Stablecoins: An Extension of Ant Group's Payment Empire? In mainland China, Ant Group's Alipay has captured a significant share of the payment market. This time, leveraging Ant's digital technology, it is venturing into the stablecoin sector with the aim of creating "Alipay on the blockchain." As the main force supporting Ant's accumulation in the payment and blockchain fields, Ant Digital Technology not only provides digital solutions for global enterprises but is also actively applying for stablecoin issuance licenses in Hong Kong and Singapore. 1⃣ In June this year, Bian Zhuoqun, President of Ant Digital Technology's blockchain business, publicly stated that the application for a stablecoin license in Hong Kong has been initiated, and there have been multiple communications with regulatory authorities. At the same time, Ant has designated Hong Kong as its global headquarters and completed regulatory sandbox testing. Hong Kong's position in its RWA, Web3, and stablecoin strategy is increasingly rising. 2⃣ The "Green Energy Exchange" RWA project launched by Ant Digital Technology in collaboration with Conflux and dForce uses USDT as a settlement tool, highlighting the application potential of stablecoins in industrial scenarios. Ant Digital Technology has established a joint venture called "Ant Xinneng" with Xiexin Energy, focusing on the integration of green energy and blockchain scenarios. Additionally, Ant Digital Technology has launched a Layer 2 blockchain called Jovay, specifically designed for RWA transactions, supporting 100,000 TPS and 100 milliseconds response time, integrating the open-source virtual machine DTVM, and compatible with the Ethereum ecosystem, reducing cross-platform barriers for developers. 3⃣ From the "Green Energy Exchange" RWA pilot to the establishment of "Ant Xinneng" with Xiexin, and then to the launch of the high-performance blockchain Layer 2 platform "Jovay" aimed at overseas markets in Dubai, Ant Digital Technology's strategic layout is very clear: building practical use cases around stablecoins and providing compliant and secure infrastructure to support industrial-level applications. 4⃣ It is worth noting that Jovay not only achieves 100,000 TPS and 100ms response speed but also features the open-source virtual machine DTVM, is compatible with Ethereum, and supports the large model development framework SmartCogent, specifically designed for RWA scenarios. Against the backdrop of increasing global demand for high-performance chains and trusted asset trading infrastructure, this move by Ant is undoubtedly a step towards "positioning for the future." 5⃣ Furthermore, in April 2025, Ant invested 2.8 billion HKD to acquire a 50.55% stake in Yao Cai Securities, indirectly obtaining a Hong Kong brokerage license. If Yao Cai obtains the first license in the future, it may become one of the main distribution channels for Ant's stablecoins. It is noteworthy for the crypto community that this could signify the formation of a "stablecoin ecological closed loop" encompassing the entire chain of issuance, compliance, trading, and scenarios. Conclusion: From the national-level success of Alipay to the global ambitions of stablecoins, Ant Group is leveraging the momentum of blockchain to seek a new round of upgrades for its payment empire. Relying on Hong Kong's compliant environment, the technical performance of the Jovay chain, and the support of financial resources like Yao Cai Securities, Ant Group is accelerating the implementation of the "stablecoin + RWA" ecosystem. Can it achieve a technological breakthrough on this new track and become a key player connecting traditional finance and the crypto world? It is worth our attention.