Ant double zone rush into stablecoin, Hong Kong stock concept stocks big pump.

Author: Tang Jun

Ant Group's two major business segments announced the application for a stablecoin license on the same day.

On the afternoon of June 12, reports indicated that the international business department of Ant Group plans to apply for a stablecoin license in Singapore and Hong Kong.

As a result, Ant Group-related stocks in the Hong Kong stock market collectively surged in the afternoon, with Yunfeng Financial (0376.HK) rising by more than 98% at one point, Yaocai Securities Financial (1428.HK) reaching a maximum increase of over 14%, and Alibaba Health (0241.HK) and Alibaba Pictures (1060.HK) rising by more than 4%.

In response, Ant International replied to Caijing, "We welcome the Hong Kong Legislative Council's passage of the 'Stablecoin Regulation Draft,' which will take effect on August 1st after the bill is enacted, and we hope to submit applications as soon as the relevant channels are opened, contributing more to the construction of Hong Kong as a future international financial center."

After the market closed, Ant Group announced the initiation of an application for a stablecoin license in Hong Kong.

According to Bian Zhuoqun, vice president of Ant Group and president of Ant Digital's blockchain business, Ant Digital has started to apply for a Hong Kong stablecoin license and has already conducted several rounds of communication with regulators. In addition, Ant Digital has listed Hong Kong as its global headquarters this year, and has completed the pilot trial of the regulatory sandbox in Hong Kong.

In 2024, Ant Group announced an upgrade to its organizational structure, with Ant International, OceanBase, and Ant Digital Technology each establishing their own boards of directors, independently facing the market. According to previous reports by Caijing, all three major segments have independent listing plans. Earlier this year, media reports indicated that Ant International is preparing for a listing in Hong Kong.

The two independent business segments under Ant Group officially announced their entry into stablecoins on the same day. What are their respective strategies?

Ant International Seizes Stablecoin

On June 6, the Hong Kong SAR government published the "Stablecoin Ordinance (Commencement Date) Notice" in the Gazette, designating August 1, 2025, as the date for the implementation of the "Stablecoin Ordinance," declaring that this new entity, which originated from cryptocurrency, has obtained legal status in Hong Kong.

Stablecoins are a special type of cryptocurrency that have the advantages of decentralization, peer-to-peer transactions, low cost, and high efficiency due to blockchain technology. Unlike cryptocurrencies such as Bitcoin, stablecoins are typically pegged to reference assets like fiat currencies to maintain a relatively stable value and serve as a medium for trading crypto assets.

In 2014, Tether issued the first stablecoin USDT, marking the birth of stablecoins. In recent years, with characteristics such as value stability, high efficiency, and low cost, stablecoins have gradually penetrated traditional financial sectors like cross-border payments.

In 2024, the transaction volume supported by stablecoins reached 27.6 trillion USD, surpassing the total transaction volume of Visa and Mastercard, and the future application prospects are impressive.

Many interviewees told Caijing that apart from trading cryptocurrencies, the biggest application scenario for stablecoins currently is cross-border payments.

Broadcom Consulting's senior financial analyst Wang Pengbo stated to Caijing that stablecoins highly align with Ant International's existing business, primarily reflected in several key areas: first, cross-border payments and remittances; second, e-commerce, especially in handling international transactions; third, asset management, as digital assets gradually become mainstream, stablecoins provide Ant with new avenues to explore new markets and services.

The official website of Ant International shows that it has four major businesses: Alipay+ (Alipay+), Wanlihui (WorldFirst), Antom (安通), and Bettr.

Among them, Alipay+ is a cross-border mobile payment platform; Wanlihui is a cross-border collection and financial services platform, primarily aimed at providing cross-border payment and exchange services for global SMEs in cross-border e-commerce; Antong provides cross-border and local acquiring services for global merchants.

A payment researcher told Caijing that stablecoins are the development trend of the industry, and Ant International's layout of stablecoins is a natural progression.

On June 11, the media reported that Deutsche Bank and Ant International announced the establishment of a strategic partnership to provide more comprehensive payment solutions for businesses in Europe and Asia.

