Ant Group, a subsidiary of Alibaba Group, has announced its intention to obtain licenses for issuing stablecoins in several key jurisdictions. The first country where the company plans to apply will be Hong Kong — the review of documents will begin immediately after the new stablecoin law comes into effect, which is expected in August.
This is reported by Finway
Strategy for Global Market Entry
In addition to Hong Kong, Ant Group is also considering obtaining similar licenses in Singapore and Luxembourg. This move will allow the company to strengthen its position in the international fintech market and expand its blockchain services. According to sources, last year Ant Group processed transactions totaling over $1 trillion, with one-third of that amount coming from the company’s blockchain platform called Whale.
Focus on Fiat-Backed Stablecoins
The company confirmed that it plans to apply for a license in Hong Kong, and the upcoming stablecoins will be backed by fiat currencies. According to representatives of Ant Group, strengthening its position in blockchain technology is a strategic direction for development.
“According to sources, last year the company processed transactions totaling over $1 trillion, one-third of which came from its blockchain platform Whale.”
Moreover, the company’s actions align with the global trend of enhancing stablecoin regulation. For example, the U.S. Senate recently voted to advance the GENIUS Act, which pertains to the circulation of stablecoins.