HSBC has revealed HSBC RedCoin as the official name of its planned stablecoin in Hong Kong. According to the bank's announcement, the digital asset will initially support person-to-person (P2P) and person-to-merchant transactions, with corporate and institutional applications planned for a later stage.
The announcement follows a survey conducted by the bank involving over 1,000 Hong Kong customers, which indicated that 74% of respondents recognized at least one stablecoin use case. Among the findings, 57% associated stablecoins with digital asset trading and tokenized investments, while 53% pointed to P2P transfers. Additionally, 52% of respondents recognized cross-border remittances and merchant payments as potential uses.
The survey also highlighted areas for further understanding. While 60% of participants correctly identified stablecoins as fiat-backed digital assets, 26% incorrectly believed they were government-issued, and 10% viewed them as interest-bearing. In response, HSBC stated it plans to offer public education via its banking applications, website, and social media channels, focusing specifically on transparent redemption and scam prevention.
Beyond the Hong Kong stablecoin initiative, HSBC has been advancing its broader digital asset strategy across multiple markets. In the UK, HSBC UK and other banking peers are currently testing tokenized sterling deposits in live customer transactions. Conducted under UK Finance’s Great British Tokenised Deposit initiative, these pilots are designed to explore how programmable payments can enhance settlement efficiency and mitigate transaction risks.