Both parties will explore innovations in cross-border payments, including tokenized bank deposits, stablecoins, and Ant International's Falcon Time Series Converter (TST) foreign exchange model, to help Ant International and its clients reduce foreign exchange-related costs and risks.

In addition, the two companies will further study the application of stablecoins in global payments, including real-time cross-border fund management, reserve management, and upstream and downstream services for Ant Group.

On June 12, Ant International stated to Caijing that it is accelerating investment and expanding cooperation in global treasury management, putting its innovations in AI (artificial intelligence), blockchain, and stablecoins into real and reliable large-scale applications.

"The move by Ant International to apply for a stablecoin license reflects its intention to accelerate and improve its layout in the global financial management and fintech service sector. Particularly in areas such as cross-border payments, e-commerce, and asset management, stablecoins can serve as efficient and low-cost settlement tools, enhancing capital flow efficiency and reducing exchange rate volatility risks," said Wang Pengbo. "There have also been rumors about Ant International going public recently. Although there has been no official statement, it will undoubtedly enhance its business diversity and competitiveness."

Ant Group officially announces entry

On June 12, Ant Group also announced its entry into the stablecoin licensing.

Bian Zhuoqun stated that stablecoins serve as a bridge connecting traditional finance and tokenized assets, possessing vast market potential. Ant Group's digital technology will start from industry and technology to build digital trading scenarios based on stablecoins, promoting the development of a new asset class centered around technology.

Stablecoins typically serve as the trading currency for various tokenized assets on the blockchain, and are therefore seen as a bridge connecting traditional finance with tokenized assets. According to a previous report by Boston Consulting, it is expected that by 2030, the value of tokenized assets will reach $16 trillion, accounting for 10% of global GDP.

Several industry insiders told Caijing that the legitimization of stablecoins means that tokenized assets represented by RWA (Real World Assets tokenization) are ushering in development opportunities.

In August 2024, under the guidance of the Hong Kong Monetary Authority, Ant Group's digital technology arm supported the mainland new energy listed company Longxin Technology in successfully completing RWA cross-border financing, which involves tokenizing the revenue rights of new energy charging pile assets, turning them into on-chain assets, and offering financing to global investors on the blockchain platform.

"The Hong Kong legislation grants stablecoins legal status, equivalent to issuing a 'birth certificate' for on-chain transactions in Web3," said Bian Zhuoqun in a previous interview with Caijing. He stated that compliant stablecoins will provide a legal trading currency for on-chain transactions such as RWA, indicating that the regulatory authorities recognize the exploration of related businesses. After obtaining legal status, stablecoins and RWA businesses are expected to usher in scaled development.

"I believe that the combination of our RWA and Hong Kong stablecoin will give rise to a wide range of application scenarios, promoting the development and growth of the Hong Kong dollar stablecoin," said Bian Zhuoqun.

On the day Ant Group announced the launch of its stablecoin license application, Bian Zhuoqun stated that the core value of stablecoins lies in the expansion of use cases and compliance construction. "Ant Group is committed to building digital trading scenarios based on stablecoins, promoting the development of a new asset class centered on technology from an industry and technology perspective. At the same time, Ant Group provides a new incremental market for stablecoin trading by offering secure, reliable, and compliant infrastructure, enhancing trading efficiency and liquidity."

In addition, JD.com has already entered the game.

Recently, Liu Peng, the CEO of JD Coin Chain Technology under JD.com, stated in an interview with Caijing that "It is foreseeable that the Hong Kong Monetary Authority is vigorously advancing the licensing process, and we are also cooperating with the regulators to complete the sandbox testing. The specific licensing timeline is still pending notification from the regulators."

In 2024, JD Coin Chain Technology was selected as a stablecoin issuer in Hong Kong's sandbox. Currently, JD's stablecoin has entered the second phase of sandbox testing, with testing scenarios mainly including cross-border payments, investment trading, retail payments, etc. In the future, it will provide mobile and PC application products for both retail and institutional clients.

( The author is a journalist for Caijing )