HSBC names its stablecoin RedCoin and reveals how it will be used
Hong Kong's largest bank, HSBC, has named its upcoming stablecoin HSBC RedCoin. The bank will initially focus on person-to-person transfers and merchant payments before expanding the asset's use to corporate and institutional clients.
HSBC has yet to announce a launch date for RedCoin. According to a press release, the bank plans to roll out the product in stages as Hong Kong's regulatory framework for digital assets and currencies develops.
At the same time, HSBC published the results of a survey of more than 1,000 customers in Hong Kong. The study found that 74% of respondents could identify at least one use case for stablecoins.
HSBC to start with transfers and payments
The most popular use case was digital asset trading and tokenized investments, cited by 57% of respondents. Person-to-person transfers were selected by 53%, while cross-border remittances and merchant payments were each cited by 52%.
Meanwhile, 60% of participants correctly identified a stablecoin as a digital asset backed by fiat currency. Another 26% incorrectly believed such tokens are issued by governments, while 10% thought they generate interest income, although Hong Kong's current regulatory framework does not allow this.
HSBC Hong Kong CEO Maggie Ng said the RedCoin name reflects the bank's heritage. She stressed that launching its own stablecoin will be only the beginning of HSBC's digital asset strategy.
The survey also highlighted persistent customer concerns about fraud, security and regulation. To increase trust, 53% of respondents cited fraud protection as important, 51% pointed to the ability to seamlessly convert stablecoins into fiat currency, and 39% highlighted reserve transparency.
HSBC expands its Hong Kong business
Regulatory clarity proved even more important, cited by 62% of survey participants, while 55% said additional education was needed. HSBC plans to launch an educational program covering fraud prevention and stablecoin redemption through its banking apps, website and social media channels.
At the same time, the bank is strengthening its traditional business in Hong Kong after taking full control of Hang Seng Bank. In the first half of 2026, HSBC transferred an HK$11 billion loan portfolio from the subsidiary's balance sheet as part of efforts to improve capital efficiency.
The move comes as the quality of Hang Seng's loan portfolio improves. Its impaired loan ratio and share of non-performing loans declined following a period of elevated pressure linked to the downturn in Hong Kong's property market.
Earlier, we reported that HSBC plans to return to equity brokerage in India amid an IPO boom. The bank aims to expand its presence in the local capital market after a period away from the segment.
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