Various media houses reported on Thursday that Ant Group has teamed up with Circle to expand the USDC stablecoin to AntChain. However, Ant Group has denied the reports and clarified on Friday that the company has no such partnership in plans.
Ant International, backed by Jack Ma’s Alibaba Group, refuted the claims through a statement to China Daily and added that all the claims without an official statement from the company will be inaccurate.
The Fake News Emerged From Insider Sources
Bloomberg, one of the well-known media companies that published the fake news, pointed to sources as people who are closer to the company. According to the so-called people, Ant Group’s global unit plans to incorporate Circle’s USDC coin on its blockchain platform after the asset becomes compliant in the US.
The people also added that the matter is private so far, and the exact timeline of the integration is not yet finalised. Following the Bloomberg report, various sources started publishing the news, making it a trending topic discussed by many.
Hong Kong Stablecoin Licenses Applied by 40+ Companies
While the exact reason for the budding of such fake news is not known, it comes amidst the preparation of the Hong Kong administration to issue licenses to the stablecoin issuers. The latest data indicate that more than 40 companies have applied for stablecoin licenses, including the Ant Group and Circle, along with JD.com and Standard Chartered.
Both the Circle and Ant Group have applied for the license separately. The stablecoin bill has already been approved by the Hong Kong government, and the license issuance will commence on August 1st, 2025.
Stablecoin Momentum Ignites Bullish Trend in Crypto-Related Stocks
Crypto stocks in Hong Kong are on the rise primarily due to the announcement of stablecoin issuance. On Tuesday, shares of Guotai Junan witnessed a 16% increase while OSL’s stock jumped 12%. The shares of Dmall Inc. also exhibited an 8.9% increase.
About Ant Group
Founded on 16th October 2014, Ant Group is an affiliate company of Alibaba Group. The world’s largest digital payment platform, Alipay, is owned by Ant Group, and as of 2024, the company is the sixth-largest fintech company in the world.
About Circle
Launched in October 2013, Circle is a blockchain-based payments technology company that issues the stablecoin USDC, which is pegged on a 1:1 ratio to the U.S. dollar. Founded by Jeremy Allaire and Sean Neville, it is headquartered in New York City.
