The crypto industry is now more than Bitcoin and altcoins. The space is now cumulatively witnessing more stablecoin growth, due to their non-volatile nature and stable regulation. Amid the increasing number of stablecoin adoption and integration, Ant Group, backed by Jack Ma, the founder of Alibaba, is reportedly integrating Circle’s USDC stablecoin to its proprietary blockchain. Ant Group, a Chinese fintech firm behind the digital payment platform Alipay, partnered with the stablecoin issuer to expand its territory in the digital currency landscape. However, the integration will successfully happen only after receiving a green signal from the US regulatory authorities.
What’s behind Ant Group’s move to support Circle’s USDC?
The fintech giant is already stretching its hands to explore the digital asset industry, adding several other digital currencies besides stablecoins. According to reports, the company’s broader vision eyes to build a platform that supports digital currencies. Who does not like to hold on to regulated assets to gain more investor confidence? When there is a crypto-supportive government, chances are high that it will embrace firm regulations promising clarity over cryptocurrencies.
Last month, the US Senate passed the GENIUS Act, solely meant for regulating dollar-pegged digital tokens. The New York City-based Circle’s USDC is one of the prominent regulated stablecoins that would enable private institutions or common investors to leap into investing in the coin.
Reading all these facts together points out the reason why Ant Group is leading the charge by integrating USDC to its blockchain infrastructure. Its blockchain has processed $1 trillion in annual transactions, and one-third of the transactions were routed through its proprietary blockchain — privately owned and operated by Ant Group.
Not Ant Group’s first step into digital currencies
Jack Ma-backed Ant Group has already grabbed digital assets, like tokenized assets/deposits, from several financial institutions, including major banks: JPMorgan, Standard Chartered, and HSBC. The firm also actively supports Central Bank Digital Currency (CBDC), the digital yuan, while enabling tokenized environmental and renewable-energy assets in partnership with the Sui blockchain.
