Stablecoins are digital assets designed to maintain stable value, often pegged to another currency. They are crucial to the operation of the cryptocurrency market, with the total amount of stablecoins in circulation in May at about $243 billion. Ant...
Stablecoins are digital assets designed to maintain stable value, often pegged to another currency. They are crucial to the operation of the cryptocurrency market, with the total amount of stablecoins in circulation in May at about $243 billion.
Ant International's treasury business shows growing potential as it handles huge transactions by its affiliated company Alibaba Group Holding and external customers.
People familiar with the matter revealed that Ant Group's international business companies plan to apply for a license to issue stablecoins in Singapore and Hong Kong.
A representative of Ant International did not respond to a request for comment via email. A spokesman for the Hong Kong Monetary Authority declined to comment. Regulators in Singapore and Luxembourg were unable to comment immediately.
Bloomberg reported on Thursday (June 12) citing people familiar with the matter as Hong Kong's stablecoin regulations will come into effect in August, Singapore-based Ant International will apply for a stablecoin issuer license in Hong Kong as soon as possible.
The move is intended to strengthen the fintech company's blockchain business, people familiar with the matter said. They said Ant International handled more than $1 trillion (S$1.28 trillion) of global transactions last year, one-third of which was handled by its blockchain-based Whale platform.
According to Bloomberg Intelligence, if Ant International is listed in Hong Kong, its listing valuation could be between US$8 billion and US$24 billion.
Because the matter has not been made public, an insider requested to be anonymous. They added that in addition to Singapore, Ant International plans to apply for a relevant license in Luxembourg.
Ant International, a funding business based on the whale platform, uses blockchain technologies such as encryption and artificial intelligence to improve the efficiency and transparency of fund transfers. The Whale Platform currently supports a variety of tokenized assets from banks and institutions around the world.
Ant International has established an independent board of directors to lay the foundation for spin-offs and potential IPOs. According to a Bloomberg report in May, Ant International generated nearly $3 billion in revenue in 2024 and has achieved adjusted profits for two consecutive years.
