The international unit of Alipay owner Ant Group is planning to look for Stablecoin licenses in Hong Kong and Singapore, Bloomberg reported Thursday.
Ant International will request a license from a Stablecoin emittent as soon as the regime regime comes into effect in August, according to the report, referring to people who are familiar with the issue. The company is also planning to request a similar license in his native Singapore, as well as Luxembourg.
Hong Kong has been establishing a Stablecoin regime since 2023, in which the legislation is expected to take effect in August.
Stablecoins are tokens linked to the value of a traditional financially active, such as a Fiat -Maluta, which offer a counterweight for the volatility of BTC, ETH and other cryptos.
As such, they can represent an access point at the market for digital assets for large financial or technological companies. The progress in the direction of the regulation of the Stablecoin in the most prominent markets in the world, in particular the US, should help accelerate this trend.
Alipay is mentioned the largest mobile payment platform in the world with more than a billion users, thanks to the most dominant provider in China, where it has a 55% share in the external payment market.
Ant International did not immediately respond to Coindesk’s request for further comments.
Read more: Sam Altman’s World Chain adds the indigenous USDC Stablecoin and Circle’s Cross-Chain-Service