Jack Ma’s Ant Group Seeks Stablecoin License in Hong Kong, Singapore
Ant International plans to apply for stablecoin issuer licenses in Singapore and Hong Kong, reflecting increased institutional cryptocurrency adoption among fintech firms. The company will submit its application in Hong Kong following the implementation of the Stablecoin Ordinance on August 1, which mandates licensing from the Hong Kong Monetary Authority for stablecoin issuance. Noncompliance may incur fines up to 5 million Hong Kong dollars. Ant International aims to utilize stablecoins for cross-border payments and treasury management, processing a third of its $1 trillion global transactions through its Whale platform. The total stablecoin market capitalization recently surpassed $250 million, with projections suggesting it could exceed $1 trillion by the end of 2025, potentially driving significant growth in the cryptocurrency market.
