Jack Ma’s Chinese Payment Firm Seeks Domestic Stablecoin License as US Nears Regulatory Clarity

ccn.comPubblicato 2025-06-12Pubblicato ultima volta 2025-06-12

Key Takeaways

Ant International is actively pursuing stablecoin issuer licenses in Hong Kong, Singapore, and Luxembourg.
The firm’s blockchain-driven Whale platform processed over a third of its $1 trillion in payments in 2024.
As countries like the U.S. and South Korea advance stablecoin legislation, Ant’s proactive licensing strategy positions it to compete globally.

Jack Ma’s international payments firm, Ant International, is pursuing stablecoin issuer licenses in Hong Kong and Singapore, sources told Bloomberg .

The Singapore-based company plans to apply for an issuer license in Hong Kong once the city enacts its Stablecoins Ordinance, which is expected in August.

This move comes as the U.S. and other countries near the final stages of stablecoin regulation, prompting global jurisdictions to act quickly to avoid falling behind in the rapidly growing digital finance landscape.

Ant’s Stablecoin Strategy

Ant International’s licensing efforts, targeting Hong Kong, Singapore, and Luxembourg, aim to strengthen its cross-border payment services, according to the report.

Following the cancellation of its highly anticipated IPO in 2021 and increased regulatory scrutiny in China, particularly targeting its online lending business, Ant has been exploring alternative growth avenues.

Stablecoins, digital assets typically pegged to fiat currencies, have now become a central part of this strategy. With over $240 billion in stablecoins circulating as of last month, institutional interest has only surged.

One of the most high-profile examples is PayPal, which became the first financial institution to launch its stablecoin in 2023.

Ant’s Whale Platform

Ant International’s treasury operations have grown significantly, primarily fueled by transactions from affiliated companies like Alibaba Group.

According to Bloomberg, in 2024, the company processed over a third of its $1 trillion payments through its blockchain-powered Whale platform.

The Whale platform, which has underpinned much of its growth, uses blockchain technology to enhance transparency and efficiency, incorporating multiple tokenized assets issued by global banks and financial institutions.

By leveraging AI and advanced privacy computing technologies, the platform has been able to boost efficiency and transparency of fund movements.

Ant’s Whale platform has provided the firm with infrastructure it hopes can deliver stablecoin solutions with secure speed while complying with global regulations.

Global Regulatory Landscape Shifting

The U.S. is on the verge of finalizing legislation on stablecoins, prompting nations worldwide to erect their own regulatory scaffolding.

On June 11, the Senate voted 68–30 to invoke cloture on the amended Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

This procedural move advances the bill toward a final vote, which could come as early as Monday unless expedited by Senate leadership.

Elsewhere, South Korea is also moving swiftly.

On June 10, the ruling Democratic Party introduced the Digital Asset Basic Act, fulfilling President Lee Jae-myung’s promise to support domestic stablecoin issuance.

By seeking licenses in forward-thinking jurisdictions, Ant International aims to stay ahead of the curve as the adoption of stablecoins soars.

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