Jack Ma’s Ant Group to Adopt Circle’s USDC for Blockchain Expansion
Ant Group, founded by Jack Ma, is set to incorporate Circle’s USDC stablecoin into its global blockchain platform, a significant move for the Chinese fintech leader in the crypto space.
Ant International, the company’s overseas division, is leading this effort, pending full U.S. regulatory approval for USDC, according to informed sources. No official launch date has been confirmed.
Bloomberg reports highlight that this step follows increased stablecoin momentum after a U.S. Senate bill in June aimed at regulating dollar-pegged digital currencies. Circle, a rare public company with its own stablecoin, has seen significant gains, going public in June and announcing a new cross-border payment network powered by USDC.
For Ant, this aligns with its push to integrate regulated digital assets, such as central bank digital currencies and tokenized bank deposits, to enhance its cross-border payments and treasury operations. Last year, Ant processed over $1 trillion in global transactions, with one-third facilitated through its blockchain.
Ant has also sought stablecoin licenses in Singapore and Hong Kong, plus a digital asset permit in Luxembourg.
Since regulators halted Ant’s massive IPO in 2020, Ant International has restructured with an independent board, reporting $3 billion in revenue for 2024 and two consecutive years of adjusted profits. Bloomberg Intelligence estimates a potential Hong Kong IPO could value the company between $8 billion and $24 billion.
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Ant’s blockchain platform already supports tokenized assets from major institutions, with partnerships inked with global players like JPMorgan, HSBC, BNP Paribas, and Standard Chartered to further these initiatives.
The timing is key. Following Meta’s failed stablecoin venture and PayPal’s entry in 2024, major tech and financial firms are cautiously exploring crypto. Walmart and Amazon are considering their own tokens, while asset managers like BlackRock and Franklin Templeton are developing tokenized money market funds, signaling a broader trend toward regulated digital currencies as core financial infrastructure.
