Alibaba-backed (9988) Ant Group is working with US crypto firm Circle Internet Financial to integrate its stablecoin into Ant's blockchain platform, Bloomberg reported, citing people familiar with the matter.
The move is part of Ant International's strategy to incorporate more regulated digital assets into its financial technology infrastructure, Bloomberg said. The unit, which serves as the Chinese fintech giant's international arm, plans to adopt Circle's USDC coin once the token achieves full compliance in the United States.
Ant handled over US$1 trillion (HK$7.8 trillion) in global transactions last year, with roughly one-third of those settled via its proprietary blockchain, according to people cited in the Bloomberg report.
Separately, Bloomberg reported last month that Ant International had applied for stablecoin licences in Singapore and Hong Kong, and was also seeking relevant permissions in Luxembourg.
STAFF REPORTER
