Ant International, the global arm of Chinese tech firm Ant Group, is evaluating the possibility of applying for stablecoin licenses in several countries, according to comments made during the Reuters Next Conference in Singapore.
Kelvin Li, who leads platform technology at Ant International, explained to Reuters that the company is not looking to support cryptocurrency trading.
Instead, it sees stablecoins as a way to streamline international payments and enhance the user experience.
Stablecoins are digital currencies typically linked to traditional fiat currencies, such as the US dollar, to help maintain price stability.
Though they are often used by crypto traders for shifting between assets, their utility in fast and low-cost cross-border payments is drawing growing interest from financial technology providers.
Based in Singapore, Ant International is expanding its footprint beyond China and views improvements in global payment systems as a key part of that strategy.
Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik
