Ant International is reportedly preparing to apply for stablecoin issuer licenses in Singapore and Hong Kong, reflecting the growing interest in cryptocurrency adoption among traditional fintech firms.
According to a Bloomberg report citing unnamed sources, the Singapore-based arm of Jack Ma-backed Ant Group plans to file for a license in Hong Kong once the city’s new stablecoin regulatory framework comes into effect this August. The company also intends to pursue similar licenses in Singapore and Luxembourg.
Ant Group, an affiliate of Chinese tech giant Alibaba Group, operates Alipay—the world’s largest digital payments platform—which serves more than 80 million merchants and 1.3 billion users globally.
This move highlights increasing confidence among established fintech players in the evolving regulatory environment for stablecoins, which are playing a larger role in payment systems and digital asset settlements.
The announcement comes on the heels of the passage of the Stablecoin Ordinance bill—Hong Kong’s first regulatory framework for fiat-backed stablecoins—approved on May 21 and scheduled to take full effect on August 1.
Under the new framework, stablecoin issuers are required to obtain a license from the Hong Kong Monetary Authority (HKMA) to operate legally. Failure to comply could result in fines of up to 5 million Hong Kong dollars (approximately $640,000).
Ant International Plans to Utilize Stablecoins for Cross-Border Payments and Treasury Operations
Ant International is aiming to integrate stablecoins into its financial operations, focusing on cross-border payments and treasury management services.
According to sources, in 2024, one-third of the company’s $1 trillion in global transactions were processed via its blockchain-powered Whale platform.
The firm also manages transactions for its e-commerce affiliate, Alibaba.
Ant Group and its subsidiaries have long demonstrated interest in blockchain and tokenization technologies. In December 2024, Ant Digital teamed up with the Sui layer-1 blockchain to tokenize real-world assets tied to environmental, social, and governance (ESG) initiatives.
Could a $1 Trillion Stablecoin Supply Be the Next Major Crypto Market Catalyst in 2025?
The news comes just days after the total stablecoin market capitalization surpassed its all-time high of $250 billion for the first time on Sunday, according to data from DeFiLlama.
The global stablecoin supply could exceed $1 trillion by the end of 2025, potentially emerging as a key driver of the next wave of growth in the cryptocurrency market, according to David Pakman, managing partner at crypto-focused investment firm CoinFund.
“This is the major catalyst that’s been missing for over a decade—a significant shift of people’s wealth onchain that paves the way for broader adoption,” Pakman said during Cointelegraph’s Chainreaction live show on X on March 27.
