Tech giants compete for dominance in the stablecoin market, with Ant Group leading the new wave

With the new regulations for stablecoins in Hong Kong about to be implemented, a new battlefield in the global payment sector is officially unfolding. Tech giants are entering the fray, eager not to miss this critical opportunity.

Recently, a large technology group announced plans to apply for a stablecoin issuer license as soon as the policy takes effect, while also advancing compliance layouts in markets such as Singapore and Luxembourg. This move has attracted widespread attention from the market, marking the official start of a "giant competition" surrounding stablecoins.

The layout of stablecoins may open up a new blue ocean worth hundreds of billions of dollars.

On June 10, an internationally renowned bank announced a partnership with a technology group to explore cutting-edge areas such as tokenized deposits and stablecoin solutions. This multinational fintech collaboration became an important prelude to the technology group's stablecoin strategy.

Two days later, the technology group officially announced that it would apply for a Hong Kong stablecoin issuer license. The company stated that it is accelerating investments and expanding partnerships in global treasury management, and is investing in the real and reliable large-scale application of artificial intelligence, blockchain, and stablecoin innovations.

This move shows that the tech group has integrated stablecoin into the core of its global fintech strategy, intending to establish a "stable anchor point" covering cross-border capital flows. Following the news, related concept stocks collectively rose in the Hong Kong stock market, with some companies experiencing significant stock price increases.

It is worth noting that, according to authoritative media reports, the total amount of global funds processed by the technology group in 2024 exceeds $1 trillion, of which more than one-third is completed through its blockchain platform. A rough estimate suggests that, within the existing business system, the theoretical space for stablecoin trading volume could reach around $150 billion.

The Web3 Exploration Journey of Tech Giants

In fact, this tech giant has been exploring Web3 for nearly a decade. From establishing a blockchain team in 2015, to launching its first blockchain public welfare application in 2016, and then initiating a partnership program and opening its blockchain-as-a-service (BaaS) platform in 2018, the company has been steadily advancing its Web3 strategy.

Starting from 2019, its blockchain products accelerated their implementation, covering multiple fields such as supply chain finance, product traceability, copyright protection, and even connecting a cross-border blockchain remittance network. In 2020, the company officially upgraded its blockchain brand, with the daily on-chain transactions exceeding 100 million.

In the following years, the company continued to expand into areas such as NFTs and RWA (real-world assets), and launched a Web3 sub-brand aimed at overseas markets. In 2024, the company completed its restructuring and further clarified its development direction in the Web3 field.

In 2025, the company made breakthrough progress in areas such as Layer 2 blockchain and tokenized deposits, demonstrating its deep accumulation and forward-looking layout in the Web3 ecosystem.

Giants compete to lay out their strategies, competition in the stablecoin market intensifies

As Hong Kong launches the stablecoin sandbox test and clarifies the upcoming licensing system, a "race for licenses" among giants is quietly unfolding. In addition to the aforementioned tech giants, several well-known companies have also expressed their intention to participate in the issuance of stablecoins in Hong Kong.

Currently, at least five large institutions have become participants in the stablecoin issuer "sandbox", including a well-known e-commerce platform, several fintech companies, international banks, and telecom operators. In addition, leading companies in the blockchain field and publicly listed companies have also expressed their intention to explore the issuance of stablecoins in Hong Kong.

From the current competitive landscape, the Hong Kong stablecoin sector is gathering three main forces: traditional financial institutions view stablecoins as a testing ground for tokenized deposits and on-chain accounts; technology and e-commerce giants focus more on integrating stablecoins into their ecosystems to promote the application of cross-border payments and digital consumption scenarios; while Web3 native enterprises are attempting to leverage Hong Kong's policy window to create competitive on-chain stable assets.

With more and more giants entering the market, the maturity and innovation of the stablecoin ecosystem will drive the global payment system into a new era. This competition surrounding stablecoins not only demonstrates the keen insights of major institutions into global market dynamics but also indicates the future development direction of payments and capital flows.