wishes to use stablecoins as part of its cross-border payments and treasury operations. In 2024, one of the firm’s services, Whale (which relies on blockchain), helped process one-third of its $1 trillion in transactions worldwide.
This move isn’t Ant’s first step into blockchain. In late 2024, Ant Digital teamed up with the Sui layer-1 blockchain to tokenize real-world assets in the environmental, social, and governance (ESG) sector, showcasing its commitment to blockchain innovation.
Stablecoin Market Nears $250 Billion
The timing is notable. The stablecoin market recently reached an all-time high of over $250 billion, according to data from DefiLlama. According to experts, this expert prediction has the potential to cross Rs. 1 trillion by the end of 2025. Moreover, this can be a major catalyst for mainstream crypto.
David Pakman said, “This is the big thing we’ve been missing… an enormous flow of assets on-chain that drags the rest of the world with it. This is the big catalyst.”
Future of Regulated Crypto Finance
Ant International’s move should set the stage for regulated stablecoin solutions being integrated within the global financial system in conjunction with fintech names as the crypto space matures.
