- Ant Group‘s international unit plans to seek stablecoin licenses in Hong Kong, Singapore, and Luxembourg.
- Applications will begin when Hong Kong’s new stablecoin rules take effect in August 2025.
- Hong Kong and Singapore are developing regulatory regimes for stablecoins to increase market stability and participation.
- Stablecoins are digital tokens tied to traditional currencies to reduce volatility.
- Alipay is the largest mobile payment platform in the world, with over 1 billion users and a 55% share in China‘s third-party payments market.
Ant International, the overseas arm of Ant Group, will apply for stablecoin issuer licenses in Hong Kong, Singapore, and Luxembourg. The company plans to start the application process once Hong Kong’s stablecoin regulatory framework is introduced in August, according to a report by Bloomberg.
Sources familiar with the matter told Bloomberg that Ant International will move ahead as soon as the Hong Kong rules become effective. The firm also plans to pursue similar permits in Singapore and Luxembourg as governments consider clear rules for digital token issuers.
Hong Kong has been developing a stablecoin regulation regime since 2023. Lawmakers expect the legislation to be implemented in August. Stablecoins are a type of cryptocurrency pegged to the value of traditional financial assets, such as the U.S. dollar, to avoid price swings seen with coins like Bitcoin (BTC) or ether (ETH).
This new licensing effort by Ant International comes as major financial and tech companies look for regulated entry points to the digital asset market. "Progress toward stablecoin regulation in the world’s most prominent markets, particularly the U.S., should help accelerate this trend," the report stated.
Alipay, a key property of Ant Group, is recognized as the world’s largest mobile payment platform. It serves over a billion customers and commands a 55% market share in China’s third-party payment sector.
Ant International did not make further comments in response to CoinDesk’s inquiries. For more details, see the original Bloomberg coverage here.
Read more: USDC-stablecoin-and-circles-cross-chain-service/” target=”_blank”>Sam Altman’s World Chain Adds Native USDC Stablecoin and Circle’s Cross-Chain Service.
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