Global Stablecoin Grab: U.S. Bancorp vs Ant Group

The global race to dominate the stablecoin space is heating up, with Ant Group’s international unit preparing to apply for stablecoin licenses in Hong Kong and Singapore.

As per a recent report by Bloomberg, Ant International, the Singapore-based arm of Ant Group, plans to apply for a stablecoin issuer’s license in Hong Kong as soon as the city’s Stablecoins Ordinance becomes effective this August. The firm is also eyeing regulatory approval in Singapore and Luxembourg.

Meanwhile, U.S. Bancorp is considering launching its own stablecoin amid a resurgence in institutional interest under a crypto-friendlier Trump administration. The company is showing renewed interest in digital assets after a subdued phase during the Biden administration.

At a recent conference, CEO Gunjan Kedia noted that institutional demand for crypto custody is returning, and stablecoins are now at the center of conversations. She added that U.S. Bancorp is actively monitoring the space and has several pilot projects underway.

Kedia also hinted that the bank could create its own stablecoin in partnership with other firms.

Surge in Adoption

These developments align with growing momentum in the stablecoin sector due to faster, cheaper, and more efficient transactions. A May report from Fireblocks revealed that 90% of institutional players are exploring stablecoin applications.

In 2023, PayPal launched PYUSD, becoming the first major financial firm to issue a stablecoin. Since then, adoption has accelerated.

A recent Coinbase report shows that interest in stablecoins among Fortune 500 executives has tripled year-over-year. For instance, Uber is currently in the research phase of adopting stablecoins to streamline international payments.

Stablecoin Market Growth

Meanwhile, governments around the world are increasing their efforts to regulate the sector and integrate the stablecoins into the mainstream economy. This has resulted in a major surge in the sector’s market capitalization, currently reaching $255 billion.

Total stablecoin volumes in 2024 hit $27.6 trillion, outpacing Visa and Mastercard combined by 7.7%. By May 2025, over 161 million holders were registered globally.

A recent report by Citi stated that stablecoins will likely replace some overseas and domestic US currency holdings soon. It predicted that the sector could record a $3.7 trillion market cap by 2030.

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