Ant International eyes $61B USDC deal pending US approval

Ant International, the cross-border unit of Jack Ma’s Ant Group, is preparing to integrate the USDC (CRYPTO:USDC) stablecoin into its proprietary blockchain, AntChain, pending regulatory approval in the United States.

The partnership with Circle would provide Ant International direct access to USDC, the world’s second-largest dollar-pegged stablecoin, as it expands treasury and settlement services for merchants and banks.

AntChain, launched in July 2020, already supports tokenised deposits and digital assets issued by over 10 global lenders including HSBC, JPMorgan, and Standard Chartered.

The integration depends on Circle completing its U.S. compliance roadmap, which includes full adherence to the stablecoin bill recently passed by the U.S. Senate.

Stablecoins pegged 1-for-1 to the US dollar currently represent about $250 billion in circulation.

According to former Treasury Secretary Scott Bessent, this figure could rise to over $2 trillion by 2028 if relevant laws are enacted.

Ant International’s Alipay+ network serves Alibaba marketplaces and external clients, and the stablecoin move signals a push toward regulated crypto payment rails.

The unit is reportedly seeking stablecoin licences in Hong Kong, Singapore, and Luxembourg ahead of a potential initial public offering (IPO) valued between $8 billion and $24 billion.

Circle, which went public in June, promotes USDC as a tool for instant settlement among banks and corporates.

The company has expanded USDC’s distribution this year through partnerships with providers like OKX and Stripe and is applying for a U.S. national bank licence.

USDC’s supply currently stands at about $61 billion, second only to Tether’s USDT, according to The Block’s data.

A successful integration with Ant International would extend USDC’s reach to millions of merchants and consumers transacting in over 15 currencies across Ant’s network.

At the time of reporting, USDC price was $0.9999