The Singapore-based payments giant, Ant International is set to apply for stablecoin licenses in several key markets, starting with Hong Kong once the city’s new Stablecoins Ordinance takes effect this August. Ant International is the overseas arm of China’s Ant Group.
According to reports, Ant is also planning to pursue licenses in Singapore and Luxembourg. The move signals a serious expansion into digital assets by one of the world’s largest fintech players.
Ant International is already a big name in the fintech industry and has processed more than $1 trillion in global payments last year. Remarkably, over $333 billion of that was already routed through Whale, its blockchain-based payments platform. This shows the company has deep infrastructure in place to support the shift toward tokenized finance.
With the stablecoin initiative, Ant is aiming to enhance its cross-border payment and treasury services by leveraging blockchain for faster, more transparent transactions. The Whale platform already supports tokenized assets issued by banks and institutions globally. It also uses advanced privacy-preserving technologies, such as homomorphic encryption and multiparty computation.
With the global stablecoin market reaching $243 billion as of May, Ant International’s timing could prove strategic. Growing institutional demand for regulated, blockchain-based payment tools is creating new opportunities for firms with strong financial and technological foundations.
Ant already works with over 10 major banks worldwide, including JPMorgan Chase, HSBC, BNP Paribas, and Standard Chartered. This week, it announced a new partnership with Deutsche Bank to enhance payment and treasury services.
Stablecoins could become a cornerstone of Ant’s expanding treasury management business. Much of that growth has been driven by massive transaction flows from Alibaba’s e-commerce platforms and external clients. In 2024, Ant International generated nearly $3 billion in revenue and delivered its second consecutive year of adjusted profit.
The company’s international push comes as Ant Group continues to diversify after a regulatory crackdown on its online lending operations in China. The global unit now has an independent board structure and may be spun off, with a possible IPO on the horizon. Bloomberg Intelligence estimates it could be valued between $8 billion and $24 billion if listed in Hong Kong.
Ant’s stablecoin initiative is not an isolated move, in fact, PayPal too launched its own stablecoin in 2023. Asset managers like BlackRock and Franklin Templeton are also rolling out tokenized money market funds that function similarly.
In contrast to other regions, both Hong Kong and Singapore offer clear regulatory frameworks for stablecoins, which is why serious institutional players are drawn towards those jurisdictions.
Also Read: South Korea Proposes Bill to Regulate and Legalize Stablecoins
