TLDR
- HSBC has named its upcoming Hong Kong dollar stablecoin HSBC RedCoin and plans to launch it in the second half of 2026.
- RedCoin will first support person-to-person transfers and merchant payments, with corporate and institutional uses coming later.
- At launch, the stablecoin will only be available through PayMe and the HSBC HK Mobile App.
- An HSBC survey of 1,060 Hong Kong customers found 74% could identify at least one stablecoin use case.
- HSBC warned that no HSBC stablecoin has been issued yet and urged customers to watch for fake tokens using its name.
HSBC has named its upcoming Hong Kong dollar stablecoin HSBC RedCoin. The bank shared the name on Sept. 30, 2026, and said it plans to launch the token in the second half of this year.
RedCoin has not been issued yet. At first, it will only be available through PayMe and the HSBC HK Mobile App.
The bank did not give an exact launch date. It also did not name a blockchain network or share a token contract address.
RedCoin Will Start With Everyday Payments
HSBC said the first phase will focus on person-to-person transfers and person-to-merchant payments. Corporate and institutional uses will follow, but the bank did not give dates for those stages.
“Today, we are naming our Hong Kong stablecoin to reflect our heritage: HSBC RedCoin,” said Maggie Ng, HSBC’s chief executive officer for Hong Kong. “Launching our coin is just the beginning.”
HSBC received one of Hong Kong’s first stablecoin issuer licenses on April 10, 2026. The Hong Kong Monetary Authority also granted a license to Anchorpoint Financial, a venture of Standard Chartered Bank Hong Kong, HKT and Animoca Brands.
The licenses were issued under the Stablecoins Ordinance, which took effect on Aug. 1, 2025. The rules require issuers to hold high quality, liquid reserves kept apart from other assets and to meet redemption requests at par value.
Anchorpoint began a phased rollout of its HKDAP stablecoin in August. Access was first opened to institutional distributors and professional investors.
Survey Shows 74% See a Stablecoin Use Case
Along with the name, HSBC released a survey of 1,060 Hong Kong customers aged 18 to 64. The online survey ran from June 18 to June 28.
It found that 74% of respondents could name at least one stablecoin use case. Digital asset trading and tokenized investments ranked first at 57%, followed by P2P transfers at 53%.
Cross-border remittances and merchant payments each came in at 52%. About 60% correctly defined a stablecoin as a fiat-backed digital asset, while 26% thought governments issued them.
Another 10% believed stablecoins pay interest. HSBC said that feature is not part of Hong Kong’s current rules.
When asked what would build confidence, 62% pointed to clearer regulation and 55% cited education. Fraud protection drew 53%, easy conversion to cash 51% and reserve transparency 39%.
HSBC said it will launch an education series on its apps, website and social media. The content will focus on scam prevention and how redemption works.
In April, the HKMA warned that tokens labeled “HKDAP” and “HSBC” were not linked to either licensed issuer. Both companies had not yet released regulated stablecoins at the time.
In its Sept. 30 release, HSBC repeated that no HSBC stablecoin has been issued in Hong Kong. The bank said more details on RedCoin will be shared in due course.
