The digital asset landscape is undergoing a seismic transformation, with stablecoins emerging as a cornerstone of the global financial ecosystem. In 2025, Ant International—the overseas arm of Jack Ma’s Ant Group—has made headlines by announcing its intention to apply for a stablecoin issuer license in Hong Kong.
This bold move coincides with Hong Kong’s rollout of its new Stablecoins Ordinance, positioning the city as a global hub for regulated digital assets. In this comprehensive blog post, we’ll explore Ant International’s strategic expansion, the significance of Hong Kong’s regulatory framework, and the broader implications for institutional adoption of stablecoins.
The Rise of Stablecoins: Why They Matter
Stablecoins are digital tokens pegged to traditional fiat currencies, such as the US dollar or Hong Kong dollar. Unlike volatile cryptocurrencies like Bitcoin or Ethereum, stablecoins offer price stability, making them ideal for payments, remittances, and treasury management. Their utility has driven explosive growth, with the global stablecoin market capitalization surpassing $250 billion in 2025.
Key Benefits of Stablecoins
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Price Stability: Pegged to fiat currencies, reducing volatility.
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Faster Settlements: Enable near-instant cross-border transactions.
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Lower Costs: Reduce fees compared to traditional banking rails.
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Programmability: Support smart contracts and automated financial services.
Ant International’s Strategic Move
A Vision for Global Digital Finance
Ant International, headquartered in Singapore, is renowned for operating Alipay, one of the world’s largest digital payment platforms. In 2024, the company processed over $1 trillion in global transactions, with a significant portion routed through its blockchain-based Whale platform. The Whale platform already supports tokenized assets from major banks and leverages advanced privacy computing technologies.
Statement from Ant International
“We plan to apply for the fiat-referenced stablecoins issuer’s license once the process is open after the Stablecoins Ordinance takes effect on August 1,” Ant International said in a statement to China Daily. The company emphasized its ambition to “transform our cutting-edge AI, blockchain, and stablecoin technologies into reliable, large-scale real-world applications.”
Multi-Jurisdictional Approach
Ant International’s ambitions extend beyond Hong Kong. The company also plans to seek stablecoin licenses in Singapore and Luxembourg—two other leading financial centers with progressive digital asset regulations. This multi-jurisdictional strategy underscores Ant’s commitment to building a global, compliant stablecoin infrastructure.
Hong Kong’s Regulatory Milestone
The Stablecoins Ordinance: A New Standard
On May 21, 2025, Hong Kong’s Legislative Council passed the Stablecoins Ordinance, setting a new benchmark for digital asset regulation in Asia. The law will take effect on August 1, 2025, and introduces a robust licensing regime for stablecoin issuers.
Key Provisions
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Mandatory Licensing: All fiat-referenced stablecoin issuers must obtain a license from the Hong Kong Monetary Authority (HKMA).
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Redemption Guarantee: Issuers must fulfill redemption requests within one working day, ensuring liquidity and consumer protection.
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Operational Safeguards: Strict requirements for reserve management, audits, and risk controls.
Treasury Secretary Christopher Hui hailed the ordinance as “a milestone in facilitating the sustainable development of the stablecoin and digital asset ecosystem in Hong Kong.”
Why Hong Kong?
Hong Kong’s proactive regulatory approach, deep capital markets, and international connectivity make it an attractive base for digital asset innovation. The city’s new framework offers legal certainty and consumer confidence, attracting global fintech giants like Ant International.
Growing Institutional Interest in Stablecoins
A Global Trend
Ant International’s move is part of a broader wave of institutional adoption. Major players like PayPal have launched their own stablecoins, and traditional banks are exploring tokenized deposits and blockchain-based payment rails. In Hong Kong, JD.com subsidiary Jingdong Coinlink Technology and several other firms have announced plans to apply for stablecoin licenses.
Regulatory Clarity as a Catalyst
Regulatory certainty is a key driver of institutional participation. While the United States continues to debate federal stablecoin legislation (with the Senate advancing the GENIUS Act in June 2025), Hong Kong’s clear rules are accelerating market entry and innovation.
The Role of Blockchain and AI in Stablecoins
Ant International’s Technological Edge
Ant International’s Whale platform is a testament to the power of blockchain and artificial intelligence (AI) in digital finance. By supporting tokenized assets from global banks and integrating privacy-preserving technologies, the platform provides a robust foundation for stablecoin issuance and cross-border payments.
Use Cases
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Cross-Border Payments: Faster, cheaper, and more transparent international transfers.
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Treasury Management: Real-time settlement and liquidity optimization for corporates.
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Programmable Money: Automated compliance, invoicing, and supply chain finance.
Challenges and Opportunities Ahead
Regulatory Harmonization
While Hong Kong’s framework is a major step forward, global harmonization of stablecoin regulations remains a work in progress. Companies like Ant International will need to navigate varying requirements across jurisdictions, from Singapore to the European Union.
Market Competition
The stablecoin space is becoming increasingly crowded, with tech giants, banks, and fintech startups vying for market share. Success will depend on technological innovation, regulatory compliance, and the ability to build trust with users and partners.
Consumer Adoption
For stablecoins to achieve mainstream adoption, user education and seamless integration with existing financial services are essential. Ant International’s global reach and Alipay’s user base could provide a significant advantage in driving adoption.
Conclusion: A New Era for Digital Finance
Ant International’s strategic expansion into stablecoins marks a pivotal moment for the digital asset industry. By leveraging Hong Kong’s pioneering regulatory framework and its own technological prowess, the company is poised to lead the next wave of innovation in global finance.
As more institutions embrace stablecoins and regulators provide clearer guidelines, the future of digital assets looks brighter than ever. Hong Kong’s regulatory milestone, combined with the ambitions of fintech leaders like Ant International, signals the dawn of a new era—one where stablecoins are not just a niche innovation, but a foundational pillar of the global financial system.
Key Takeaways
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Ant International is applying for a stablecoin issuer license in Hong Kong and plans similar moves in Singapore and Luxembourg.
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Hong Kong’s Stablecoins Ordinance takes effect August 1, 2025, setting a new standard for digital asset regulation.
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Institutional interest in stablecoins is surging, with major companies and banks entering the market.
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Blockchain and AI are driving innovation in cross-border payments and treasury management.
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Regulatory clarity is accelerating adoption and positioning Hong Kong as a global digital asset hub.
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