According to people familiar with the situation, the international division of Ant Group Co., backed by Jack Ma, plans to apply for licenses for stablecoins in Singapore and Hong Kong. Singapore-based Ant International will submit an application for a stablecoin issuer license in Hong Kong as soon as the city’s stablecoin ordinance comes into effect in August, the people, who requested not to be named as the matter is private, said. The company also plans to request the corresponding permission in Luxembourg, they added. This move is aimed at strengthening the blockchain operation of the fintech firm that underpins its cross-border payment and treasury management services, the sources said. Ant processed over $1 trillion in global transactions last year, a third of which was processed by its blockchain platform Whale, they stated.$BTC