Ant Group Files ‘AntCoin’ Amid Hong Kong’s New Stablecoin Licensing Push

• Ant Group filed a trademark for AntCoin in Hong Kong, hinting at plans to expand into stablecoins and blockchain-based financial services.
• The filing comes amid China’s crackdown on private token projects and Hong Kong’s push to attract regulated Web3 ventures.

Ant Group, the Alibaba-affiliated fintech firm behind Alipay, has filed a trademark application for “AntCoin” in Hong Kong, indicating a potential move into blockchain-based financial services. The filing, submitted in June 2025, spans a wide range of activities, including stablecoin issuance, digital asset custody, lending, and foreign exchange operations.

The timing of the application coincides with the attendance of Ant Group Chairman Eric Jing at the upcoming Hong Kong FinTech Week, where he will join other top financial figures, including Hong Kong’s Financial Services Secretary, Christopher Hui, and Primavera Capital’s Fred Hu. 

The AntCoin filing emphasizes Ant Group’s intention to bridge traditional and digital finance, potentially linking the existing Alipay network with blockchain-based payment systems. It also reinforces the company’s interest in Hong Kong’s new stablecoin licensing regime introduced in August 2025, which aims to bring regulatory clarity to fiat-backed digital currencies.

Regulatory Divide Between Hong Kong and Beijing

Ant Group’s recent action comes amid China’s crackdown on private digital currency projects. In early October, the People’s Bank of China and the Cyberspace Administration of China ordered Ant Group and JD.com to shut down their stablecoin programs in Hong Kong. The decision reflected Beijing’s efforts to safeguard monetary sovereignty and avert competition with the digital yuan (e-CNY).

While mainland regulators clamped down, Hong Kong continued advancing its pro-crypto agenda. The Hong Kong Monetary Authority (HKMA) has adopted stablecoin pilots and exchange licensing, making the city a testing ground for regulated digital finance within China. 

Analysts suggest that the AntCoin trademark could serve as a long-term placeholder, allowing Ant Group to retain naming rights as regulatory conditions evolve. Although the filing does not guarantee the launch of a stablecoin, it positions the company strategically should the market and rules align.

Ant Group’s Blockchain Evolution and Global Expansion

Ant Group has spent nearly a decade building its blockchain capabilities. Its AntChain platform, launched in 2016, supports enterprise applications in cross-border trade and supply chain finance. By 2025, the network had tokenized over $8.4 billion in renewable energy assets, supporting infrastructure for millions of users across Asia.

In 2023, Ant expanded into real-world asset tokenization with its ZAN suite, enabling financial institutions to issue and manage tokenized assets. The company also tested digital collectibles through Alipay, avoiding direct exposure to cryptocurrencies while promoting blockchain adoption at scale. Reports from June 2025, as cited by Bloomberg, indicated that Ant International sought stablecoin licenses in Singapore, Hong Kong, and Luxembourg. 

Beyond trademarks, Ant Group has launched several consumer-facing blockchain platforms. One notable example is Topnod, a digital art marketplace where 4,088 blockchain-certified artworks, priced between 8 and 28 yuan, sold out within three hours of their launch in August.

The company’s long-standing blockchain initiative, AntChain, continues to anchor its enterprise efforts, supporting cross-border trade and tokenization of real-world assets. As of 2025, AntChain has processed over $8.4 billion in tokenized renewable energy assets across Asia.

Chainalysis data further illustrates the scale of the issue, reporting more than $40 billion in illicit stablecoin transactions since 2022. Despite emerging legislative efforts, such as the GENIUS and CLARITY Acts, systemic vulnerabilities continue to threaten the reliability of stablecoins at scale.