HSBC Hong Kong will launch a Hong Kong dollar-linked stablecoin, "HSBC RedCoin", in the second half of 2026. CoinPost, a blockchain outlet, reported on Tuesday that the initial channels will be the PayMe payments app and HSBC Hong Kong's mobile banking app for Hong Kong.

HSBC Hong Kong will first apply HSBC RedCoin to person-to-person transfers and merchant payments. It plans to later broaden the scope to wholesale finance for corporates and institutions. At launch, it will be available only on PayMe and the bank's app.

The issuance is being pursued on the basis of a stablecoin issuance licence granted by the Hong Kong Monetary Authority in April. In Hong Kong, the implementation of a stablecoin ordinance in August 2025 made an official licence necessary to issue fiat currency-linked stablecoins. The first licences were granted to HSBC and a joint venture affiliated with Standard Chartered Bank.

Maggie Ng (매기 응), chief executive officer of HSBC Hong Kong, said the coin launch is only the beginning and that the goal is to support financial innovation in Hong Kong based on HSBC's safety, trust and simplicity.

In a survey conducted by HSBC in June among 1,060 customers, 74 percent of respondents said they were aware of at least 1 stablecoin use case. By category, digital asset trading and tokenised investment were the most common at 57 percent, followed by person-to-person transfers at 53 percent and international remittances and in-store payments at 52 percent each.

Conditions for boosting trust included clarifying regulation and strengthening education. Some 62 percent of respondents cited regulatory clarity, and 55 percent cited stronger education. HSBC plans to release content on its app, website and social media explaining fraud prevention measures and its redemption structure.

HSBC said it is not currently issuing a stablecoin. It also advised customers to beware of fake stablecoins impersonating HSBC.