The international unit of the owner of Alipay Ant Group plans to search for Stablecoin licenses in Hong Kong and Singapore, Bloomberg reported on Thursday.
Ant International will request a stablecoin issuer license once the regulatory regime has come into force in August, according to the report, citing people familiar with the issue. The company also plans to request a similar license in its native Singapore, as well as Luxembourg.
Hong Kong has established a stablecoin regime since 2023, the legislation which should come into force in August.
Stablecoins are tokens set at the value of a traditional financial asset, such as a fiduciary currency, offering a counterweight to the volatility of BTC, ETH and other cryptos.
As such, they can represent an entry point into the digital asset market for large financial or technological companies. Progress towards the regulation of stablescoin on the most important markets in the world, especially the United States, should help to accelerate this trend.
Alipay is called the largest mobile payment platform in the world with more than a billion users, thanks to being the most dominant supplier in China, where it holds a share of 55% on the third-party payment market.
Ant International did not immediately respond to the request for comments from Coindesk.
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