HSBC has named its forthcoming Hong Kong dollar stablecoin HSBC RedCoin ahead of a planned second-half 2026 launch in Hong Kong.
Summary
- HSBC has named its forthcoming Hong Kong dollar stablecoin RedCoin ahead of a 2026 launch.
- RedCoin will first support P2P transfers and merchant payments before expanding to corporate institutional uses.
- 74% of surveyed HSBC customers recognized at least one stablecoin use case in Hong Kong.
- HSBC plans to offer RedCoin initially through PayMe and its Hong Kong mobile banking app.
- HKMA granted HSBC and Anchorpoint Hong Kong’s first stablecoin issuer licenses on April 10, 2026.
HSBC announced the name on Sept. 30, saying the first rollout will focus on person-to-person transfers and person-to-merchant payments before moving into corporate and institutional uses. The bank said RedCoin has not yet been issued and will initially be available only through PayMe and the HSBC HK Mobile App.
The launch plan follows HSBC’s April approval among Hong Kong’s first licensed stablecoin issuers. The Hong Kong Monetary Authority granted licenses to HSBC and Anchorpoint Financial on April 10 under the Stablecoins Ordinance. The law established the city’s licensing system for issuers of fiat-referenced stablecoins.
HSBC RedCoin will start with everyday payments
HSBC said its first RedCoin use cases will center on transfers between individuals and payments to merchants. Corporate and institutional applications are expected to follow after the initial phase, although the bank did not provide separate dates for those later stages.
The token will be denominated in Hong Kong dollars. HSBC said it plans to launch the stablecoin in the “second half of this year,” keeping the expected release within the remaining months of 2026. No exact launch date, blockchain network or public token contract address was disclosed in the Sept. 30 announcement.
Maggie Ng, HSBC’s chief executive officer for Hong Kong and head of Retail Banking and Wealth in Hong Kong, said, “Launching our coin is just the beginning.” The bank tied the RedCoin name to its brand heritage and said its planned rollout would focus on security, trust and simple access for customers.
At launch, access will be limited to HSBC-controlled channels. Customers will be able to use PayMe or the HSBC HK Mobile App, while the bank said further information will be released in due course. HSBC separately warned that it has no connection with fraudulent stablecoins using its name.
Survey finds 74% already see a stablecoin use
Alongside the naming announcement, HSBC released results from a survey of 1,060 Hong Kong customers aged 18 to 64. The online research ran from June 18 through June 28 and examined respondents’ understanding of stablecoins, expected uses and concerns surrounding adoption.
Among respondents, 74% could identify 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 reached 52%.
Understanding of stablecoins varied among those surveyed. HSBC found that 60% correctly identified a stablecoin as a fiat-backed digital asset, while 26% believed stablecoins were issued by governments. Another 10% viewed stablecoins as interest-bearing, a feature HSBC said is not included in Hong Kong’s current regulatory framework.
Customer responses on confidence focused heavily on rules and safeguards. Regulatory clarity ranked first at 62%, while 55% cited education. Fraud protection was selected by 53%, easy conversion to cash by 51% and transparency over reserves by 39%.
HSBC said it will publish an educational series through its banking apps, website and social media channels. The material will focus on scam prevention and transparent redemption mechanisms, two areas connected to concerns raised by respondents in the survey.
Hong Kong rules require reserve and redemption controls
Hong Kong’s Stablecoins Ordinance created a licensing system for fiat-referenced stablecoin issuers and placed licensed firms under HKMA supervision. The framework covers reserves, redemption arrangements, risk controls, governance and anti-money laundering requirements.
HKMA licensing guidance requires reserve assets to be high quality and highly liquid, with the assets kept separate from an issuer’s other holdings. Reserve pools must be structured so valid redemption requests can be met at par value. Independent attestation and audits are required for reserve assets.
Licensed issuers must disclose information on reserve management, the composition and market value of reserve assets, and results from independent audits or attestations. The regulator expects issuers to maintain risk controls that allow legitimate redemption requests to be processed without undue delay.
HSBC received its license alongside Anchorpoint Financial, a venture established by Standard Chartered Bank Hong Kong, HKT and Animoca Brands. The HKMA said in April that both licensees planned to complete their preparation work before launching their respective stablecoin businesses.
The licenses followed the Stablecoins Ordinance taking effect on Aug. 1, 2025. The HKMA had previously said it would maintain a high threshold for applicants and grant only a limited number of licenses during the first stage of the regime.
RedCoin follows Hong Kong’s first licensed rollout
Anchorpoint moved into the market before HSBC, beginning a phased rollout of its HKDAP stablecoin in August. Initial access was opened to institutional distributors and professional investors for uses including payments, fiat conversion and settlement of tokenized assets.
HSBC’s announced starting point centers on consumer payments. P2P transfers and merchant transactions are scheduled for the opening stage through its existing retail platforms, while corporate and institutional applications are planned for a later phase. HSBC has not disclosed when access could expand beyond PayMe and its Hong Kong banking app.
Hong Kong regulators have previously dealt with unauthorized tokens appearing under the names of the city’s licensed issuers. In April, the HKMA warned that tokens carrying the tickers “HKDAP” and “HSBC” were not issued by, or connected with, Anchorpoint or HSBC.
The warning was covered in crypto.news reporting on counterfeit stablecoins linked to licensed issuers after both companies confirmed they had not yet placed regulated stablecoins into circulation.
HSBC repeated that distinction in its Sept. 30 RedCoin release. The bank said no HSBC stablecoin has yet been issued in Hong Kong and warned customers to remain alert to investment scams involving tokens falsely presented as HSBC products.
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