HSBC Names New Stablecoin RedCoin for Hong Kong Payments

HSBC names RedCoin, its new Hong Kong stablecoin, targeting P2P transfers, merchant payments, and future corporate financial services.

HSBC has named its upcoming Hong Kong dollar stablecoin HSBC RedCoin, with payments planned for its initial rollout. The bank officially revealed its name on 30th September 2026. The project will first focus on P2P transfers and merchant payments before moving on to corporate services.

HSBC RedCoin Targets P2P and Merchant Payments

HSBC will launch RedCoin in its first phase via its regular payment services. The first use cases for the stablecoin will be person-to-person and person-to-merchant payments. HSBC will further roll out its use in the future for wholesale corporate and institutional applications.

At the same time, a new survey of customers by HSBC reveals high awareness of the use of stablecoins. The study was conducted with 1,060 HSBC customers in Hong Kong aged 18 to 64. It was held online from June 18 to June 28, 2026.

According to South China Morning Post, the survey revealed that 74% of the respondents identified at least one use case for a stablecoin. Digital asset trading and tokenized investments ranked at 57% among respondents. Moreover, the percentage of P2P transfers was 53%, and the percentage of cross-border remittances was 52%.

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Among the customers surveyed, 52% said they recognized merchant payments. Further, 60% got the term stablecoins right, referring to the fiat-backed digital assets. But 26% believed that stablecoins were government-issued and 10% thought that they were interest-bearing products.

Customer confidence is linked to security, fraud protection and regulatory clarity, said HSBC. Stronger regulatory clarity received 62% support in the survey. Fraud protection improved to 53%, and enhanced education improved to 55%.

The results are helping to inform HSBC’s planned strategy for introducing RedCoin to its customers. The bank plans to roll out the feature alongside information on stablecoins. As a result, customers will be provided with information on scams and redemption.

HSBC Plans RedCoin Launch Through Banking Apps

The RedCoin will be denominated in Hong Kong dollars, HSBC said. The bank plans to launch the stablecoin during the second half of 2026. However, HSBC has not yet issued any stablecoins in Hong Kong.

At launch, the stablecoin will only be available through PayMe and the HSBC HK Mobile App. The first rollout will thus be tightly integrated with HSBC’s existing customer platforms. More updates will be provided as the launch continues.

In April 2026, HSBC was granted a new license to engage in its intended stablecoin operations. The bank’s announcement puts RedCoin in the midst of Hong Kong’s emerging digital currency market. In the meantime, the phased approach will enable HSBC to start with familiar payment functions.

The bank will also launch an educational series through its banking apps, website, and social media platforms. The campaign will be based on the prevention of scams and clear redemption processes. This is part of the work done based on the concerns raised by customers in HSBC’s survey.

Maggie Ng, HSBC’s Hong Kong Chief Executive Officer, said the stablecoin name reflects the bank’s heritage. She added that the project aims to support financial innovation while maintaining simplicity and trust.

In addition, HSBC warned customers of fraudulent stablecoins that are linked to the bank. The bank said it has nothing to do with those products. Customers were advised to beware of investment scams associated with this.

Overall, HSBC RedCoin is the bank’s strategy for stablecoin payments in Hong Kong dollars. The initial focus will remain on P2P and merchant transactions. As the project progresses, HSBC will expand the stablecoin to the corporate and institutional space.