HSBC has disclosed the name of its planned stablecoin, HSBC RedCoin, confirming on September 30, 2026 that the token is on track for launch before the end of the year. The announcement follows the bank's receipt of a stablecoin issuer licence from the Hong Kong Monetary Authority (HKMA) in April 2026.
RedCoin will be denominated in Hong Kong dollars and backed by high-quality liquid assets held in segregated accounts, according to the bank. The token falls under Hong Kong's Stablecoins Ordinance, a regulatory framework approved in May 2025 and in force since August of the same year.
HSBC said the rollout will be phased, beginning with peer-to-peer and person-to-merchant payments through the PayMe wallet and the HSBC mobile app, before extending to corporate and wholesale institutional use.
Customer awareness mixed
Alongside the naming announcement, HSBC published results of a survey of more than 1,000 local customers intended to gauge understanding of stablecoins ahead of the launch. Seventy-four percent of respondents identified at least one valid use case for the asset. Fifty-seven percent pointed to digital asset trading and tokenized investments, 53% to peer-to-peer transfers, and 52% each to cross-border remittances and merchant payments.
The same survey exposed misconceptions. Twenty-six percent of respondents incorrectly believed stablecoins are government-issued, and 10% thought they generate interest. HSBC noted that generating yield is not permitted under Hong Kong's current stablecoin framework.
On trust, 62% of respondents said greater regulatory clarity would increase their willingness to use stablecoins. Fifty-three percent cited fraud protection as a factor in building trust, 51% pointed to ease of converting the token back to cash, and 39% named transparency over reserves.
Fake tokens prompted a warning
The awareness push comes after the HKMA issued an official warning in late April 2026, weeks after HSBC received its licence, about fake tokens circulating under the symbols "HKDAP" and "HSBC" that misleadingly presented themselves as regulated assets. Both the regulator and HSBC clarified at the time that no authorized issuer had yet brought its stablecoin to market.
HSBC Hong Kong chief executive Maggie Ng is named in connection with the bank's response to the episode. The bank said it plans to run an educational campaign through its official channels alongside the RedCoin rollout, aimed at helping customers distinguish authorized products from copycats.
