It seems the world of finance is not without its own peculiar dances, and Jack Ma’s Ant Group, ever the nimble dancer, is reportedly pirouetting with USDC issuer Circle to bring the stablecoin to its blockchain. According to a Bloomberg report, which, as always, cites anonymous sources, the plan is to incorporate USDC into Ant Group’s blockchain once the stablecoin has been deemed compliant in the United States. The timeline for this grand performance, however, remains shrouded in mystery, much like the plot of a poorly written novel.
The news comes on the heels of Circle’s application to establish a national trust bank in the US, a move that would see the firm overseeing the USDC reserve on behalf of its US issuer. The US Senate, in a rare moment of clarity, passed the GENIUS Act, a stablecoin regulation bill, in mid-June, which promises to bring legal clarity to the world of stablecoin issuers. One can only hope it’s more entertaining than the average legal document.
Ant Group’s interest in stablecoins is nothing new. Earlier this month, the firm, in a move that could only be described as a strategic chess game, collaborated with Chinese e-commerce giant JD.com to lobby the People’s Bank of China (PBOC) to approve Chinese yuan-based stablecoins. It’s a move that suggests the future of finance might be more about digital tokens than physical cash, much to the chagrin of those who still enjoy the feel of paper money.
Circle, for its part, did not respond to a request for comment from CryptoMoon, a silence that speaks volumes in the world of finance, where the unspoken word often carries more weight than the spoken one.
Ant Group’s Blockchain Efforts
Ant Group, formerly known as Ant Financial and best known for operating the Alipay super-app, is the fintech affiliate of the e-commerce behemoth Alibaba, backed by the enigmatic Jack Ma. The firm, which processes more than $1 trillion annually in payments, now operates treasury, cross-border settlement, and tokenization services on its proprietary AntChain blockchain. It’s a technological marvel, or so they say, that promises to revolutionize the way we think about money, or at least how we spend it.
According to reports from last month, Ant International plans to apply for stablecoin issuer licenses in Singapore and Hong Kong, a move that suggests the firm is not content with just one dance partner. At the end of last year, layer-1 blockchain Sui and Ant Digital were reported to be working together to tokenize real-world assets, with a particular focus on assets in the environmental, social, and governance space. It’s a move that could make the world a better place, or at least make some people a lot of money.
Circle Keeps Growing
Circle, the company behind USDC, has been expanding its global presence amid increasing regulatory clarity. With the GENIUS Act making its way through Congress and the rival STABLE Act reportedly sidelined, Circle has launched several new initiatives, each more ambitious than the last.
On Tuesday, Circle partnered with major cryptocurrency exchange OKX to enhance liquidity for conversions of its USDC stablecoin to the US dollar, launching feeless conversions. It’s a move that could make the process of converting digital to physical currency as seamless as ordering a latte at Starbucks. Shares of Circle also became the largest weighting in VanEck’s digital asset corporate index in late June, a testament to the company’s growing influence in the digital asset space.
In mid-June, Coinbase Derivatives partnered with clearinghouse Nodal Clear to bring Circle’s USDC stablecoin into US futures markets as eligible collateral. It’s a move that could redefine the way we think about financial instruments, or at least make them a bit more digital.
Circle CEO Jeremy Allaire, never one to shy away from a bold statement, said last month that it won’t be long before stablecoins reach the level of developer attraction that the iPhone achieved. “The highest utility form of money ever created,” he proclaimed, a statement that, while perhaps a bit hyperbolic, is not without its merits. After all, in a world where the future is digital, stablecoins might just be the currency of choice.
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2025-07-10 17:10