FINANCE

Ant Group Seeks Stablecoin License as Hong Kong Races to Regulate Digital Currencies

Published: Jun. 13, 2025 5:11 a.m. GMT+8

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The Circle website, the stablecoin USDC issuer, arranged on a smartphone in New York on Feb. 12, 2025. Photo: Bloomberg

Ant Group confirmed on Thursday that it is speeding up global investments in stablecoin innovation by applying for a license in Hong Kong, aiming to support the city’s push to become a global financial center as its new stablecoin regulatory framework takes effect on August 1.

In a statement, Ant Group, the tech company behind Alipay, said it welcomes Hong Kong’s newly passed Stablecoin Bill and plans to submit its license application as soon as the regulatory process opens. “We aim to contribute to Hong Kong’s ambition of becoming an international financial hub,” the company said.

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Ant Group plans to apply for a stablecoin license in Hong Kong to support its goal of becoming an international financial hub.
Hong Kong's new Stablecoin Bill takes effect on August 1, requiring licenses for fiat-backed stablecoin issuance or promotion.
Other countries like Singapore, the U.S., and South Korea are also developing their stablecoin regulatory frameworks.

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Who’s Who

Ant Group: Ant Group is a tech company behind Alipay. It is actively pursuing global investments in stablecoin innovation. The company has applied for a license in Hong Kong to support the city's ambition as a global financial center, aligning with Hong Kong's new Stablecoin Bill effective August 1. Ant Group emphasizes compliance and real-world use cases for its stablecoin infrastructure.

Jingdong Coinlink Technology Hong Kong Ltd.: Jingdong Coinlink Technology Hong Kong Ltd. is one of three entities approved by the Hong Kong Monetary Authority (HKMA) for its stablecoin sandbox program in July 2024. This approval comes under Hong Kong's new Stablecoin Bill, which officially goes into effect on August 1, 2025, aiming to establish the city as a global financial center.

Standard Chartered: Standard Chartered is involved in stablecoin initiatives. In Hong Kong, it is part of a joint venture approved for the HKMA's stablecoin sandbox program. In Singapore, Standard Chartered acts as a custodian for StraitsX, which issues stablecoins pegged to the Singapore and U.S. dollars.

Animoca Brands: Animoca Brands is a company that has partnered with Standard Chartered and Hong Kong Telecom in a joint venture. This venture was approved by the Hong Kong Monetary Authority (HKMA) to participate in its stablecoin sandbox program in July 2024.

Hong Kong Telecom: As per the article, Hong Kong Telecom is part of a joint venture that was approved by the Hong Kong Monetary Authority (HKMA) for its stablecoin sandbox program in July 2024. This initiative aligns with Hong Kong's push to become a global financial center with its new stablecoin regulatory framework.

Paxos: Paxos is a firm that has received a license from the Monetary Authority of Singapore (MAS) under its stablecoin framework. It has launched a USD-backed stablecoin called USDG on Ethereum. The reserves for USDG are held by DBS Bank.

StraitsX: StraitsX is a firm that has received a stablecoin license from the Monetary Authority of Singapore (MAS). They have issued XSGD and XUSD, which are stablecoins pegged to the Singapore dollar and U.S. dollar, respectively. Their custodians include DBS and Standard Chartered.

DBS Bank: DBS Bank is mentioned as a custodian for stablecoins like USDG (Paxos) and XSGD/XUSD (StraitsX) in Singapore. These stablecoins are pegged to the USD, EUR, JPY, GBP, or the Singapore dollar.

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What Happened When

August 2023：: The Monetary Authority of Singapore (MAS) finalized its stablecoin framework, allowing the issuance of single currency stablecoins pegged to the Singapore dollar or G10 currencies.

July 2024：: The Hong Kong Monetary Authority (HKMA) approved RD Technologies, Jingdong Coinlink Technology Hong Kong Ltd., and a joint venture backed by Standard Chartered, Animoca Brands, and Hong Kong Telecom for its stablecoin sandbox program.

May 19, 2025：: The U.S. 'GENIUS Act' stablecoin regulatory bill passed a key Senate procedural vote.

May 21, 2025：: Hong Kong's Legislative Council passed the Stablecoin Bill.

May 30, 2025：: Hong Kong's Stablecoin Bill was officially published.

June 10, 2025：: South Korea's newly elected President Lee Jae-myung’s administration backed a draft Digital Asset Basic Act that would allow certain domestic companies to issue stablecoins.