Two major financial institutions, ICBC (Asia) and HSBC, are gearing up to join the ranks of those seeking stablecoin licenses under the framework established by the Hong Kong Monetary Authority (HKMA). The HKMA has reported that 77 institutions have shown interest in obtaining such permits as of August 31st. These institutions include banks and tech firms, indicating a diverse range of players. While ICBC (Asia) is confident about its application process, it remains unclear whether HSBC will formally submit its request before the end of September according to the Hong Kong Economic Journal. The HKMA confirmed that it will issue only a limited number of licenses in the initial phase of this new regulation.