Ant International Plans to Apply for Stablecoin Licenses in Hong Kong, Singapore
Ant International, a unit of Ant Group, plans to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg. The company will submit its application once Hong Kong's new regulatory framework takes effect in August.
Key points include:
- Hong Kong has been developing a stablecoin regime since 2023.
- Stablecoins are pegged to traditional financial assets, providing stability against the volatility of cryptocurrencies like BTC and ETH.
- The trend towards stablecoin regulation is accelerating globally, including in major markets such as the U.S.
- Alipay, owned by Ant Group, is the largest mobile payment platform with over a billion users and holds a 55% market share in China's third-party payment sector.