Jack Ma-Backed Ant International Denied USDC Rumor, Signaling Broader Blockchain Ambitions in Hong Kong

Jack Ma-backed Ant International, the global arm of Ant Group, has denied reports claiming it planned to integrate Circle’s USDC stablecoin into its blockchain platform, calling the rumor “unfounded speculation.”

While the USDC claim was quickly clarified, the incident nevertheless highlights Ant International’s growing role in Hong Kong’s blockchain ecosystem and the city’s push toward Web3 finance amid upcoming regulatory changes.

A Rising Force in Hong Kong’s Blockchain Push

Headquartered in Singapore, Ant International has emerged as a critical player in Hong Kong’s Web3 expansion. Its flagship Whale platform processed more than $333 billion in transactions in 2024, accounting for one-third of Ant Group’s $1 trillion global transaction volume. Hong Kong’s clear regulatory framework and ambition to become a regional digital asset hub have attracted Ant to deepen its local presence.

Key Blockchain Initiatives and Collaborations

Ant International is involved in several high-profile blockchain projects in Hong Kong, particularly in partnership with the Hong Kong Monetary Authority (HKMA) and leading financial institutions:

• Ensemble Project participation: Ant is part of HKMA’s “Ensemble” sandbox program for asset tokenization.

• HSBC partnership: In October 2024, Ant and HSBC executed Hong Kong’s first blockchain-based interbank transaction, enabling 24/7 real-time transfers.

• Tokenized deposits: By May 2025, the two firms launched a service allowing corporate clients to make HKD and USD payments via Whale.

• CNH stablecoin advocacy: Ant joined forces with Standard Chartered and JD.com to promote an offshore CNH stablecoin, aiming to reduce cross-border payment costs from 1.2% to 0.12%, and cut settlement times from days to seconds.

These initiatives not only showcase Ant’s technical capacity but also reflect its broader push to support RMB internationalization through blockchain-based financial infrastructure.

Whale Platform: Technology Meets Scale

Whale is powered by a combination of blockchain, AI, and advanced encryption, enabling efficient processing of high-frequency, low-value transactions for over 2.5 million merchants globally. Its proprietary AI forex model, Falcon, further enhances global fund flow management and real-time settlements.

Commenting on the broader stablecoin landscape, HKMA Deputy Chief Edmond Lau noted, “Stablecoins could reshape global capital flows,” suggesting platforms like Whale may play a critical role in that transformation.

Regulatory Landscape and Licensing Plans

Currently, Ant International operates under HKMA’s sandbox regulatory regime, allowing limited testing of financial technologies under supervision. While it does not yet hold a stablecoin issuance license, the firm is preparing to apply for a fiat-referenced stablecoin license under Hong Kong’s new Stablecoin Ordinance, which comes into effect on August 1, 2025.

Ant’s regulatory engagements include:

• Plans to apply for HKD- and CNH-denominated stablecoin licenses in Hong Kong

• Similar licensing efforts underway in Singapore and Luxembourg

These moves reinforce Ant’s goal to operate within regulated frameworks across major financial jurisdictions.

Strategic Vision: Beyond Mainland China

Ant International’s blockchain strategy reflects a broader ambition: to build a compliant, global financial network decoupled from its domestic base in mainland China. By 2025, it aims to scale Whale’s reach to serve 2.5 million merchants across borders, focusing on cross-border e-commerce, supply chain finance, and real-time international payments.

Its advocacy for a CNH-based stablecoin also dovetails with Beijing’s long-term vision for RMB internationalization, positioning Hong Kong as a key offshore testing ground under a regulatory-friendly regime.

Market Momentum and Growing Speculation in Hong Kong’s Blockchain Scene

This is not the first time rumors have swirled around Ant Group’s blockchain ambitions. Just a week earlier, on July 4, reports surfaced claiming that JD.com and Ant Group were lobbying China’s central bank to launch Chinese yuan stablecoins — claims that were also swiftly denied.

These repeated rumors underscore the heightened excitement and speculative fervor within Hong Kong’s rapidly evolving blockchain market. With over 40 firms reportedly preparing to apply for stablecoin licenses before the August 2025 deadline, the region is clearly gearing up for significant innovation and competition.

At the 2024 Hong Kong FinTech Week, Ant Group and Ant International Chairman Jing Xiandong stated, "We hope Ant can contribute to establishing Hong Kong as a global leader in tokenization and Web3 fintech."