Ant Group, the fintech powerhouse behind Alipay, has filed trademarks in Hong Kong this year for virtual assets, stablecoins, and blockchain, including “ANTCOIN.”
This, as many have speculated, is a signal to potential expansion into Web3 despite Beijing’s recent regulatory warnings that forced the company to pause its stablecoin issuance plans.
The trademark applications come as Chinese technology firms race to secure intellectual property in the digital asset space, even with tightening regulatory oversight.
Hong Kong Stablecoin Ambitions in Limbo
Ant Group’s trademark moves follow a dramatic reversal in its stablecoin strategy earlier this year.
In June, the company announced plans to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg once Hong Kong’s new regulatory framework took effect in August.
JD.com similarly pursued offshore yuan-oriented stablecoins through Hong Kong’s pilot program for fiat-backed tokens.
However, officials at the People’s Bank of China and the Cyberspace Administration of China instructed both firms to pause or abandon their stablecoin initiatives by mid-October.
Regulators expressed concern that large tech firms issuing currency-like tokens could undermine the central bank’s monetary authority, insisting that the right to issue money must remain exclusively with the state, not private companies.
Former PBoC governor Zhou Xiaochuan reinforced the cautious stance at a closed-door forum in late August, warning that “stablecoins could easily become vehicles for speculation or fraud,” while questioning their value for everyday retail payments.
Blockchain Becomes Cornerstone of International Strategy
Despite regulatory setbacks at home, Ant has aggressively expanded its blockchain infrastructure globally.
The company’s Whale blockchain processed roughly one-third of the over $1 trillion in transactions handled by its global payments platform last year.
In July, Ant partnered with Circle Financial to integrate USDC onto its blockchain platform, aiming to enhance cross-border payment efficiency for its merchant network.
Ant Digital, the company’s blockchain arm, has pioneered the tokenization of real-world assets in China’s renewable energy sector.
The unit has connected over 60 billion yuan worth of energy-related assets to AntChain, helping companies like Longshine Technology Group and GCL Energy Technology raise hundreds of millions of yuan by offering digital tokens representing fractional ownership in charging stations and solar installations.
Executives are now considering extending this approach to offshore exchanges to create liquidity for the tokens, pending regulatory clearance.
The company’s overseas arm reported close to $3 billion in revenue in 2024, posting profits for two consecutive years and establishing an independent board to prepare for a potential spin-off and listing.
Digital Innovation and Regulatory Reality
Ant’s trademark filings suggest the company is hedging its bets, playing within the rules and outside them.
The company has also launched consumer-facing blockchain applications.
One of them is Topnod, a digital art platform where 4,088 blockchain-verified artworks priced between 8 and 28 yuan were sold within three hours of launch in August.
Security concerns remain a critical challenge for stablecoin adoption at scale.
“Unless we bring hack rates below 1%, stablecoins will remain unbankable, and we’ll be subsidizing cybercrime for decades,” says Mitchell Amador, CEO of blockchain security provider Immunefi, noting that losses currently account for 3.6–4% of total value locked in onchain finance.
Chainalysis reports $40 billion in stablecoin-related illicit activity since 2022, showing infrastructure vulnerabilities even as legislative frameworks like the GENIUS and CLARITY Acts provide regulatory pathways.
Source: Chainalysis
Yield is another major regulatory concern, which remains the biggest fear for banks that stablecoins might reduce people’s reliance on them.
Speaking with cryptonews, Colin Butler, Co-Founder of stablecoin DAT company Mega Matrix, explains how yield dynamics have shifted post-regulation.
He explained that “the GENIUS Act created an important regulatory framework by prohibiting stablecoin issuers from directly paying yield to holders. It certainly hasn’t eliminated yield opportunities, but shifted where and how that yield is generated and distributed.”
He notes that crypto exchanges and DeFi platforms now offer competitive yields of 4-5% or higher through promotional rewards and lending mechanisms.
“When consumers can access 4-5% yields on stablecoin deposits versus near-zero on traditional savings accounts, banks will need to either improve their offerings or accept deposit migration,” he noted.
Notably, Hong Kong’s stablecoin licensing regime has attracted global interest, though authorities have cautioned that only a few licenses will be approved initially after rigorous scrutiny.
Ant’s trademark applications keep the door open for participation should regulatory winds shift, while the company continues building its global blockchain infrastructure.
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