HSBC announced the name of its upcoming stablecoin – RedCoin. The launch is scheduled for the second half of 2026, with the announcement made on September 30, 2026. The new token will be pegged to the Hong Kong dollar at a 1:1 ratio and will initially be available through the PayMe and HSBC HK Mobile apps. The focus of the launch is on person-to-person transfers and payments to merchants, with plans to expand into corporate and institutional applications in the future. Maggie Ng, CEO of HSBC in Hong Kong, noted: "The launch of our stablecoin is just the beginning." HSBC emphasized that safety, trust, and easy access for customers will be a priority.
Along with the announcement, HSBC presented the results of a survey conducted among 1,060 customers in Hong Kong aged 18 to 64. 74% of respondents could name at least one use case for stablecoins, with trading digital assets and tokenized investments ranking first at 57%. Understanding of stablecoins among respondents varied: 60% correctly identified them as digital assets backed by fiat currencies.
According to the survey data, 62% of respondents indicated that they need regulatory clarity, 55% expressed the need for education, and 53% for fraud protection. HSBC plans to release a series of educational materials through its banking apps and social media, focusing on fraud prevention and transparent redemption mechanisms. Hong Kong's legislation on stablecoins will require licensed companies to manage reserves, redemption mechanisms, and risk controls. HSBC obtained its HKMA license in April 2026 – one of two issued; the second was obtained by Anchorpoint Financial. Both companies are expected to complete their preparations before launching their stablecoins.
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