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Ant Digital Technologies, the digital technology subsidiary of Chinese mainland fintech giant Ant Group, has commenced the application process for a stablecoin issuer license in Hong Kong.

Bian Zhuoqun, vice-president of Ant Group and president of blockchain business at Ant Digital Technologies, said the company has already held multiple rounds of discussions with regulators of Hong Kong, emphasizing that stablecoins, serving as a bridge between traditional finance and tokenized assets, hold significant market potential.

"Their core value lies in expanding application scenarios and ensuring compliance," Bian said.

Notably, Ant Digital Technologies has designated Hong Kong as its international headquarters this year and has completed the pioneering trials in the government-backed stablecoin sandbox of Project Ensemble.

Bian said the company is committed to building a stablecoin-based digital trading ecosystem, and driving the development of technology-centric new asset categories by leveraging its industrial and technological expertise.

By providing secure, reliable and compliant infrastructure, Ant Digital Technologies hopes to create more markets for stablecoin transactions and enhance trading efficiency and liquidity, Bian added.

The move came after the Legislative Council of the Hong Kong Special Administrative Region passed the Stablecoins Bill in late May, formulating a licensing regime for fiat-referenced stablecoins issuers in Hong Kong.

Ant International, the overseas arm of Ant Group, said on Thursday that it will apply for the issuer license of fiat-referenced stablecoins in Hong Kong when the city's Stablecoins Ordinance comes into effect on Aug 1.

Stablecoins are a type of cryptocurrency utilizing blockchain technology, and pegged to fiat currencies or other assets at a designated exchange rate to maintain a stable value. Fiat-referenced stablecoins are backed by fiat currencies that are government-issued money not backed by a physical asset such as gold.