Ant Group to Apply for Stablecoin Licenses in Hong Kong and Singapore
The competition in the stablecoin sector is intensifying as Ant Group’s international unit prepares to apply for licenses in Hong Kong and Singapore.
- Ant International aims to secure a stablecoin issuer’s license in Hong Kong with the upcoming Stablecoins Ordinance this August.
- The firm is also seeking regulatory approval in Singapore and Luxembourg.
- U.S. Bancorp is considering launching its own stablecoin, driven by renewed institutional interest under a crypto-friendly administration.
- CEO Gunjan Kedia highlighted returning demand for crypto custody and active monitoring of the stablecoin space, with several pilot projects in progress.
Surge in Adoption
- 90% of institutional players are exploring stablecoin applications, according to a May report from Fireblocks.
- PayPal launched PYUSD, marking the first major financial firm to issue a stablecoin, which has led to accelerated adoption.
- Interest in stablecoins among Fortune 500 executives has tripled year-over-year, with companies like Uber researching their use for international payments.
Stablecoin Market Growth
- The market capitalization of stablecoins reached $255 billion.
- Total volumes are projected to hit $27.6 trillion in 2024, surpassing Visa and Mastercard combined by 7.7%.
- By May 2025, over 161 million stablecoin holders are expected globally.
- Citi predicts that stablecoins may replace some currency holdings, potentially reaching a $3.7 trillion market cap by 2030.