According to a report released by Bloomberg on Thursday, citing anonymous sources, Ant Group, supported by Jack Ma, is collaborating with Circle, the issuer of USDC, to plan the introduction of this stablecoin into its blockchain.
The report mentions that Ant Group plans to integrate USDC into its own blockchain after it obtains compliance status in the United States. The specific timeline for this integration has not yet been determined.
This news follows recent developments where Circle has applied to establish a national trust bank in the United States, which will oversee the company's USDC reserves and other operations on behalf of its U.S. issuer. In mid-June, the U.S. Senate also passed the GENIUS Act, a stablecoin regulatory bill that will provide a clear legal framework for stablecoin issuers.
Ant Group has long shown interest in stablecoins. Earlier this month, the company collaborated with Chinese e-commerce giant JD.com to propose to the People's Bank of China (PBOC) the approval of a stablecoin based on the Chinese yuan.
Circle did not respond to Cointelegraph's request for comment.
Ant Group, formerly known as Ant Financial and renowned for operating the Alipay super app, is the fintech affiliate of Alibaba, the e-commerce giant supported by Jack Ma. The company processes over $1 trillion in payments annually and currently operates financial, cross-border settlement, and tokenization services on its proprietary AntChain blockchain.
According to reports last month, Ant International plans to apply for a stablecoin issuer license in Singapore and Hong Kong. At the end of last year, Layer 1 blockchain Sui and Ant Digital were reportedly collaborating to advance the tokenization of real assets, focusing on assets in the environmental, social, and governance sectors.
As the regulatory environment becomes increasingly clear, Circle continues to expand its global influence. With the GENIUS Act progressing in Congress and the competing STABLE Act reportedly being shelved, the company has launched several new initiatives.
On Tuesday, Circle partnered with major cryptocurrency exchange OKX to enhance the liquidity of its USDC stablecoin conversion to U.S. dollars by launching a free conversion feature. By the end of June, Circle's stock also became the largest weighted component in the VanEck Digital Assets Business Index.
In mid-June, Coinbase derivatives partnered with clearinghouse Nodal Clear to introduce Circle's USDC stablecoin as eligible collateral in the U.S. futures market.
Circle CEO Jeremy Allaire stated last month that stablecoins will soon reach the level of developer appeal that the iPhone once achieved. He referred to stablecoins as "the most efficient form of currency ever created."
Related: Australia to test central bank digital currency (CBDC) and stablecoins in the next phase of its cryptocurrency program
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