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Ant Group, the Chinese fintech giant behind Alipay, has filed multiple trademarks in Hong Kong covering virtual assets, stablecoins, and blockchain technology—including one named ‘ANTCOIN’—just months after Chinese regulators forced the company to abandon plans to issue stablecoins in the territory.
The trademark applications, filed in 2025, suggest Ant is preserving its option to enter the digital asset space should Beijing’s regulatory stance soften, even as the company expands its blockchain infrastructure internationally to process over $1 trillion in annual transactions.
Ant’s trademark moves follow a dramatic reversal in its stablecoin strategy earlier this year.
In June, the company announced plans to apply for stablecoin licences 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 programme for fiat backed tokens.
However, by mid-October officials from the People’s Bank of China and the Cyberspace Administration of China directed both firms to halt or abandon their stablecoin initiatives.
Regulators voiced concerns that allowing major tech companies to issue currency like tokens could erode the central bank’s monetary authority emphasizing that the power to issue money must remain solely with the state not private entities.
Former PBOC governor Zhou Xiaochuan reinforced the cautious stance at a closed door forum in late August, warning that
Stablecoins could easily become instruments for speculation or fraud raising doubts about their usefulness for everyday retail payments.
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 into its blockchain platform aiming to improve cross-border payment efficiency across its merchant network.
Ant Digital, the company’s blockchain arm, has pioneered the tokenisation 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 Inc. raise hundreds of millions of yuan by offering digital tokens representing fractional ownership in charging stations and solar installations.
Executives are now exploring ways to expand this strategy to offshore exchanges in order to generate liquidity for the tokens while awaiting regulatory approval.
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.
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 hack rates drop below 1%, stablecoins will struggle to gain mainstream trust, effectively keeping them unbankable and fueling cybercrime for years to come.” says Mitchell Amador, CEO of blockchain security provider Immunefi, noting that losses currently account for 3.6%–4% of total value locked in on chain 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.
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 company Mega Matrix explains how yield dynamics have shifted post regulation.
He explained that the GENIUS Act established a key regulatory framework that prohibits stablecoin issuers from directly paying yield to holders. While it hasn’t eliminated yield opportunities, it has reshaped 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.
“With stablecoin deposits offering 4%–5% yields against minimal returns on conventional savings accounts, banks face mounting pressure to innovate or accept a steady outflow of customer deposits.” he noted.
Notably, Hong Kong’s stablecoin licensing regime has attracted global interest though authorities have cautioned that only a few licences 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.
Meanwhile, the backdrop of the Changpeng Zhao (CZ) pardon in the U.S. adds another layer to the global crypto landscape: as one of the industry’s most influential figures receives clemency, companies like Ant are watching how regulation, political intervention and crypto strategy intersect.
