Ant Group Co., the Chinese fintech giant backed by Jack Ma, is advancing its international expansion in the stablecoin market by planning to apply for stablecoin issuer licenses in Hong Kong, Singapore, and Luxembourg, according to Bloomberg.

Ant International, the Singapore-based unit of Ant Group, intends to submit its application in Hong Kong promptly after the city’s Stablecoins Ordinance takes effect on August 1, 2025. This move aligns with Hong Kong’s ambition to establish itself as a global financial hub for cryptocurrencies. Ant Group is also accelerating global investments in blockchain and artificial intelligence innovations to support real-world applications. The company’s stablecoin initiative is part of a broader industry trend, with other major players such as Uber, Apple, and financial institutions like Bank of America exploring stablecoin projects. Meanwhile, Chinese academics have raised concerns about the potential impact of stablecoins on China’s monetary sovereignty. Hong Kong’s financial authorities, including Financial Secretary Paul Chan, are expected to issue a second digital asset policy statement in June 2025, reflecting the city’s regulatory efforts in this sector.

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