Ant Group, a China-linked fintech giant, plans to integrate the USDC stablecoin into its blockchain platform. This move awaits regulatory approval in the U.S.
Preparation for USDC Integration
Ant Group's international arm is preparing to integrate the USDC stablecoin onto its blockchain. This step would add a U.S.-issued digital dollar to a network that already handles over $1 trillion in annual payments. According to Bloomberg, the rollout hinges on regulatory clearance in the U.S.
Goals and Plans of Ant Group
If approved, this move would make Ant one of the largest corporate users of a U.S.-based stablecoin outside America. Approximately one-third of transactions on its blockchain are already settled on-chain, and the firm aims to expand further by bringing in tokenized dollars, central bank digital currencies (CBDCs), and digital bank deposits under a unified infrastructure. Ant Group is also seeking stablecoin licenses in Singapore, Hong Kong, and Luxembourg.
Partnerships and Expansion of Circle
Circle, the issuer of USDC, is busy expanding its global reach amid signs of clearer regulatory rules. Recently, Circle applied to establish a national trust bank in the U.S. to oversee USDC reserves. This week, Circle also partnered with crypto exchange OKX to offer feeless conversions between USDC and USD.
Thus, Ant Group continues to enhance its influence in the blockchain technology market. Awaiting regulatory approval is a crucial step for further integrating digital currencies into their financial infrastructure.
