Ant Group plans to apply for stablecoin licenses in Hong Kong and Singapore. According to Bloomberg, Ant Group, which is backed by Jack Ma, is planning to apply for stablecoin licenses in Singapore and Hong Kong. Sources say that Ant International, headquartered in Singapore, will immediately apply for a Hong Kong stablecoin issuer license once the Stablecoins Ordinance comes into effect in August.

Besides Singapore, the company also plans to seek a license in Luxembourg. Sources claim this move aims to strengthen the company's blockchain business to support its cross-border payment and fund management services. They say that Alipay processed over $10 trillion in global transactions last year, with a third of these transactions handled by its blockchain-based Whale platform.