Ant Group Co., the Chinese fintech giant backed by Jack Ma, is advancing its global stablecoin strategy by seeking stablecoin licenses in multiple jurisdictions including Hong Kong, Singapore, and Luxembourg. Ant International, the company's international business unit, plans to apply for a stablecoin issuer permit in Hong Kong as soon as the Stablecoins Ordinance takes effect on August 1, 2025. This move aligns with Hong Kong's broader digital asset policy framework, known as Policy 2.0 with the LEAP initiative, which aims to establish the city as a global hub for digital assets by streamlining regulations and promoting tokenization and stablecoins. The Hong Kong Monetary Authority (HKMA) will begin enforcing the regulatory system for stablecoin issuers from August 1, with the first stablecoin licenses expected to be issued in early 2026. Concurrently, Ant Group is collaborating with Circle to integrate the USDC stablecoin into its global blockchain payment platform, pending U.S. regulatory approval. This partnership is part of Ant's effort to expand its $1 trillion blockchain payment network and enhance cross-border payment capabilities. Additionally, Ant Group, alongside Chinese tech giant JD.com, is lobbying the People's Bank of China to authorize yuan-based stablecoins issued offshore, particularly in Hong Kong, to boost the yuan's global role and counter the dominance of U.S. dollar-linked cryptocurrencies. These developments highlight China's push to elevate the yuan in digital finance and Hong Kong's ambition to become a leading digital asset center in Asia.