HSBC obtained in April 2026 the stablecoin issuer license from the Hong Kong Monetary Authority (HKMA) for its RedCoin token, pegged to the Hong Kong dollar. The bank plans a gradual rollout starting with peer-to-peer transfers and merchant payments via PayMe and the HSBC HK Mobile Banking app, before extending the service to professional and institutional clients. According to a survey conducted in June 2026 among 1,060 Hong Kong clients, 74 % of them identify at least one possible use case for a stablecoin, with tokenized investments and digital asset trading leading at 57 %. The token will be fully backed by high-quality liquid assets and redeemable at par with the Hong Kong dollar. While the license is secured, neither the launch date nor the fee structure for RedCoin has been disclosed yet.
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