Odaily Planet Daily reports that ICBC's Hong Kong subsidiary, Industrial and Commercial Bank of China (Asia), has expressed its intention to apply for a stablecoin license with the Hong Kong Monetary Authority (HKMA), joining Bank of China (Hong Kong) as the second major Chinese bank to do so. HSBC has also expressed its intention to apply for a stablecoin license with the HKMA, though it remains unclear whether it will formally submit its application before the end of this month.

The Hong Kong Monetary Authority has repeatedly stated that it will only issue a few stablecoin licenses in the first phase, but as of the end of last month, as many as 77 institutions have expressed their intention to apply for licenses. (Hong Kong Economic Journal)