Overview
- HSBC announced on Sept. 30 that its planned Hong Kong-dollar stablecoin will be called RedCoin and that the token has not yet been issued.
- The bank said RedCoin aims to launch in the second half of 2026 and will initially be available only through PayMe and the HSBC HK Mobile App.
- HSBC plans a consumer-first rollout focused on person-to-person transfers and person-to-merchant payments, with corporate and institutional uses to follow later.
- Hong Kong’s Stablecoins Ordinance requires licensed issuers to hold segregated, high-quality liquid reserves, enable redemption at par, and provide independent attestations and audits.
- Anchorpoint began an institutional phased rollout in August, and HSBC published a customer survey and education campaign while warning about counterfeit tokens and scams.