The international unit of the owner of Alipay Ant Group plans to look for Stablecoin licenses in Hong Kong and Singapore, Bloomberg reported Thursday.
ANT International will request a Stablecoin issuer license once the regulatory regime enters into force in August, according to the report, citing people familiar with the matter. The firm also plans to request a similar license in its native Singapore, as well as Luxembourg.
Hong Kong has been establishing a Stablecoin regime since 2023, and the legislation is expected to enter into force in August.
The stablecoins are tokens linked to the value of a traditional financial asset, such as a fiduciary currency, providing a counterweight to the volatility of BTC, ETH and other crypts.
As such, they can represent a point of entry to the digital asset market for the main financial or technological companies. Progress towards the regulation of stable in the most prominent markets in the world, particularly in the United States, should help accelerate this trend.
Alipay is known as the world’s largest mobile payment platform with more than one billion users, thanks to being the most dominant supplier in China, where it has a 55% part in the third -party payment market.
Ant International did not immediately respond to Coendesk’s application for more comments.
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