Jack Ma-Backed Ant Group Teams Up With Circle to Integrate USDC: Report

Jack Ma-backed Ant Group is reportedly partnering with stablecoin issuer Circle Financial to bring USDC onto its blockchain platform.

The move signals a deepening push by the Chinese fintech giant to expand its global footprint in digital currencies. Cirlce’s shares are up 3.8% in the pre market.

Ant International, the company’s overseas unit, is expected to adopt USDC once the stablecoin clears US compliance requirements, Bloomberg reported Thursday. The timeline for the integration has yet to be finalized.

However, Ant disputed the Bloomberg report, stating it was incorrect and that no such plans are in place at the moment.

Jack Ma-backed Ant is working with Circle to adopt its stablecoin on the Chinese fintech company’s blockchain platform, sources say https://t.co/Us29RYovmO

The reported collaboration comes at a time when stablecoins are gaining greater institutional traction. In June, the US Senate passed the GENIUS Act, the first major legislation aimed at regulating dollar-pegged digital tokens.

Circle, one of the few public firms that issues its own stablecoin, has been a key beneficiary of the regulatory clarity. The company also announced plans to roll out a global payments network for banks and financial institutions to use USDC in cross-border settlements.

For Ant, the partnership marks a step toward bringing more regulated tokens onto its blockchain infrastructure. The company is also looking to support other digital currencies, including central bank digital currencies and tokenized bank deposits. These technologies now underpin a growing share of Ant’s global treasury and cross-border services.

Ant reportedly processed over $1t in global transactions last year, with roughly one-third handled on its blockchain. The company is also preparing to apply for stablecoin-related licenses in Hong Kong, Singapore and Luxembourg as it aligns its operations with emerging regulatory regimes.

The broader push comes after a prolonged regulatory crackdown. That pressure forced Ant to overhaul its business following the suspension of its record-breaking IPO in 2020. Since then, the company has turned its focus toward new growth opportunities beyond mainland China.

Its international unit, which brought in nearly $3b in revenue in 2024, is now being positioned for a spinoff and eventual public listing. Bloomberg Intelligence estimates the IPO could value the unit at between $8b and $24b.

As regulators tighten their grip on stablecoins, Ant’s push to adopt USDC looks like a smart play to get ahead. With about $250b already in circulation, there’s a growing need for trusted names and smooth cross-border systems, and Ant seems keen to be one of them.

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