HSBC has officially named its forthcoming Hong Kong dollar stablecoin HSBC RedCoin and confirmed it is targeting a launch in the second half of 2026. The bank said the first rollout will focus on person-to-person transfers and person-to-merchant payments, with corporate and institutional use cases expected to follow later.
On September 30, HSBC announced that RedCoin has not yet been issued and will initially be available only through PayMe and the HSBC HK Mobile App. The launch follows the Hong Kong Monetary Authority’s April 10 decision to grant HSBC and Anchorpoint Financial the city’s first stablecoin issuer licenses under the Stablecoins Ordinance, which took effect on August 1, 2025.
HSBC said RedCoin will be denominated in Hong Kong dollars. No exact launch date, blockchain network or public token contract address was disclosed. 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 also released survey results from 1,060 Hong Kong customers aged 18 to 64, conducted online from June 18 through June 28. HSBC found that 74% of respondents 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 at 52% each. However, only 60% correctly identified a stablecoin as a fiat-backed digital asset, while 26% believed stablecoins were issued by governments and 10% viewed them as interest-bearing.
Customer confidence was closely tied to regulation and safeguards: regulatory clarity ranked first at 62%, education at 55%, fraud protection at 53%, easy conversion to cash at 51%, and reserve transparency at 39%. HSBC said it will publish educational material through its banking apps, website and social media channels, focusing on scam prevention and transparent redemption mechanisms.
HSBC is positioning RedCoin as separate from its existing Tokenised Deposit Service, which represents conventional commercial-bank deposits digitally and is designed for corporate treasury and institutional settlement. The tokenized-deposit infrastructure already supports USD, HKD, GBP, EUR and SGD, allowing participating companies to move liquidity beyond traditional banking hours. RedCoin, by contrast, is intended as a regulated stablecoin built for broader circulation under Hong Kong’s stablecoin framework, including reserve segregation, redemption at par and independent attestation requirements.
The bank warned that it has no connection with fraudulent stablecoins using its name. The HKMA previously warned that tokens carrying the tickers "HKDAP" and "HSBC" were not issued by or connected with Anchorpoint or HSBC. Anchorpoint began a phased rollout of its HKDAP stablecoin in August, initially serving institutional distributors and professional investors for payments, fiat conversion and settlement of tokenized assets.
