Ant Digital promotes blockchain platform as Hong Kong implements stablecoin law

Ant Digital Technologies, an affiliate of Chinese fintech giant Ant Group, is promoting its blockchain platform for asset tokenisation in Hong Kong, a week after the city’s stablecoin law came into effect.

Ant is positioning itself as a “portal” that connects Web2 and Web3, “providing more credible assets to Web3 and more compliant capital to Web2”, Bian Zhuoqun, vice-president of Ant Group and president of blockchain business at Ant Digital, said at an event in Hong Kong on Thursday.

The company aimed to offer blockchain technology for the tokenisation of real-world assets (RWA), Bian said. Tokenisation of RWA, which refers to the process of putting representations of traditional assets on a blockchain and allowing them to be more easily traded, is a major focus of Hong Kong’s push to become a digital-asset hub.

Ant Digital in April announced Jovay, a “completely self-developed” Layer 2 public blockchain that does not issue cryptocurrencies, Bian said. Jovay was specifically built for RWA transactions in overseas markets, Ant Digital said in a blog post then.