Overview

The international division of Ant Group, an entity supported by Alibaba’s Jack Ma, is preparing to integrate Circle’s USDC stablecoin into its blockchain system pending approval from U.S. regulators. This initiative aligns with Ant’s extensive plan to establish a platform accommodating a variety of digital currencies and tokenized assets.

Key Points

• Ant Group aims to assimilate Circle’s USDC onto its proprietary blockchain, contingent on U.S. regulatory endorsement.
• This strategy is part of Ant’s larger mission to create a digital currency environment inclusive of various financial assets.
• Ant’s blockchain has previously processed over $300 billion in transactions the previous year, supporting multiple tokenized assets from various financial entities.

The anticipated integration of USDC will offer a connection to a network that managed upwards of $1 trillion in global transactions last year, with a significant portion processed on-chain. This positions Ant to potentially become the foremost overseas corporate user of a U.S.-issued stablecoin.

Moreover, Ant International is pursuing stablecoin licenses in markets such as Singapore, Hong Kong, and Luxembourg, aspiring to feature regulated digital dollars, central bank digital currencies, and tokenized bank deposits on its platform.

Ant’s blockchain currently supports tokenized assets from diverse financial institutions and is reportedly collaborating with the People’s Bank of China on the digital yuan, the country’s CBDC.

Source: Bloomberg