HSBC Unveils RedCoin, a Hong Kong Dollar-Pegged Stablecoin

HSBC has announced RedCoin, a stablecoin pegged to the Hong Kong dollar, following the receipt of an issuer license from the Hong Kong Monetary Authority (HKMA) in April 2026. The bank plans a phased rollout, starting with peer-to-peer transfers and merchant payments via PayMe and its mobile banking app, before expanding to institutional and corporate use. RedCoin will be fully backed by high-quality liquid assets and is subject to the Stablecoins Ordinance that took effect in August 2025.