- Jack Ma’s Ant Financial plans to integrate stablecoins into cross-border payments and treasury operations, leveraging its blockchain-powered Whale platform.
- Ant’s application coincides with Hong Kong’s Stablecoin Ordinance, set to take full effect on August 1, which mandates licenses for issuers.
Jack Ma-owned Chinese financial giant ‘Ant Financial’ has reportedly applied for stablecoin issuer licenses in Hong Kong and Singapore. This comes amid growing stablecoin adoption worldwide as big banking institutions and financial institutions eye a share in this rapidly expanding market.
As per the latest Bloomberg report, a Singapore-based unit of Ant International is preparing a license application in Hong Kong, as stablecoin regulations go into effect in this region by August this year. The company is likely to pursue similar licensing efforts in Singapore as well as Luxembourg.
Ant Group, an affiliate of the Chinese tech giant Alibaba Group, operates Alipay, the world’s largest digital payment platform, catering to over 80 million merchants and 1.3 billion users globally.
This development highlights growing confidence among traditional fintech firms in the evolving global regulatory framework for stablecoins. These fiat-pegged digital assets are gaining prominence as tools for payments and digital asset settlements.
Ant Financial Prepares Ahead of Hong Kong Stablecoin Bill Kicks In
The announcement comes just as Hong Kong’s Stablecoin Ordinance, the region’s first licensing framework for fiat-based stablecoins, was enacted on May 21 and is set to take full effect on August 1.
Under the ordinance, stablecoin issuers are required to secure a license from the Hong Kong Monetary Authority (HKMA) to issue stablecoins, with noncompliance subject to fines of up to 5 million Hong Kong dollars ($640,000).
Ant International plans to integrate stablecoins into its financial operations, including cross-border payments and treasury management services. Sources revealed that in 2024, a third of the company’s $1 trillion global transactions were processed via its blockchain-powered Whale platform.
Earlier this week, the entire stablecoin market made a significant milestone as total market capitalization exceeded $250 billion for the first time on Sunday, according to data from DeFiLlama.
Big Banks Join the Stablecoin Race
Top banking institutions across the globe have joined the stablecoin race. As reported by CNF, Deutsche Bank is investigating the use of stablecoins and tokenized deposits to enhance efficiency in digital payment systems. The bank is considering either issuing its own stablecoin or collaborating in a broader industry initiative to drive digital transformation.
Furthermore, leading tech companies, including Airbnb, X, and Apple, are reportedly in advanced talks with cryptocurrency firms to explore integrating stablecoins into their payment systems, as mentioned in our earlier report.
In another latest development, French banking giant Societe Generale launched its USDCV stablecoin on Ethereum and Solana, aiming to enhance settlement efficiency and liquidity for institutional clients. Backed by cash reserves, the stablecoin marks the bank’s measured yet decisive entry into regulated digital finance.
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