HSBC has named its planned Hong Kong dollar stablecoin HSBC RedCoin and said it intends to launch the token before the end of the year. The lender will initially offer RedCoin through PayMe and the HSBC HK Mobile App for person-to-person transfers and person-to-merchant payments, before pursuing wholesale corporate and institutional applications. HSBC said the coin will be issued under a stablecoin licence granted by the Hong Kong Monetary Authority in April 2026. A June survey of 1,060 customers found that 74% recognised at least one stablecoin use case, although understanding of the products varied. HSBC plans a public education campaign covering scam prevention and redemption transparency as Hong Kong banks move into the regulated stablecoin market.