Ant Group to Seek Stablecoin Issuer License in Hong Kong

Ant Group, an affiliate of Alibaba and operator of the popular mobile payments app Alipay, announced plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm, Ant International. This follows the recent passage of a stablecoin bill by Hong Kong’s legislature, which establishes a regulatory framework for fiat-referenced stablecoin issuers.

Stablecoins are cryptocurrencies pegged to fiat currencies such as the U.S. dollar, frequently used by traders to move funds between tokens while maintaining stable value.

Ant International said it will apply for the fiat-referenced stablecoin (FRS) issuer license once the licensing process opens after the Stablecoins Ordinance takes effect on August 1.

The company also reportedly plans to pursue stablecoin licenses in other jurisdictions, including Singapore and Luxembourg.

Ant Group was founded by billionaire Jack Ma and is 33% owned by Alibaba. It remains a key player in China’s digital payments ecosystem.