According to a report by Bloomberg, Ant Group's international division is planning to apply for stablecoin licenses in Hong Kong and Singapore. The application process is expected to commence once the regulatory regime is implemented in August. Additionally, the company intends to seek similar licenses in Singapore and Luxembourg.
Hong Kong has been working on establishing a stablecoin regime since 2023, with the new legislation anticipated to come into effect in August. Stablecoins, which are digital tokens pegged to the value of traditional assets such as fiat currencies, can provide a stable alternative to the volatility of cryptocurrencies like BTC and ETH.
As a result, they may serve as a gateway for major financial and technological companies to enter the digital asset market. The progression of stablecoin regulation in key markets, including the US, is likely to accelerate this trend.
As the world's largest mobile payment platform with over a billion users, Alipay dominates the Chinese market with a 55% share of the third-party payment sector. Ant International has not provided further comment on the matter at this time.