Ant Group, the Chinese payments giant behind Alipay, is set to adopt Circle’s USDC stablecoin on its blockchain platform, Bloomberg reports. With 1.6 billion users, Alipay is the world’s largest mobile payments platform. The integration timeline depends on USDC achieving full compliance in the U.S. following the GENIUS Act’s passage. Ant is also considering launching its own stablecoins, including a Hong Kong dollar-backed version, pending regulatory approvals. The firm’s initial focus will be on improving global payments efficiency rather than crypto transactions. Meanwhile, Circle’s valuation has surged to $46 billion after the GENIUS Act’s approval, marking a significant milestone for stablecoins in the U.S.
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JD.com Launches Stablecoin to Cut Cross-Border Costs by 90%
JD.com is rolling out a Hong Kong dollar-backed stablecoin by 2025, aiming to reduce cross-border payment fees by 90% and cut settlement times to under 10 seconds. Leveraging its blockchain infrastructure, Zhizhen Chain, the company plans to expand to other global currencies and integrate the tech into its platform for 600 million users. Meanwhile, Hong Kong’s new Stablecoin Ordinance and the U.S. GENIUS Act highlight growing regulatory clarity, with the stablecoin market projected to hit $1 trillion by 2030.
read moreHong Kong Passes Landmark Stablecoin Regulation Bill
Hong Kong’s Legislative Council has passed a landmark bill to regulate fiat-backed stablecoins, with the law expected to take effect by the end of 2025. The new framework, overseen by the Hong Kong Monetary Authority (HKMA), introduces a licensing regime requiring issuers to meet stringent standards, including asset segregation, redemption guarantees, and compliance with anti-money laundering laws. The move aims to boost confidence in the city’s virtual asset ecosystem while positioning Hong Kong as a leader in Web3 development. Only licensed entities will be permitted to issue or promote stablecoins tied to the Hong Kong dollar, regardless of their location. Officials emphasize that the law aligns with global regulatory standards and will foster long-term industry growth.
read moreAnimoca Brands Reports 12 Percent Revenue Growth and Cost Reductions in 2024
Animoca Brands reported $314 million in bookings for 2024, a 12% increase from the previous year, driven by significant growth in its Digital Asset Advisory business, which saw a 116% rise. The company also reduced operating expenses by 12% to $217 million, leveraging optimization initiatives and AI tools. Co-founder Yat Siu highlighted ongoing innovation and a focus on new growth areas, anticipating continued expansion through 2025 despite potential economic risks.
read moreHong Kong’s 50 Richest 2025 Wealth Growth Amid Property Challenges
Hong Kong’s 50 richest saw their collective net worth rise to $301 billion in 2025, driven by a stock market rally despite ongoing property market challenges. Li Ka-shing retained the top spot with $37.3 billion, while newcomers Francis Lui and Yang Qiumei joined the list amid significant shifts in wealth among established tycoons. The cutoff for inclusion increased to $1.4 billion, reflecting the evolving economic landscape.
read moreCryptocurrency Markets Plunge as Bitcoin Falls Below Ninety Thousand Dollars
Bitcoin fell below $90,000 for the first time since November, dropping to around $86,000 amid renewed geopolitical risks and investor concerns over President Trump’s trade policies. Other cryptocurrencies, including Ether and XRP, also experienced significant declines. Meanwhile, the Hang Seng Tech Index showed volatility as mainland investors increased their stakes in Chinese tech, despite fears of tighter scrutiny on US-listed Chinese companies.
read moreMarket Volatility as Tariff Concerns Weigh on Tech and Crypto Stocks
Hong Kong stocks saw a significant influx of investment, totaling HK$8.9 billion, as mainland investors capitalized on opportunities amid geopolitical tensions stemming from President Trump’s renewed tariff threats and investment restrictions with China. Meanwhile, Bitcoin fell below $90,000, marking its lowest level since November, influenced by Trump’s policies and recent industry setbacks, while Chinese tech stocks experienced volatility but ultimately rebounded as investors focused on AI growth potential.
read moreStandard Chartered and Partners Launch Hong Kong Dollar Pegged Stablecoin Initiative
Standard Chartered Bank Hong Kong, Animoca Brands, and HKT have formed a joint venture to issue a Hong Kong dollar-backed stablecoin, aiming to enhance financial market development and payments while complying with the HKMA’s regulatory framework. This initiative supports Hong Kong’s goal of becoming a global digital assets hub and includes plans to explore Bitcoin as a strategic asset for fiscal reserves, potentially attracting talent and boosting the local crypto industry.
read moreUS stocks mixed as tariffs and Fed minutes influence market sentiment
U.S. stocks showed mixed results as investors reacted to President Trump’s proposed 25% tariffs on autos, semiconductors, and pharmaceuticals, while awaiting insights from the Federal Reserve’s January meeting minutes. The S&P 500 edged up slightly, maintaining its recent record high, while the Dow fell 0.3%. In Asia, markets fluctuated amid concerns over the impact of tariffs and a significant rally in Chinese stocks, driven by government support for the tech sector.
read moreUS stocks decline amid tariff threats and Fed minutes anticipation
HSBC reported a profit before tax of $32.3 billion for 2024, slightly below analyst estimates. The bank announced a $2 billion share buyback and aims for $300 million in cost reductions by 2025, targeting a mid-teens return on tangible equity from 2025 to 2027 amid uncertain interest rates.In the U.S., stocks opened lower as investors reacted to President Trump’s proposed 25% tariffs on autos, semiconductors, and pharmaceuticals, while awaiting insights from the Federal Reserve’s January meeting. The S&P 500 and Nasdaq fell approximately 2%, reflecting cautious sentiment in the market.
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