The international unit of Alipay -Owner Ant Group plans to search stablecoin licenses in Hong Kong and Singapore, Bloomberg reported on Thursday.
Ant International will apply for a stablecoin issuer license when the regulatory regime comes into force in August, according to the report, with reference to people who are familiar with the case. The company also plans to apply for a similar license in its original Singapore and Luxembourg.
Hong Kong has created a stableecoin regime since 2023, when the legislation is expected to take effect in August.
Stableecoins are symbols associated with the value of a traditionally financial asset, such as a Fiat currency, giving a counterbalance to the volatility of BTC, ETH and other cryptos.
As such, they can represent an entry point in the market for digitally asset for major economic or technological companies. Progress towards stableecoin regulation in the world’s most prominent markets, especially the United States, should help speed up this trend.
Alipay is referred to as the largest mobile payment platform in the world with over one billion users thanks to being the most dominant provider in China, where it has a 55% share in third -party payment market.
Ant International did not immediately respond to Coindesk’s request for further comment.
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