The overseas arm of Chinese fintech Ant Group, Ant International, has considered stablecoin licence applications in multiple regions around the world.
The company mentioned that it will not be focused on crypto transactions, but on global payments. It believes that stablecoins are a way in which it can offer international payments in a much more efficient way, as well as better customer experiences.
Ant International’s global expansion
Stablecoins can potentially offer real-life utility at scale, particularly when it comes to cross-border transactions, even though they raise questions about monetary control, systemic risk, and financial governance.
Recently, Ant Group, together with JD.com, pressured the People’s Bank of China to permit yuan-based stablecoins to counter the rise of USDC. The launch of stablecoins by the country could mean the improvement of the yuan’s global standing, making it more popular. The companies are ready to issue Hong Kong dollar-backed stablecoins once the local legislation begins on August 1st.
China banned all cryptocurrency transactions, including private stablecoins, in 2021 due to worries about financial crime, capital flight, and risks to financial stability. In response to companies like Ant International and JD.com, it pushed forward the development and testing of its own central bank digital currency, the digital yuan (e-CNY), aimed at modernising payments and tightening financial oversight.
The stablecoin market is still relatively small at USD 247 billion (CoinGecko), but Standard Chartered Bank projects it could reach USD 2 trillion by 2028. Yet, China's efforts to internationalise the yuan via stablecoins face hurdles, mainly its strict capital controls. The yuan's global usage fell to 2.89% in May 2025 (SWIFT), while Chinese exporters prefer USD-pegged stablecoins, with the dollar holding a 48.46% market share.
