Ant Group of Jack Ma is applying for stablecoin licenses in Singapore, Hong Kong, and Luxembourg to enhance cross-border payments.
According to an exclusive report by Bloomberg, Ant Group is quietly pursuing the ambition of obtaining stablecoin issuance licenses in multiple countries, including Singapore, Hong Kong, and Luxembourg. This financial technology group backed by Jack Ma is reportedly proactively seeking opportunities in the stablecoin sector to enhance cross-border payment capabilities and international treasury management.
This information is sourced from knowledgeable sources and has not been officially confirmed by Ant Group or regulatory authorities in each region. However, this move reflects a significant strategic pivot by Ant Group in the context of the global financial ecosystem moving towards a new blockchain-based payment infrastructure.
Ant Group's simultaneous pursuit of licenses in three financial centers with open policies towards digital assets indicates that the group is no longer simply an electronic wallet company. If successful, Ant's stablecoin ambition could reposition the group as a cross-border payment center on a digital platform, while becoming a key tool in the consumer, commercial, and electronic wallet platforms that Ant operates.
The Stablecoin Race of Large Corporations
Ant Group's move comes as more traditional financial groups shift their attention to the stablecoin sector. In the past week, Coinbase announced that nearly 60% of Fortune 500 companies are deploying onchain strategies, while Deutsche Bank AG is actively researching both stablecoins and tokenized deposit models.
Uber CEO Dara Khosrowshahi confirmed that the company is in the research phase of potentially applying stablecoins to payments, and large tech corporations like Google, Apple, X, and Airbnb are reportedly considering stablecoin integration. Notably, Bank of America CEO Brian Moynihan revealed at a Morgan Stanley event that the bank is collaborating with the industry to build stablecoin initiatives.
From a long-term perspective, if Ant's issued stablecoin is approved, it could create a counterweight to Western-issued stablecoins like Circle's USDC or PayPal's PYUSD. The competition to reshape global payments will gain another formidable factor from China, this time not through government channels, but through the long-term privatization strategy of the world's sixth-largest fintech group.
