Stablecoins are digital assets designed to maintain stable value, often pegged to another currency. The circulation of stablecoins in June was about US$250 billion (about S$320 billion).
According to people familiar with the matter, Ant International handled more than $1 trillion in global transactions last year, one-third of which were processed by blockchain. At present, Ant International is applying for stablecoin-related licenses in Singapore, Hong Kong, Luxembourg and other places.
Ant International, an international division of Ant Group, is in consultation with fintech company Circle Internet Group Inc., to plan to include the stablecoin on its own blockchain platform after Circle's US dollar stablecoin USDC currency is compliant in the United States. The news came from anonymous people who visited Bloomberg.
In 2020, Ant International’s initial public offering (IPO) was suspended. The Group has been developing new plans since then. Ant International has established an independent board of directors to create conditions for spin-off and listing. An insider once revealed that Ant International generated nearly $3 billion in revenue last year and has recorded adjusted profits for two consecutive years.
Ant International has been looking for the right cryptocurrency to introduce the group's blockchain platform. This cooperation with Circle is a step in Ant International's long-term strategy.
Bloomberg Intelligence analyzed that if Ant International is listed in Hong Kong, its listing valuation can reach US$8 billion to US$24 billion.
According to Bloomberg, the U.S. Senate passed a bill in June this year to set rules for cryptocurrencies pegged to the US dollar. Since then, stablecoins are gaining more and more recognition. As of 9 a.m. local time on Thursday (July 10), Circle's stock price rose 4.4% to $209.57, and has soared more than 500% since its listing.