Ant International, a unit of Jack Ma's Ant Group, plans to apply for stablecoin licenses in Hong Kong and Singapore, reflecting increasing institutional interest in regulated crypto payment systems. The company is preparing to submit its application in Hong Kong after the stablecoin regulatory framework becomes effective in August. This move comes shortly after Hong Kong's Stablecoin Ordinance bill was passed, mandating that stablecoin issuers obtain a license from the Hong Kong Monetary Authority. Noncompliance may result in substantial fines. Ant International aims to utilize stablecoins for cross-border transactions and treasury management services. Notably, in 2024, one-third of the company's global transactions, valued at $1 trillion, were processed through its blockchain-based Whale platform. The growing capitalization of the stablecoin market and Ant Group's endeavors in blockchain for tokenization further emphasize the significance of stablecoins in the evolving fintech landscape. As the market capitalization of stablecoins approaches $1 trillion, it may catalyze significant growth in the cryptocurrency sector.

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