On June 12, Bloomberg reported that Ant International, the international business unit of Ant Group supported by Jack Ma, plans to apply for stablecoin issuance licenses in Hong Kong and Singapore, marking a further acceleration of China's 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 Stablecoin Ordinance comes into effect on August 1, while accelerating investments and collaborations in global treasury management, applying AI, blockchain, and stablecoin technology in large-scale real-world scenarios.
Hong Kong and Singapore: New Heights of Stablecoin Compliance
Hong Kong, as an international financial center, has been actively engaging in digital asset regulation 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-pegged stablecoins. The ordinance requires that any stablecoin issued in Hong Kong pegged to the Hong Kong dollar or 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 fintech companies like Ant International to develop in a standardized manner. Ant International has explicitly stated that it welcomes 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.
As another financial hub in Asia, Singapore is also a target for Ant International.
It is reported that Ant International's headquarters is located in Singapore, and its local layout is closely linked to Singapore's mature cryptocurrency regulatory environment. The Monetary Authority of Singapore (MAS) provides 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 approval 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 Asia, Europe, and America markets through compliant paths in major global financial centers.
Domestic companies' stablecoin layout: from sandbox testing to global competition
Ant Group is not the only domestic company laying out in the stablecoin market. JD Coinlink Technology was selected as one of the first participants in the Hong Kong Monetary Authority's 'Stablecoin Issuer Sandbox' back in July 2024, and its developed HKD 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 cooperating with the Hong Kong Monetary Authority and other regional regulatory bodies to promote the global compliance of stablecoin business.
Additionally, other domestic companies are also actively exploring the stablecoin-related fields. Anxi Group, in which ZQGame holds shares, is collaborating with Standard Chartered Bank and Hong Kong Telecom to develop the HKD stablecoin HKDG; Sifang Jinchuan is developing a stablecoin cross-border settlement system for HSBC and Standard Chartered; Hengbao Co., Ltd. is providing hardware security modules for stablecoin wallets. These moves indicate that domestic companies have formed a multi-layered layout in the fields of stablecoin technology, infrastructure, and compliance services.
Compared to international giants, domestic companies still lag behind in terms of scale and influence in the stablecoin market.
By May 2025, the total market value of global stablecoins is expected to exceed $250 billion, an increase of over $40 billion from the end of 2024. Among them, the USDC issued by Circle has become the second-largest dollar stablecoin in the world and is set to be listed on the New York Stock Exchange in June 2025, becoming the first stablecoin company to go public. If domestic companies want to secure a place in this track, they need to continuously focus on technological innovation, scenario applications, and global compliance.
The strategic value of stablecoins: reshaping cross-border payments and treasury management
According to informed sources, Ant Group is expected to handle more than $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 with stablecoins is only 1/10 of the traditional SWIFT system, with single transactions taking less than 1 minute to arrive. In markets like Nigeria and Peru, the volume of cross-border remittances using stablecoins has surpassed 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 has established Hong Kong as its global headquarters and has 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 a Hong Kong IPO, as Ant Group had previously planned an IPO in 2020 but was postponed due to regulatory reasons.
Challenges and Prospects: Balancing Compliance and Innovation
Although the stablecoin market holds broad prospects, domestic companies 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.
Technological and security risks. Stablecoins must ensure a 1:1 reserve asset linkage and address potential vulnerabilities in blockchain networks, which places higher demands on companies' technical capabilities and risk control systems.
Intensifying international competition, leading players like Circle and Tether have already occupied a dominant position in the market, and domestic companies need to find breakthroughs in differentiated scenarios and localized services.
Looking ahead, stablecoins, as an important infrastructure for digital finance, will play a greater role in global payments, DeFi, and supply chain finance.
As stated by Bian Zhuoqun, 'Stablecoins are the intersection of technology and industry,' and their development will profoundly impact the future financial landscape.
