AsianFin -- Ant International said it intends to submit an application for a stablecoin license in Hong Kong once the regulatory pathway officially opens, following the passage of the city’s Stablecoin Bill.

In a statement on Wednesday, the Alibaba affiliate said it is “accelerating investment and expanding cooperation in global treasury management,” and is committed to applying its AI, blockchain, and stablecoin innovations to “real, reliable, and large-scale use cases.”

“We welcome the Hong Kong Legislative Council’s passage of the Stablecoin Bill,” the company said. “Once the new law comes into effect on August 1 and the relevant application channels are open, we will promptly submit our application, hoping to contribute more to Hong Kong’s development as a future international financial center.”

The comment follows media reports that Ant International is preparing to apply for stablecoin licenses in both Hong Kong and Singapore.