Ant Group, the fintech giant backed by Jack Ma, is gearing up for a fresh expansion, this time by diving into the stablecoin space. After stepping back from its blockbuster IPO in 2020 and facing heavy regulatory pressure in China, the company has quietly reshaped its strategy. Now, it’s looking to secure stablecoin licenses in key Asian financial hubs, signaling a long-term commitment to digital currencies.
Ant Group’s international division, based in Singapore, is reportedly set to apply for a stablecoin license in Hong Kong as soon as the region’s new regulations take effect this August. It’s also eyeing similar permits in Singapore and Luxembourg, aiming to plant its flag in globally influential financial centers.
These licenses, if granted, will allow the company to issue or work with stablecoins that are pegged to traditional currencies, giving users and businesses a faster, cheaper, and more efficient way to send money internationally.
The move comes as Hong Kong positions itself as a regulated hub for digital assets, offering clearer rules than most markets. For Ant, this is more than just another business expansion; it’s a strategic shift to become a key player in the future of global payments.
Once the darling of China’s tech scene, Ant Group’s IPO was halted at the last minute in 2020 due to government intervention. Since then, the firm has pulled back from consumer lending and doubled down on blockchain-based enterprise services. Last year, its global platform handled over $1 trillion in payments, with a third of that processed through its proprietary blockchain network, Whale.
Its overseas business is thriving, pulling in nearly $3 billion in 2024 and turning a profit for two consecutive years. The company has even set up an independent board, sparking talk of a possible spin-off or listing.
Ant’s interest in stablecoins isn’t just a trend play. The goal is to support faster and cheaper cross-border payments, especially for businesses and online marketplaces. With stablecoins gaining global attention and regulators racing to catch up, Ant is positioning itself at the forefront of this shift.
If it secures the licenses, Ant will be better equipped to challenge global players in digital finance, this time on its terms.
Ant Group is a Chinese fintech giant and an affiliate of Alibaba. It primarily offers digital payment services (Alipay, the world’s largest mobile payment platform), as well as digital finance solutions like wealth management, micro-lending, insurance, and blockchain-based enterprise services.
Ant Group’s stablecoin licenses will enable faster, cheaper, and more efficient cross-border payments for businesses and online marketplaces, potentially challenging traditional remittance systems and credit card networks globally.
Ant Group’s stablecoin expansion could establish them as a major player in global digital finance, intensify competition with traditional payment giants, and accelerate the mainstream adoption of regulated digital currencies for international transactions.
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