HSBC names Hong Kong stablecoin RedCoin after survey

HSBC has named its planned Hong Kong stablecoin HSBC RedCoin, saying customer research in the city supports the branding.

The stablecoin is intended to be denominated in Hong Kong dollars and initially distributed through PayMe and the HSBC HK Mobile App. It has not yet been issued in Hong Kong.

A survey of 1,060 HSBC customers in Hong Kong found that 74 per cent recognised at least one use case for stablecoins. The most widely identified uses were digital asset trading and tokenised investments at 57 per cent, person-to-person transfers at 53 per cent, and cross-border remittances and merchant payments, both at 52 per cent.

The findings also pointed to uneven understanding of how stablecoins work. HSBC said 60 per cent of respondents correctly defined a stablecoin as a fiat-backed digital asset, while 26 per cent believed stablecoins were government-issued and 10 per cent thought they were interest-bearing.

Consumer caution

The research showed that customer interest was tempered by concerns about fraud, security and regulation. Among respondents, 53 per cent said fraud protection would increase their confidence, 51 per cent pointed to seamless conversion into cash and 39 per cent cited reserve transparency.

Regulatory clarity and public education ranked even higher: 62 per cent of respondents wanted stronger regulatory clarity, while 55 per cent said better education would help build trust.

HSBC said those results support a phased introduction focused first on everyday payments such as person-to-person and person-to-merchant transactions. The offering would later extend to wholesale corporate and institutional uses as Hong Kong's digital asset market develops.

Maggie Ng, Chief Executive Officer, Hong Kong, and Head of Retail Banking and Wealth, Hong Kong, HSBC, outlined the bank's position in two remarks.

"Today, we are naming our Hong Kong stablecoin to reflect our heritage: HSBC RedCoin," Ng said.

"Launching our coin is just the beginning. Our goal is to support Hong Kong's financial innovation, underpinned by the security, trust and simplicity that define HSBC," Ng said.

Education push

Alongside the branding announcement, HSBC said it will roll out an education series for the public in Hong Kong. The material will focus on scam prevention and redemption processes across the bank's app, website and social media channels.

The bank's survey suggests that effort addresses a clear gap between interest and understanding. While a majority of respondents could identify at least one stablecoin use case, a sizeable minority still misunderstood key features, including the role of regulation and whether such products generate interest.

Hong Kong has been working to build a regulated framework for digital assets, and HSBC's plans would place one of the city's largest banks in that market under a local licensing regime. The bank said it was granted a new licence in April 2026 and plans to launch the Hong Kong-dollar stablecoin in the second half of the year.

The rollout is due to begin on HSBC-controlled digital channels rather than through a wider open-market launch. By limiting initial access to PayMe and the HSBC HK Mobile App, the bank appears to be starting with a retail user base already within its existing payments and mobile banking ecosystem.

Ng linked the survey results to that broader strategy.

"This survey confirms the strong interest amongst Hongkongers in embracing digital assets," Ng said.

"HSBC RedCoin isn't a leap into the unknown-it's a natural next step. Our education series will ensure every customer feels equipped and confident to join the journey," Ng said.

HSBC said it has no connection to any fraudulent stablecoins purportedly associated with the bank and reminded customers to stay alert to scams.