HSBC has officially announced the name of its upcoming Hong Kong stablecoin: HSBC RedCoin. This marks another step as the bank enters the stablecoin market. The news came out on September 30, 2026, along with results from a recent survey of over 1,000 HSBC customers in Hong Kong. According to the survey, many customers already know about stablecoins and some of their possible uses, but concerns remain about regulation, fraud, security, and converting these assets into cash.
HSBC said that 74% of those surveyed could identify at least one use for stablecoins. The most recognized use was digital asset trading and tokenized investments at 57%, followed by person-to-person transfers at 53%. Cross-border remittances and merchant payments each came in at 52%. Even so, the survey found customers do not fully understand stablecoins. Some people have different ideas about how stablecoins are issued or whether they earn interest.
HSBC RedCoin Enters a Market with Growing Customer Awareness
The survey gives HSBC insight into how its Hong Kong customers view stablecoins. The research was conducted online from June 18 to June 28, 2026, and included 1,060 HSBC customers aged 18 to 64. It measured stablecoin awareness and explored what might help more people in Hong Kong adopt them. 60% of respondents correctly said that a stablecoin is a digital asset backed by fiat money. But confusion remained: 26% believed stablecoins are issued by the government, and 10% thought stablecoins pay interest. HSBC pointed out that Hong Kong’s rules currently don’t allow stablecoins to pay interest.
The survey also highlighted several areas where customers want better protections before using stablecoins more widely. 53% said fraud protection would make them feel more confident, and 51% want easy cash conversion. Another 39% said reserve transparency matters. Regulatory clarity was chosen by 62% as something that would help boost confidence, with 55% calling for better education. HSBC says these results show why it is so important to explain how its stablecoin works and help customers understand the risks and safety measures.
A Phased Rollout Focused on Everyday Payments
HSBC plans to launch RedCoin in phases. The bank will start with simple, everyday uses like person-to-person and person-to-merchant payments. Eventually, it will expand to larger wholesale, corporate, and institutional applications. This rollout comes as Hong Kong’s digital asset scene continues to evolve. HSBC says its stablecoin aims to encourage financial innovation while focusing on security, trust, and ease of use. Maggie Ng, HSBC’s Chief Executive Officer for Hong Kong and Head of Retail Banking and Wealth in Hong Kong, said the name RedCoin reflects the bank’s roots. She described the launch as the start of a bigger journey, not the final goal.
HSBC also plans to launch an educational series for everyone in Hong Kong, focusing on avoiding scams and understanding how stablecoin redemption works. HSBC will post the information on its official apps, website, and social media. This education plan comes as many customers are both interested and cautious. The survey shows lots of people already know about stablecoin uses, but it also makes clear that customers need more information before they feel comfortable using the technology.
HSBC Plans Hong Kong Dollar Stablecoin Launch
HSBC says it has not issued any stablecoins in Hong Kong yet. The bank plans to launch a Hong Kong dollar stablecoin in the second half of 2026, because of a new license granted in April 2026. When the stablecoin launches, it will only be available through PayMe and the HSBC HK Mobile App. HSBC said it will share more details soon.
The bank has also warned customers about fake stablecoins pretending to be linked to HSBC. HSBC says it has nothing to do with these products and reminds people to watch out for investment scams. With the survey results and its rollout plans, HSBC shows it is taking a careful approach to RedCoin, developing the product itself while also educating customers. The bank wants to start with everyday payments, address fraud and regulatory concerns, and gradually expand into larger corporate and institutional use cases as its Hong Kong stablecoin offering grows.
