Ant Group, the fintech powerhouse behind Alipay, has filed several cryptocurrency-related trademarks in Hong Kong this year, including one for “ANTCOIN.” The move suggests the company may be preparing for a renewed push into the Web3 space—even as mainland regulators tighten oversight of virtual assets and stablecoins.
Shifting Stablecoin Strategy
Earlier this year, Ant Group outlined plans to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg under Hong Kong’s new digital asset regulations. JD.com also explored offshore yuan-backed stablecoins through Hong Kong’s pilot program.
However, by mid-October, both firms were instructed by China’s central bank and cyberspace regulator to pause or abandon those efforts. Officials expressed concern that allowing private companies to issue currency-like tokens could challenge the state’s monetary authority. Former People’s Bank of China governor Zhou Xiaochuan reinforced this stance in August, cautioning that “stablecoins could easily become vehicles for speculation or fraud.”
Blockchain as a Global Growth Engine
Despite regulatory pushback at home, Ant Group continues to expand its blockchain operations globally. Its Whale blockchain processed about one-third of the $1 trillion in transactions handled through its payment networks last year.
In July, Ant partnered with Circle Financial to integrate the USDC stablecoin into its blockchain platform, aiming to enhance cross-border payment efficiency. The company’s blockchain arm, Ant Digital, has also led projects tokenizing renewable energy assets in China, linking more than 60 billion yuan worth of energy infrastructure to AntChain. These digital tokens represent fractional ownership in assets such as solar panels and EV charging stations—potentially paving the way for overseas listings once regulators approve.
Ant’s overseas business generated close to $3 billion in revenue in 2024, marking its second consecutive year of profitability. The group has also formed an independent board to prepare for a possible spin-off and listing.
Balancing Innovation and Regulation
The recent trademark filings suggest Ant is positioning itself strategically—staying compliant while keeping options open for future expansion. The company has also entered the consumer blockchain market with Topnod, a digital art platform that sold over 4,000 blockchain-certified artworks within three hours of launch in August.
Industry observers say security and yield remain major concerns for stablecoin adoption. According to Mitchell Amador, CEO of blockchain security firm Immunefi, “Unless we bring hack rates below 1%, stablecoins will remain unbankable.” Chainalysis estimates $40 billion in stablecoin-related illicit activity since 2022.
Colin Butler, Co-Founder of stablecoin issuer Mega Matrix, told CryptoNews that while the U.S. GENIUS Act limits direct yield payments to holders, it has “shifted where and how that yield is generated.” DeFi platforms now offer 4–5% returns, creating pressure on traditional banks to remain competitive.
Looking Ahead
Hong Kong’s stablecoin licensing regime has drawn worldwide interest, but regulators have warned that only a few licenses will be approved after extensive vetting.
For Ant Group, securing trademarks for crypto-related terms like “ANTCOIN” signals long-term interest in the sector. While its stablecoin ambitions remain on hold, the company’s ongoing blockchain development and international partnerships suggest it is preparing for a future where digital assets and payments increasingly converge.
