HSBC and ICBC are pursuing stablecoin licenses in Hong Kong under the new regulatory framework, joining 77 institutions that expressed interest by August. The HKMA's strict rules, including criminal penalties for unlicensed retail offerings, caused some token values to drop 20% on the first day. While Hong Kong aims to compete, the U.S. GENIUS Act and Europe's MiCA have set global benchmarks, challenging Hong Kong's ability to rival their regulatory clarity and dominance.