HSBC Names Hong Kong Stablecoin RedCoin, Targets P2P and P2M Payments
The bank plans a phased rollout, starting with person-to-person and person-to-merchant payments before expanding to business finance and corporate users.
HSBC has named its planned Hong Kong dollar stablecoin HSBC RedCoin, with the first phase focused on peer-to-peer and peer-to-merchant payments.
The bank plans to roll out the stablecoin in stages. Initial use cases will allow individuals to transfer funds to one another and pay participating merchants, followed by expansion into business finance and corporate applications.
HSBC plans to launch the stablecoin in the second half of 2026. The Hong Kong Monetary Authority granted the bank a stablecoin issuer license in April as part of the city’s initial licensing framework.
The planned payments would position RedCoin as a banking product for everyday transactions before broader commercial use.
