ICBC Asia and HSBC apply for Hong Kong stablecoin license

According to Foresight News, ICBC Asia and HSBC have expressed their intention to apply for a stablecoin license to the Hong Kong Monetary Authority. It is not clear whether HSBC will submit its application formally by the end of this month. According to the Hong Kong Economic Daily, as of August 31, 77 institutions have expressed their intention to apply for stablecoin licenses to the HKMA, including banks, technology companies, etc. The HKMA said it will only approve several licenses in the initial stage.