Ant International, a unit of Ant Group, aims to apply for stablecoin issuance licenses in Hong Kong and Singapore, highlighting fintech companies' interest in cryptocurrencies.
Planned Licenses for Hong Kong and Singapore
Ant International, based in Singapore and supported by Jack Ma, is preparing to submit an application for a license in Hong Kong after the new stablecoin regulatory framework comes into effect in August. The company also plans to pursue similar licensing in Singapore and Luxembourg.
Utilizing Stablecoins for Financial Operations
Ant International seeks to use stablecoins for its financial operations, including transaction processing and treasury management. In 2024, one-third of the firm's $1 trillion worth of transactions were processed through its blockchain-based Whale platform.
Prospects for Stablecoins in the Cryptocurrency Market
The total market capitalization of stablecoins recently exceeded $250 million. It is expected that the global supply of stablecoins may surpass $1 trillion by the end of 2025, potentially becoming a significant catalyst for growth in the cryptocurrency market.
Ant International's initiative to seek stablecoin licenses reflects the growing interest and confidence in cryptocurrencies among traditional financial players.
