Ant International Adds UBS Digital Cash to Growing Range of Supported Deposit Tokens

Key Takeaways

• Since 2019, Ant International has integrated a scope of tokenized deposit systems into its outgo infrastructure.

• In 2024, implicit a 3rd of Ant’s transactions were processed on-chain.

• UBS Cash is the latest tokenized deposit solution it has integrated.

Ant International has emerged arsenic an important aboriginal adopter of tokenized deposits, partnering with assorted banks arsenic they rotation retired their respective blockchain outgo solutions. 

Having already embraced solutions from HSBC, Standard Chartered, and DBS, the company’s latest concern adds UBS Digital Cash to its increasing arsenal of on-chain outgo tools.

As the fintech-focused subsidiary of Alibaba proprietor Ant Group, Ant International oversees immoderate of the astir important outgo systems successful the world.

The steadfast began processing its ain blockchain-based treasury and colony platform, Whale, successful 2019.

In 2024, much than a 3rd of the firm’s transactions were processed on-chain done Whale, Ant claimed.

Using Whale arsenic its orchestration layer, Ant has worked with large planetary banks to integrate a scope of tokenized liabilities.

Having participated successful the aviator for HSBC’s Tokenized Deposit Service (TDS), the institution became the archetypal firm idiosyncratic of the level erstwhile it went unrecorded successful May. 

More recently, Ant’s cross-border treasury absorption became the trial lawsuit for HSBC’s archetypal cross-bank deposit token transfer, sending HKD $3.8 cardinal to a Standard Chartered account.

That aforesaid day, the Alipay relation inked a Memorandum of Understanding (MoU) with DBS Bank to collaborate connected the further improvement of tokenized deposit technology.

Given Ant’s acquisition with HSBC, it could besides integrate a caller interoperability model that DBS is processing with JPMorgan.

Interoperability is simply a apical precedence for Ant International, which is embedded successful analyzable planetary proviso chains and maintains relationships with dozens of banks astir the world.

As portion of the Monetary Authority of Singapore’s Project Guardian, the institution contributed to a study successful July calling for banks to follow a “shared ledger infrastructure” for tokenized liabilities.

While the study didn’t suggest rallying down a azygous platform, it endorsed blockchain networks successful wide arsenic a mode to streamline planetary payments.

With JPMorgan starring the mode successful USD tokenization and HSBC engaged successful Hong Kong, UBS has stepped up to champion the exertion successful Europe.

During a 2024 pilot, UBS Cash processed transactions including home Swiss payments and cross-border payments successful USD, CHF, EUR, and CNY.