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Jack Ma-Backed Ant Group to Integrate Circle's USDC Stablecoin, Report Says
Chinese fintech giant Ant Group is reportedly partnering with Circle Internet Group to integrate its USDC stablecoin into Ant’s blockchain platform.
A Strategic Move Amid China’s Stablecoin Push
Chinese fintech firm Ant Group is reportedly collaborating with global digital asset platform Circle Internet Group to incorporate its USDC stablecoin onto the Jack Ma–backed company’s blockchain platform. The move comes as Chinese tech giants privately urge officials to greenlight the development of yuan-based stablecoins.
According to a Bloomberg report citing anonymous sources, the fintech giant’s global unit, Ant International, plans to integrate Circle’s USDC after the dollar-pegged stablecoin becomes compliant in the United States. While no exact timeline has been determined, the partnership aligns with Ant International’s ambition to introduce more regulated cryptocurrencies and tokenized deposits onto its blockchain.
For Ant Group, the collaboration with Circle is especially notable in light of growing interest in stablecoins within China. Academics and tech firms have been lobbying authorities to okay the issuance of yuan-based stablecoins. Some believe these could help internationalize the yuan and counter the dollar’s growing influence in the digital economy.
Ant Group reportedly views the partnership with Circle as a strategic step to gain experience and build infrastructure in the regulated stablecoin space, positioning the company for future developments. The deal also underscores rising confidence in regulated digital assets, particularly following the U.S. Senate’s passage of stablecoin legislation in June. Circle, a publicly traded company that issues its own stablecoin, has been a key beneficiary of the regulatory optimism.
Circle’s Rising Prominence and Stock Surge
Circle’s stock has surged more than 500% since its public debut, reflecting strong investor confidence. In April, the company announced plans to launch a payments network to help financial institutions settle cross-border transactions using stablecoins—a move said to align directly with Ant International’s strategic objectives.
The collaboration marks part of Ant Group’s ongoing strategic pivot. After regulators halted its record-breaking initial public offering in 2020, the firm began developing initiatives to drive growth beyond its online lending business.
Ant International has since established an independent board and, according to sources, is seeking stablecoin licenses in Singapore and Hong Kong, as well as a related permit in Luxembourg. The unit reportedly generated nearly $3 billion in revenue in 2024 and has delivered two consecutive years of adjusted profit, with a potential IPO valuation ranging from $8 billion to $24 billion if listed in Hong Kong.
The company’s blockchain platform, which currently supports multiple tokenized assets from global financial institutions, has signed agreements to collaborate with more than 10 banks worldwide—including HSBC Holdings PLC, BNP Paribas SA, JPMorgan Chase & Co., and Standard Chartered PLC.