On June 12, Bloomberg reported that Ant International, the international business division of Ant Group supported by Jack Ma, plans to apply for a stablecoin issuance license in Hong Kong and Singapore, marking a further acceleration of the Chinese fintech giant's strategic layout in the global stablecoin market.
In response, Ant International stated that it will submit its license application as soon as the Hong Kong Stablecoins Ordinance comes into effect on August 1, while also accelerating investments and collaborations in the global treasury management field, applying AI, blockchain, and stablecoin technologies to large-scale real-world scenarios.
Hong Kong and Singapore: New High Grounds for Stablecoin Compliance
As an international financial center, Hong Kong has been active in the digital asset regulatory space in recent years.
On May 21, 2025, the Hong Kong Legislative Council passed the Stablecoin Ordinance, which officially came into effect on May 30, becoming the world's first comprehensive regulatory framework for fiat-backed stablecoins. The ordinance requires that any stablecoin issued in Hong Kong that is pegged to the Hong Kong dollar or any fiat currency, or any stablecoin claiming to be linked to the Hong Kong dollar issued globally, must apply for a license from the Hong Kong Monetary Authority (HKMA) and comply with strict requirements for reserve asset management, customer asset segregation, and redemption mechanisms.
Hong Kong's regulatory framework provides a clear compliance path for the stablecoin market and creates a conducive environment for the standardized development of fintech companies like Ant International. Ant International has explicitly welcomed this initiative from the Hong Kong Legislative Council and views it as an important opportunity to help Hong Kong build a future international financial center.
Singapore, as another financial hub in Asia, is also a target for Ant International.
It is reported that Ant International is headquartered in Singapore, and its local layout is closely tied to Singapore's mature cryptocurrency regulatory environment. The Monetary Authority of Singapore (MAS) has provided a clear regulatory framework for digital payment token services through the Payment Services Act (PSA), requiring relevant companies to apply for licenses and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Ant International plans to apply for a stablecoin license in Singapore, demonstrating its confidence in the region's regulatory maturity and market potential.
Notably, Ant International also plans to seek licensing in Luxembourg to further expand its stablecoin business in Europe. This multi-point layout strategy indicates that Ant is building a stablecoin ecosystem covering the three major markets of Asia, Europe, and America through compliance paths in major global financial centers.
Domestic Enterprises' Stablecoin Layout: From Sandbox Testing to Global Competition
Ant Group is not the only domestic company laying out plans in the stablecoin market. JD Coinlink Technology was selected as one of the first participants in the HKMA's "Stablecoin Issuer Sandbox" in July 2024, and its developed Hong Kong dollar stablecoin JD-HKD has entered the second phase of sandbox testing, focusing on scenarios such as cross-border payments, investment transactions, and retail payments. Liu Peng, CEO of JD Coinlink Technology, stated that the company is closely collaborating with the HKMA and other regional regulatory bodies to promote the global compliance development of its stablecoin business.
In addition, other domestic companies are actively exploring the stablecoin-related field. Anqi Group, backed by Changqu Technology, is collaborating with Standard Chartered Bank and Hong Kong Telecom to develop the Hong Kong dollar stablecoin HKDG; Sifang Jinchuan is developing a stablecoin cross-border clearing system for HSBC and Standard Chartered; Hengbao Co., Ltd. is providing hardware security modules to support stablecoin wallets. These actions indicate that domestic enterprises have formed a multi-layered layout in the fields of stablecoin technology, infrastructure, and compliance services.
Compared to international giants, domestic enterprises still face gaps in scale and influence in the stablecoin market.
As of May 2025, the total market value of global stablecoins has surpassed $250 billion, an increase of over $40 billion compared to the end of 2024. Among them, USDC issued by Circle has become the second-largest dollar stablecoin globally and is set to be listed on the New York Stock Exchange in June 2025, becoming the first stablecoin to go public. If domestic enterprises want to secure a place in this track, they need to continue to focus on technological innovation, scenario applications, and global compliance.
Strategic Value of Stablecoins: Reshaping Cross-Border Payments and Treasury Management
According to informed sources, Ant Group processed over $1 trillion in global transactions in 2024, with one-third completed through its blockchain-based Whale platform. Stablecoins serve as a bridge connecting traditional finance and digital assets, significantly reducing cross-border payment costs and improving efficiency.
Data shows that the cost of cross-border payments using stablecoins is only 1/10 of that of the traditional SWIFT system, with single transaction arrival times under one minute. In markets like Nigeria and Peru, the volume of cross-border remittances using stablecoins has surpassed that of traditional banking channels.
Bian Zhuoqun, Vice President of Ant Group and President of Ant Digital Technology's blockchain business, further pointed out that the core value of stablecoins lies in scenario expansion and compliance construction. Ant Digital Technology has established Hong Kong as its global headquarters and completed preliminary trials in the regulatory sandbox, planning to build digital trading scenarios through stablecoins to promote the development of new asset classes. Some analysts believe that Ant International's application for a stablecoin license may be related to its long-term strategy for seeking an IPO in Hong Kong; Ant Group had previously planned to go public in 2020 but was shelved due to regulatory reasons.
Challenges and Prospects: Balancing Compliance and Innovation
Despite the broad prospects of the stablecoin market, domestic enterprises still face multiple challenges in their global layout.
Regulatory uncertainty. While the regulatory frameworks in Hong Kong and Singapore are relatively mature, the regulatory details in European markets like Luxembourg are not yet fully clarified, which may increase compliance costs.
Technical and security risks. Stablecoins must ensure a 1:1 reserve asset peg and address potential vulnerabilities in blockchain networks, which raises higher demands on companies' technical capabilities and risk control systems.
Intensified international competition, with leading players like Circle and Tether already dominating the market, requiring domestic enterprises to find breakthroughs in differentiated scenarios and localized services.
Looking ahead, stablecoins, as an important infrastructure of digital finance, will play a greater role in global payments, DeFi, and supply chain finance.
As Bian Zhuoqun stated, "Stablecoins are the intersection of technology and industry," and their development will profoundly impact the future financial landscape.
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