Ant Group, the financial technology giant and operator of Alipay, is aggressively signaling its long-term Web3 expansion plans by filing multiple trademarks in Hong Kong this year related to virtual assets, stablecoins, and blockchain, including a notable filing for “ANTCOIN.”
Regulatory Headwinds for Stablecoins
Ant Group’s proactive trademark strategy comes despite a direct regulatory intervention from Beijing earlier this year. The company, along with JD.com, was instructed by officials from the People’s Bank of China (PBoC) and the Cyberspace Administration of China to pause or abandon its stablecoin issuance plans by mid-October.
- The Regulatory Concern: Chinese regulators view large private technology firms issuing currency-like tokens as a threat to the central bank’s monetary authority, asserting that the exclusive right to issue money must remain with the state.
- Expert Caution: Former PBoC governor Zhou Xiaochuan reinforced this cautious stance, warning that “stablecoins could easily become vehicles for speculation or fraud.”
These warnings forced Ant to reverse course on its earlier plan (announced in June) to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg as soon as Hong Kong’s new framework took effect.
Global Blockchain Expansion is Ant’s Cornerstone
Despite domestic regulatory friction, Ant Group is heavily investing in global blockchain infrastructure:
- AntChain’s Scale: The company’s Whale blockchain infrastructure processed approximately one-third of the over $1 trillion in transactions handled by its global payments platform last year.
- USDC Integration: In July, Ant partnered with Circle Financial to integrate USDC onto its blockchain platform to improve cross-border payment efficiency for its merchant network.
- Real-World Asset (RWA) Tokenization: Ant Digital has successfully tokenized over 60 billion yuan worth of renewable energy assets in China, helping energy firms raise hundreds of millions of yuan. The company is now exploring extending this RWA tokenization to offshore exchanges for liquidity.
- Overseas Growth: Ant’s overseas arm reported close to $3 billion in revenue in 2024 and is positioning itself for a potential spin-off and listing.
The Regulatory Landscape and Yield Concerns
Ant’s trademark filings suggest a move to keep its options open while it continues to build. The company has also launched successful consumer-facing apps, such as Topnod, a digital art platform that sold 4,088 blockchain-verified artworks within three hours.
However, challenges remain:
- Security Risk: Blockchain security provider Immunefi notes that current on-chain finance losses due to hacks account for 3.6–4% of total value locked, which is far too high for widespread bank adoption. Chainalysis reports $40 billion in stablecoin-related illicit activity since 2022.
- Yield Competition: Stablecoin yield is a major concern for traditional banks. While the GENIUS Act prohibits stablecoin issuers from paying yield directly, crypto exchanges and DeFi platforms continue to offer competitive yields of 4–5% or higher, pressuring banks to innovate to prevent deposit migration.
Ant Group’s efforts show a strategic effort to capture the Web3 opportunity globally, even as it navigates a strict and uncertain regulatory environment at home.
October 2025, Cryptoniteuae
