Interest from major financial institutions is brewing in Hong Kong’s race for stablecoin regulation. According to Foresight News, ICBC Asia and HSBC have expressed their desire to obtain a stablecoin license from the Hong Kong Monetary Authority (HKMA). It remains unclear if HSBC will formally submit its application before month’s end. 77 entities, including banks, tech firms, asset managers, investment firms, e-commerce businesses, payment institutions, and even Web3 startups, have previously shown interest in obtaining a stablecoin license from the HKMA. The HKMA has indicated that during the initial phase of the regulatory process, a limited number of licenses will be granted.