After Circle, Ant Group ventures into stablecoins.

A tech giant and a cross-border financial experiment are knocking on the door of future finance with a stablecoin license in Hong Kong.

The Hong Kong Special Administrative Region Government published the "Stablecoin Ordinance" in the Gazette for less than half a month, and Ant International announced in a high-profile manner that it would submit a license application as soon as the new regulations come into effect on August 1. Ant Group's Ant Financial also simultaneously initiated the application process and completed the regulatory sandbox testing in advance.

This rare "double-line advance" posture conveys the determination of the ant to obtain this license at all costs.

From Ant International's response, we can see that they are full of confidence in this matter and are well-prepared. In 2024, Ant International will handle over $1 trillion in fund flows, one-third of which will be processed by Whale platform's blockchain technology. This means that last year, Ant International had over $300 billion flowing on-chain. Imagine if half of that were to migrate to its stablecoin system, an endogenous trading volume of around $150 billion would be instantly activated, which is almost equivalent to creating another payment giant.

Why is Ant International Persistent about Stablecoin Licenses?

Ant International's persistence for stablecoin licenses stems from multiple considerations.

The reshaping of cross-border payment efficiency and costs has become Ant International's primary goal. Industry insiders are well aware of the deep pain points in cross-border payments, with banks, correspondent banks, and clearing systems adding layers of complexity, causing a simple remittance to take several days and fees easily consuming 3%-5% of the funds. Although Ant International has built an efficient network, the ceiling of traditional financial infrastructure still exists. However, stablecoins, based on the instant settlement characteristics of blockchain, can achieve cross-border funds arriving within seconds, significantly reducing fees. For Ant International, which handles trillions in funds annually, even a mere 0.1% reduction in fees can generate considerable economic benefits.

But the deeper meaning of this move goes far beyond payment itself; Ant Group, holding the license, has long set its sights on a broader ecosystem. Circle's USDC stablecoin ecosystem finds applications in payments, decentralized finance, cross-border remittances, and more, bringing substantial revenue to Circle. Ant International is expected to replicate or even surpass this model, achieving diversification and revenue growth. The stablecoin will connect the four major business segments of Alipay+, WorldFirst, Antom, and EmFi, building a cross-border payment closed loop with the on-chain settlement technology of the Whale platform, slicing into the trillion-level market cake.

In addition, Hong Kong's Stablecoin Ordinance will come into effect on August 1, becoming the world's first comprehensive regulatory framework for fiat stablecoins. **This policy window period is a rare opportunity for Ant International. Headquartered in Singapore, Ant International is the first to get a "passport" to enter the Southeast Asian and European markets, and with its technology and business experience, Ant International will quickly land the stablecoin business and seize the industry opportunities.

Circle surges, bringing imaginative space to Ant International

A stablecoin is a type of digital currency designed to maintain a relatively stable value, usually pegged to a fiat currency or other assets. It plays an important role in cryptocurrency trading and cross-border payments, serving both as a medium of exchange and a store of value, while also enabling fast and low-cost cross-border fund transfers.

On June 5, 2025, Circle, the issuer of the world's second-largest stablecoin USDC, was officially listed on the New York Stock Exchange. On its first day of trading, the stock price surged from an opening price of $31 to a high of $103.75, closing at $83.23, with an increase of 168.48%.

Circle's strong performance provides a valuable reference for Ant International's stablecoin layout. On June 12, the stock price of Cloudfin Financial, related to Ant Financial, soared to nearly double during trading, with an increase of up to 98%, highlighting the capital's recognition of the commercial prospects of stablecoins.

If Ant International successfully obtains a license and expands its business, its capital operation prospects will also be worth looking forward to. Whether through spin-off listings or strategic cooperation, the stablecoin business will become an important valuation growth point, significantly enhancing its attractiveness and value in the capital markets.

In terms of scale, by May 2025, the supply of USDC under Circle is expected to approach 61 billion; in contrast, the current capital flow managed by Ant International through blockchain technology has exceeded 300 billion USD. If a considerable proportion of this, such as 150 billion, can be gradually integrated into its own stablecoin system, the activated trading volume will be extremely significant.

In addition, Ant International is able to connect with global merchant networks such as Alipay+ and WorldFirst, not only building payment tools but also reshaping the underlying infrastructure of global capital flow rules.

The next major change in the financial market may start with this license from Hong Kong.