Alibaba subsidiary will launch Stablecoins
Ant International, the global filial of Ant Group – company affiliated with Alibaba and backed by its co -founder, Jack Ma – prepares for a strategic movement when requesting licenses to operate with Stablcoins in Hong Kong, Singapore and Luxembourg. The objective is to strengthen its cross -border payments and treasury services.
The entrance of Ant Group in this sector marks a new stage in its evolution, after the cancellation of its IPO in 2020. Its global division, Ant International, has taken a key role by promoting cross -border payments, treasury services and solutions based on cryptoactive networks.
Ant International will request the license in Hong Kong as soon as the new Stablcoins Law of the city begins to be applied in August. In addition, he is already working on the procedures in Singapore and Luxembourg as part of a strategy to consolidate his global presence and prepare a more aggressive expansion.
In recent times, the growth of Ant International has attracted the attention of the global financial sector, which has resulted in agreements with international banks, including BNP Paribas, JPMorgan and Standard Chartered. Given its focus on cross -border payments and treasury solutions, it makes sense that the company see in the stable currencies a key tool to reinforce its offer and expand to new markets.
According to data available at the time of writing this article, The total market capitalization of the stablcoins exceeds 251 billion dollarswhich reflects remarkable growth driven by its use in cross -border payments and decentralized finance (DEFI). In addition, millions of people resort to projects such as USDT and USDC to protect themselves in front of local currencies affected by high inflation.
The rapid growth of this market has led countries like the United States to propose regulatory frameworks to mitigate financial risks, protect consumers and maintain the stability of the monetary system.
In the US, the Genius law classifies the Stablecoins as payment instruments not regulated by securities laws, and It requires its issuers to maintain 1: 1 reservations in high quality liquid assetsundergo periodic audits and comply with regulations against money laundering.
As Cryptonotics reported, recently Genius law advanced significantly in the Senate after the closure of the debate with 68 votes in favor and 30 against, which allows to move towards the final vote.
The rise of the Stablcoins has also captured the attention of great actors in the technological and financial sector. Companies such as Paypal, with their stablcoin pyusd, and firms such as Visa, are actively promoting the adoption of these digital assets.
The latter, for example, has launched an initiative with Bridge and Stripe for selected Fintechs to issue cards that allow Spellcoins to directly in any trade affiliated with their network.
