HSBC Hong Kong to Launch HKD-Pegged Stablecoin 'HSBC RedCoin' by Late 2026

HSBC Hong Kong has announced the name of its upcoming Hong Kong dollar-pegged stablecoin, 'HSBC RedCoin.' The stablecoin is scheduled to launch in late 2026, initially supporting peer-to-peer transfers and retail payments through the PayMe app and the bank's mobile banking platform, with plans to expand to corporate services later. The issuance is backed by a stablecoin issuer license granted by the Hong Kong Monetary Authority (HKMA) in April.