HSBC names its upcoming Hong Kong stablecoin "HSBC RedCoin"

PANews, September 30 — HSBC has named its upcoming Hong Kong stablecoin "HSBC RedCoin" and released the results of a survey covering more than 1,000 local customers, showing that local consumers are ready for the launch of a stablecoin. Among respondents, 74% recognized at least one use case for stablecoins. Digital asset trading and tokenized investments (57%) ranked first, followed by peer-to-peer (P2P) transfers (53%), cross-border remittances (52%), and merchant payments (52%). On core awareness, 60% of respondents could accurately define a stablecoin as a digital asset backed by fiat currency. However, there were some misconceptions: 26% of respondents mistakenly believed stablecoins are issued by the government, while another 10% thought they offer interest-bearing features, which are not included in Hong Kong's current regulatory framework.

HSBC said the first phase will focus on peer-to-peer (P2P) and peer-to-merchant (P2M) payments, starting with direct use cases close to everyday life, and gradually expanding to commercial banking and corporate levels, keeping pace with Hong Kong's digital asset and currency development. In April this year, the Hong Kong Monetary Authority granted the first batch of Hong Kong dollar stablecoin issuer licenses to two financial institutions, HSBC and Standard Chartered. HSBC previously said it would officially launch its Hong Kong dollar stablecoin in the second half of this year.