HSBC and ICBC reportedly plan to apply for Hong Kong stablecoin licenses, with ICBC and Standard Chartered expected to secure first-round approvals.
HSBC and the world’s largest bank by total assets, the Industrial and Commercial Bank of China (ICBC), reportedly plan to apply for stablecoin licenses in Hong Kong as the region’s new regulatory regime takes effect.
According to a Monday report in the Hong Kong Economic Journal, both HSBC and ICBC signaled their intention to apply for a stablecoin license with the Hong Kong Monetary Authority (HKMA). Neither bank responded to Cointelegraph’s request for comment by publication.
The HKMA previously said it is likely to only issue a few stablecoin licenses at first. According to the report, Standard Chartered and ICBC are likely to receive their licenses in the first round, giving them a potential first-mover advantage.
