HSBC, Hong Kong’s largest bank, has named its upcoming Hong Kong dollar-backed stablecoin HSBC RedCoin, marking a major step into digital payments.
The bank plans to launch the stablecoin before the end of 2026, starting with everyday transfers and merchant payments before expanding into corporate and institutional use.
In an announcement, HSBC said that RedCoin will initially focus on person-to-person (P2P) transfers and person-to-merchant (P2M) payments. The stablecoin will be available through HSBC PayMe and the HSBC HK Mobile Banking App.
The stablecoin will operate under Hong Kong’s regulatory framework. Meanwhile, each RedCoin will be backed 1:1 by high-quality, liquid assets held in segregated accounts.
This gives RedCoin access to more than 3.3 million local consumers and tens of thousands of merchants across Hong Kong.
HSBC Hong Kong CEO Maggie Ng said,
“Today, we are naming our Hong Kong stablecoin to reflect our heritage: HSBC RedCoin.”
According to Maggie Ng, the stablecoin will be rolled out in stages instead of entering the wholesale market all at once.
The first stage will focus on retail payments, client education, scam prevention and direct redemption.
Once the retail payment system is established, HSBC plans to expand RedCoin into corporate treasury transactions, wholesale payments and tokenized enterprise asset settlements.
This would move the stablecoin from everyday payments into larger financial and business transactions.
HSBC also surveyed 1,060 Hong Kong customers to understand how people view stablecoins.
The survey found that 74% could identify at least one stablecoin use case. Digital asset trading and tokenized investments ranked highest at 57%, followed by P2P transfers at 53%.
Cross-border remittances and merchant payments each received 52%.
However, the survey also showed gaps in understanding. Around 26% of respondents believed stablecoins were issued by governments, while 10% thought they generated interest.
With its retail launch planned before the end of 2026, HSBC RedCoin will put one of Hong Kong’s largest banks directly into the city’s growing stablecoin market.
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