Back to 2020, during that famous speech at the Bund in Shanghai, Jack Ma made a bold prediction: "Digital currency may redefine money, just as the iPhone redefined the phone, with calling being just one function." At that time, this statement was seen as a challenge to the traditional financial system and indirectly triggered a series of regulatory storms, leading to the abrupt halt of Ant Group's record IPO.
However, the course of history is always dramatic. Nearly five years later, Jack Ma's prediction seems to be accelerating into reality in an unexpected way. Ant Group, founded by Jack Ma, is actively seeking stablecoin issuer licenses in several key financial centers worldwide, including Hong Kong, Singapore, and even Luxembourg in Europe.
This series of actions not only marks the tech giant's spectacular turnaround and overseas rebirth after undergoing domestic regulatory adjustments but also sends a strong signal: digital currencies represented by stablecoins are stepping out of the speculative realm of cryptocurrencies and are about to become core tools for reshaping global payment and financial infrastructure, taking center stage in mainstream commerce.
Seizing the Stablecoin Market
Since the $34.5 billion IPO was halted by Chinese regulators in 2020, Ant Group has been forced to make profound business adjustments, shifting focus from domestic consumer finance to a tech platform concentrating on corporate services and international markets. In this transformation process, "Ant International," headquartered in Singapore, has become the new growth engine.
Ant International not only generated nearly $3 billion in revenue in 2024 and achieved profitability for two consecutive years, but its growth momentum is also very robust. Recently, the company established an independent board of directors to prepare for potential spin-offs and independent listings. Notably, Ant International is not just talking about blockchain; its technological strength has already taken shape. The company's global payment platform processed over $1 trillion in transaction volume last year, with about one-third completed through its self-developed blockchain system "Whale." This indicates that Ant has been deeply engaged in the blockchain infrastructure field for many years, laying a solid technical foundation for its stablecoin strategy.
Ant International's stablecoin strategy is clear and swift: first, to seize the opportunity in Hong Kong, applying for a stablecoin issuer license immediately after the stablecoin regulations officially take effect on August 1 this year; second, to plan for another financial hub in Asia, applying for relevant licenses in Singapore; third, to enter the European market, turning its eyes to Luxembourg, intending to use it as a springboard into the compliant financial market in Europe.
This move demonstrates that Ant is actively incorporating stablecoins into its core cross-border payment and corporate finance solutions. Currently, Ant International has signed cooperation agreements with more than 10 major global banks, including HSBC, BNP Paribas, JPMorgan Chase, Standard Chartered Bank, and Deutsche Bank. By issuing its own compliant stablecoin, Ant will be able to provide more efficient and lower-cost global fund settlement services for its vast e-commerce ecosystem (especially Alibaba) and its corporate clients.
The Prelude to a Payment Revolution
Ant's actions are not an isolated case; they precisely echo a common direction that global retail and tech giants are exploring. It is reported that U.S. retail giant Walmart and e-commerce giant Amazon are also actively assessing the possibility of issuing their own dollar stablecoins.
Their core motivation is remarkably consistent: bypassing traditional credit card networks to save on huge transaction fees. Currently, merchants must pay approximately 1.5% to 3.5% in "interchange fees" to card organizations like Visa and Mastercard for each credit card payment they accept. For giants like Walmart and Amazon, which have annual sales in the hundreds of billions, these fees can reach tens of billions of dollars each year, representing a significant cost.
However, if stablecoin payments are used, the situation will be entirely different. For example, conducting a stablecoin transfer on an efficient public chain (such as Solana) may incur transaction fees as low as $0.00025, which is almost negligible. In addition to the significant cost advantages, stablecoins can shorten the fund settlement process, which traditionally takes several days, to just a few minutes. This is revolutionary for improving the efficiency of corporate fund turnover, especially in cross-border trade.
It is worth mentioning that the ambitions of the giants require a key catalyst—a clear regulatory framework. This "tailwind" seems to be on the way. Recently, U.S. Treasury Secretary Scott Bessent stated at a Senate hearing that he believes the industry's expectation of the stablecoin market expanding to over $2 trillion in the coming years is "very reasonable." Behind this prediction is the accelerated legislative efforts for stablecoins by major global economies.
The U.S. GENIUS Act: The U.S. Congress is advancing the GENIUS Act, which aims to provide clear rules for the issuance and operation of stablecoins, requiring issuers to hold a 1:1 reserve of high-quality assets (such as U.S. Treasury bonds) and comply with strict anti-money laundering (AML) and know your customer (KYC) regulations.
New stablecoin regulations in Hong Kong: Hong Kong will soon implement its stablecoin regulations in August, establishing a comprehensive licensing system.
An assistant involved in U.S. legislation explained: "Without clear regulations, large merchants will not take risks easily." The introduction of these regulations has cleared the biggest obstacles for large compliant companies like Ant Group and Walmart to enter the stablecoin market.
Prophecy comes true
Looking back at Jack Ma's prediction from years ago, its core lies in "redefinition." Today, we can see that stablecoins are "redefining" the cost, speed, and efficiency of payments. They are no longer merely tools for cryptocurrency investors to hedge risks or trade but are becoming the underlying infrastructure used by large multinational corporations to optimize their global fund flows in the real economy.
Ant International's application for stablecoin licenses in multiple locations worldwide is a microcosm of this grand transformation. It resonates with the explorations of Walmart and Amazon, collectively sounding the horn to challenge the traditional payment hegemony of Visa and Mastercard.
Once hindered by challenging the financial order, Ant Group is now aligning with the wave of global regulation, attempting to realize its grand ambition of "redefining money" on the international stage in a more compliant and constructive manner. This time, it may truly have the opportunity to become a leader in the global digital financial innovation. Jack Ma's prophecy is gradually becoming a reality.
