HSBC unveiled the official name of its forthcoming Hong Kong dollar stablecoin on Tuesday, September 30, calling it HSBC RedCoin ahead of a launch planned before the end of the year, according to a bank announcement. The lender said it will issue the coin under a stablecoin licence granted by the Hong Kong Monetary Authority (HKMA) in April 2026 and, at launch, will offer it only through PayMe and the HSBC HK Mobile App.
RedCoin launches first through PayMe and the HSBC HK app
The bank is starting with everyday person-to-person (P2P) transfers and person-to-merchant (P2M) payments before expanding to wholesale corporate and institutional use cases. “Today, we are naming our Hong Kong stablecoin to reflect our heritage: HSBC RedCoin,” said Maggie Ng, Chief Executive Officer, Hong Kong and Head of Retail Banking and Wealth, Hong Kong, HSBC. “Launching our coin is just the beginning. Our goal is to support Hong Kong’s financial innovation, underpinned by the security, trust and simplicity that define HSBC.”
Most Hong Kong customers already recognise stablecoins
HSBC paired the brand reveal with a survey of 1,060 customers conducted in June, which found 74 per cent recognise at least one stablecoin use case. Digital asset trading and tokenised investments led at 57 per cent, followed by person-to-person transfers at 53 per cent and cross-border remittances and merchant payments at 52 per cent each. While 60 per cent correctly defined a stablecoin as a fiat-backed digital asset, 26 per cent assumed stablecoins were government-issued and 10 per cent viewed them as interest-bearing, a feature Hong Kong’s framework does not include. “This survey confirms the strong interest amongst Hongkongers in embracing digital assets,” Ng added. “HSBC RedCoin isn’t a leap into the unknown—it’s a natural next step.”
HSBC joins Hong Kong’s bank-led stablecoin race
The naming brings HSBC into line with peers moving first in Hong Kong’s regulated stablecoin market. Standard Chartered has already begun distributing a Hong Kong dollar stablecoin, and the two lenders earlier this year executed a live tokenised deposit transaction on Swift’s ledger. HSBC also said it will run a public education series on scam prevention and transparent redemption mechanisms, responding to customers who named fraud protection, reserve transparency and regulatory clarity as their top confidence drivers.
