Ant Group (Alibaba's Fintech Arm) Launches $HKDA, the First Regulated Stablecoin Under Hong Kong's New Crypto Law
This marks a bold step into the world of regulated Web3 finance by one of China's most influential tech empires.
Backed 1:1 by the Hong Kong Dollar, $HKDA is designed to offer the safety of traditional finance with the speed and programmability of blockchain.
Issued under strict supervision by the Hong Kong Monetary Authority (HKMA), $HKDA is: Fully collateralized by HKD-denominated liquid assets
Audited and transparent with public reserve reporting
Compliant with a government-grade regulatory framework
Ready for integration into cross-border payments, DeFi, and digital commerce
'$HKDA represents a new era for digital money in Asia,' said a representative from Ant Digital Technologies, the blockchain arm of Ant Group. 'It combines the credibility of Hong Kong regulation with the global reach of Ant's financial network.'
The launch coincides with the full enactment of Hong Kong's Stablecoins Ordinance, a world-leading regulatory framework for fiat-backed stablecoins. It establishes clear licensing rules, mandatory reserve backing, and disclosure standards aimed at ending the era of opaque offshore stablecoins.
Ant Group is the first major institution to be granted approval under this new regime — a significant vote of confidence in Hong Kong's role as a trusted crypto-finance hub.
Often referred to as Alibaba's mother company in financial services, Ant Group controls the infrastructure behind Alipay, used by over 1 billion users worldwide. With $HKDA, it's now expanding its reach from digital payments into regulated digital assets — making it one of the first tech giants to go fully compliant in the stablecoin space.
Insiders suggest that $HKDA may be embedded into: Alipay's payment network
Cross-border trade platforms
Institutional DeFi tools
Tokenized finance infrastructure in Southeast Asia
Industry analysts view the launch of $HKDA as a bullish validation of stablecoins with real regulatory backing. Compared to offshore options like USDT or USDC, $HKDA benefits from local compliance, government oversight, and the backing of one of China's most powerful tech-finance alliances.
'This is the blueprint for how stablecoins should work,' noted a Hong Kong-based Web3 venture capitalist. 'It's only a matter of time before regional exchanges, banks, and payment platforms adopt $HKDA as a standard.'
With $HKDA live and more applicants lining up for licenses under Hong Kong's Stablecoins Ordinance, the city is rapidly positioning itself as the global capital of compliant crypto.
Ant Group's early entry not only demonstrates confidence in the new rules — it lays the foundation for Asia's regulated financial internet.
Ant Group is the financial technology affiliate of Alibaba Group, best known for operating Alipay, one of the world's largest mobile payment platforms. With a mission to make finance more inclusive and transparent, Ant Group leads in innovations across blockchain, AI, and digital infrastructure. The launch of $HKDA marks its entry into regulated stablecoins and compliant Web3 finance.
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If AB 470 passes, the California Public Utilities Commission would have to adopt a map designating well-served areas by Dec. 15, 2026. But TURN's Costa argues federal government maps to be used in creating the commission's map show areas where cable and wireless broadband are present, but millions of Californians there lack broadband and reliable cell service. Companies will not be required to provide service to every home, Costa said. A requirement for backup power for cellular or cable-based phone services applies only to fire-risk areas, despite California's history with floods and earthquakes, and loopholes mean many locations could still lose phone service during power outages, Costa said. Customers losing landlines could face higher costs from purveyors of alternative services, according to a report last month to the state Senate's committee on energy, utilities and communications. 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