According to ChainCatcher, HSBC and Industrial and Commercial Bank of China plan to apply for a stablecoin license from the Hong Kong Monetary Authority, with the new regulations having recently come into effect.
The report states that Standard Chartered and ICBC are expected to have a first-mover advantage among the initial batch of license recipients. Previously, the Hong Kong Monetary Authority indicated that only a small number of stablecoin licenses would be issued in the first batch. So far, 77 institutions have expressed their intention to apply, with some applicants believing that the relevant requirements are stricter than expected.