Jack Ma-backed Ant Group, an affiliate of China’s e-commerce giant Alibaba Group (NYSE:BABA), is working with Circle Internet Financial (NYSE:CRCL) to bring the USDC stablecoin to its blockchain platform, Bloomberg reported, citing people familiar with the matter.
Ant International, the company’s global arm, intends to adopt Circle’s USDC coin on its blockchain platform once the asset achieves regulatory compliance in the U.S., the sources said. A definitive timeline for the integration has not yet been finalized, they added.
Shares of Circle Internet Financial (NYSE:CRCL) rose 3.4% premarket on Thursday.
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