Ant International Moves to Secure Stablecoin Licenses in Asia as Blockchain Ambitions Grow
Ant International, the overseas arm of China's Ant Group, is preparing to apply for stablecoin licenses in both Hong Kong and Singapore as part of a broader push to expand its blockchain-powered financial services. The move signals a strategic pivot as the company seeks growth beyond China’s tightened regulatory environment.
According to people familiar with the matter, Ant International will seek a stablecoin issuer license in Hong Kong as early as August, when the city’s new Stablecoins Ordinance comes into effect. The company also plans to apply for a related permit in Luxembourg, reinforcing its commitment to global compliance.
Stablecoins—digital tokens typically pegged to fiat currencies—are seen as a cornerstone of the crypto ecosystem. With more than $240 billion circulating globally, they are increasingly drawing regulatory scrutiny due to concerns over financial stability and illicit finance. Major economies, including the U.S., are drafting legislation to manage the sector.
Ant International’s move is aimed at strengthening the infrastructure behind its treasury and cross-border payment operations, much of which is powered by its blockchain platform known as Whale. This system already processes a third of the company's $1 trillion in annual global transactions and supports a range of tokenized assets across global banks and institutions.
The company has partnered with more than 10 major financial institutions—including JPMorgan Chase, HSBC, BNP Paribas, and most recently, Deutsche Bank—to enhance treasury management and digital payment solutions.
Despite regulatory roadblocks in China since the suspension of its record IPO in 2020, Ant has quietly refocused abroad. Ant International now operates with an independent board and posted nearly $3 billion in revenue in 2024, marking two straight years of adjusted profit. Analysts suggest the unit could be valued between $8 billion and $24 billion in a potential Hong Kong listing.