Ant Group's Stablecoin Push
Ant Group Targets Stablecoin Licenses
Ant International, a Singapore-based subsidiary of Jack Ma's Ant Group, is preparing to seek stablecoin issuer licenses in Hong Kong, Singapore, and Luxembourg. This move follows Hong Kong's new Stablecoin Ordinance, effective August 1st, and reflects increasing institutional interest in stablecoins within the fintech sector.
Hong Kong and Beyond
Ant International's Hong Kong application will be submitted after the city's regulatory framework comes into effect. Similar applications are anticipated in Singapore and Luxembourg. This strategic expansion underscores growing confidence in the maturing regulatory landscape for stablecoins and their use in payments and digital asset settlement.
Ant Group's Reach and Ambitions
Ant Group, affiliated with Alibaba, operates Alipay, a global digital payment platform serving over 1.3 billion users and 80 million merchants. Ant International plans to leverage stablecoins for cross-border payments and treasury management, with one-third of its $1 trillion in 2024 global transactions already processed via its blockchain-based Whale platform. The company also handles transactions for its e-commerce affiliate, Alibaba.
Stablecoin Market Growth
This news comes as the total stablecoin market capitalization recently surpassed $250 million for the first time, according to DefiLlama. Some analysts, such as David Pakman of CoinFund, predict that the global stablecoin supply could exceed $1 trillion by the end of 2025, potentially acting as a major catalyst for cryptocurrency market growth.
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