Jack Ma-backed Ant Group Eyes Stablecoin Permits in Asia and Europe

The international division of Ant Group is on the verge of joining the regulated sector of stablecoins by applying for licenses in Hong Kong, Singapore, and Luxembourg.

This project will facilitate the blockchain-powered treasury business and cross-border payment services of the firm, which is expanding its fintech connection beyond mainland China.

Ant Group Targets Hong Kong and Singapore for Stablecoin Expansion

According to Bloomberg, Ant International intends to apply for a stablecoin issuer license in Hong Kong. Notably, it comes ahead of the country’s Stablecoins Ordinance taking effect in August 2025.

It also plans to submit applications in Singapore and Luxembourg. The company aims to strengthen its Whale platform, which currently handles a third of the group’s $1 trillion in annual global transactions.

The platform supports tokenized assets and uses blockchain and privacy-enhancing technologies for fund transfers.

Its operations also extend to treasury services for both Alibaba-linked businesses and external clients.

More so, Ant’s growing focus on regulated blockchain operations comes amid increased oversight in the global stablecoin space.

Authorities in major financial centers, including Hong Kong and Singapore, are advancing frameworks to address the sector’s systemic risks.

Blockchain Whale Platform Anchors Ant’s Payment Strategy

The Whale platform has become a core component of Ant International’s strategy to grow its presence in global digital finance.

It combines blockchain, homomorphic encryption, and AI to coordinate mass financial operations in a secure environment.

The system allows multiparty verification and is friendly to a vast number of tokenized assets.

In addition, Ant has entered into contracts with over 10 international financial institutions, such as JPMorgan Chase, HSBC, BNP Paribas, and Standard Chartered.

Earlier this week, it formed a new strategic partnership with Deutsche Bank to explore blockchain-based payment and treasury solutions.

Ant International reported nearly $3 billion in revenue for 2024, marking two straight years of profitability.

The company’s independence from its mainland operations, including the establishment of an independent board, has paved the way for a future public listing.

Stablecoin Sector Nears $250 Billion

As of May 2025, the wider stablecoin market had hit a circulation of $243 billion. Stablecoins are a key instrument of the crypto markets, used to effectively trade, send remittances, and engage in decentralized finance.

Governments around the globe are proceeding at a faster pace to provide regulation to the industry because of systemic risk.

In the U.S., Treasury Secretary Scott Bessent informed legislators that the stablecoin market has the potential to become a 2 trillion dollar industry.

Regulated stablecoins, he said, could reinforce the dollar dominance in global finances. Vice President J.D. Vance echoed that sentiment, describing digital money as a tool that can reinforce economic power.

The stablecoin category continues to attract financial heavyweights. PayPal’s PYUSD, first launched in 2024, recently reclaimed a $1 billion market cap and expanded to the Stellar blockchain.

PYUSD & USD1 In Focus

Also, the founder of Tron, Justin Sun, recently claimed the initial minting of USD1, a recently introduced stablecoin issued by World Liberty Financial, which is an organization connected to U.S. President Donald Trump. USD1 was introduced to the market in March 2025, and it is fixed to the U.S. dollar at the rate of 1:1.

USD1 has been branded as a stablecoin targeted at DeFi, aimed to provide a competitive option to major players. Its multi-chain approach is an early indication of the maturity of issuers to develop interoperable, flexible products, although it is still in its early days.

Both PYUSD and USD1 are among the stablecoins trying to meet the growing market demand and new regulations. Jack Ma-backed Ant Group’s push for licenses in Asia and Europe adds to this momentum, signaling increased participation from established fintech leaders.

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