Ant Group Targets Stablecoin Licences Amid Global Expansion Drive
Ant Group’s ambitions in digital finance are accelerating, with its international unit preparing to apply for stablecoin licences in Hong Kong, Singapore, and Luxembourg.
Backed by billionaire Jack Ma, the Chinese fintech giant is making a calculated push to extend its presence in regulated digital currency ecosystems as it pivots away from its once-dominant consumer finance business in mainland China.
Stablecoin Push Begins With Hong Kong’s New Rules
Singapore-based Ant International plans to file for a stablecoin issuer licence in Hong Kong as soon as the city’s new regulatory framework comes into force in August, according to sources familiar with the matter.
The company also has plans to seek similar permits in Singapore and Luxembourg, aiming to establish a presence in major financial hubs with emerging stablecoin oversight.
The effort is part of Ant’s broader strategy to strengthen its blockchain-based services, which are now central to its global operations.
Its Whale platform—used for cross-border payments and treasury services—handled roughly one-third of the over $1 trillion in transactions processed last year by Ant’s global network.
Enterprise Over Consumers As IPO Remains On Ice
Since Chinese regulators abruptly halted Ant’s record IPO in 2020 and imposed limits on its online lending business, the group has shifted focus toward enterprise solutions and international growth.
This change in direction is reflected in the performance of Ant International, which generated nearly $3 billion in revenue in 2024 and posted profits for the second consecutive year.
In preparation for a possible spinoff and listing, the overseas unit has set up an independent board.
Analysts estimate Ant International could reach a valuation between $8 billion and $24 billion if it lists in Hong Kong, Bloomberg Intelligence reported.
Whale Blockchain Powers Global Banking Partnerships
Ant’s Whale platform is a key element of this global push.
It supports a wide range of tokenised assets issued by banks and institutions across the world.
Technologies such as homomorphic encryption and multiparty verification are embedded in the platform to enhance security and transaction transparency.
More than ten banks are now working with Ant on blockchain-based treasury operations, including major institutions such as JPMorgan Chase, HSBC, BNP Paribas, and Standard Chartered.
Just this week, Deutsche Bank entered a strategic partnership with the company to co-develop payment and treasury solutions.
Why Stablecoins Are Becoming A Strategic Priority
Stablecoins, digital tokens pegged to fiat currencies, are becoming essential tools for improving the speed and cost-efficiency of international payments.
For Ant, securing stablecoin licences would enable its enterprise clients—especially e-commerce platforms and global corporates—to conduct real-time cross-border transactions more seamlessly.
The group’s expansion plan coincides with a wider global effort to regulate the fast-growing stablecoin sector.
With around $243 billion worth of stablecoins in circulation as of May 2025, governments are increasingly wary of their potential impact on financial stability and compliance enforcement.
Regulators Race To Catch Up As Big Tech Steps In
Authorities in Hong Kong, Singapore, and the US are moving swiftly to put legal structures in place for stablecoin oversight.
The urgency comes after failed high-profile projects like Meta’s digital coin initiative and newer entries like PayPal’s own stablecoin launch in 2023.
While regulators from Hong Kong’s Monetary Authority and other agencies declined to comment on Ant’s application plans, sources say the company is closely tracking developments to ensure a prompt filing once frameworks go live.
In entering this space, Ant Group joins a growing list of established players betting on the future of regulated digital currency infrastructure—this time, with blockchain as the backbone and stablecoins as a core instrument for modern finance.
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