After Circle, Ant Group enters the stablecoin market.

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 boldly announced that it would submit its license application as soon as the new regulations take effect on August 1. Ant Group's Ant Digital Technology also simultaneously initiated the application process and completed the regulatory sandbox testing in advance.

This rare "double-line advance" posture conveys Ant's determination 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 have also prepared quite well. In 2024, Ant International will handle over $1 trillion in funds, one-third of which will be processed by the Whale platform's blockchain technology. This means that Ant International had over $300 billion in funds circulating on-chain last year. Imagine if half of that migrates to its stablecoin system, an endogenous transaction volume at the level of $150 billion will be instantly activated, which is almost like recreating the scale of a payment giant.

Why is Ant International Determined to Obtain a Stablecoin License?

Ant International's dedication to stablecoin licenses stems from multiple considerations.

Reshaping the efficiency and cost of cross-border payments has become a primary goal for Ant International. Industry insiders are well aware of the deep pain points in cross-border payments; banks, correspondent banks, and clearing systems add layers of complexity, causing a typical 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, with their instant settlement characteristics based on blockchain, can enable cross-border funds to arrive in seconds, significantly reducing fees. For Ant International, which handles trillions in funds annually, even a fee reduction of just 0.1% can yield 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 applies to multiple scenarios such as payment, decentralized finance, and cross-border remittances, bringing substantial revenue to Circle. Ant International is expected to replicate or even surpass this model, achieving diversified business expansion and revenue growth. Stablecoins will connect four major business segments: Alipay+, WorldFirst, Antom, and EmFi, constructing a cross-border payment closed loop with Whale platform's on-chain settlement technology, slicing into the trillion-level market cake.

In addition, the Hong Kong "Stablecoin Regulation" will come into effect on August 1, becoming the world's first comprehensive regulatory framework for fiat stablecoins. This policy window presents a rare opportunity for Ant International. With its headquarters in Singapore, Ant International has obtained the license first, equivalent to receiving a "pass" to enter the Southeast Asian and European markets. Leveraging its technology and business experience, Ant International will swiftly launch its stablecoin business and seize the industry's first-mover advantage.

Circle surges, bringing imagination space for Ant International

A stablecoin is a type of digital currency designed to maintain a relatively stable value, typically pegged to fiat currencies 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, an increase of 168.48%.

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

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

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

In addition, Ant International can connect with the global merchant networks of Alipay+, WorldFirst, and others. Besides building payment tools, it is also reshaping the underlying infrastructure of global capital flow rules.

The next huge change in the financial market may begin with this license from Hong Kong.