HSBC RedCoin is the brand name for the Hong Kong dollar stablecoin that The Hongkong and Shanghai Banking Corporation plans to issue under a licence granted by the Hong Kong Monetary Authority. HSBC announced the name on 30 September 2026, and the same release states that HSBC has not yet issued any stablecoins in Hong Kong.
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That distinction matters for anyone searching "hsbc stablecoin" right now. RedCoin is a named, licensed product plan. It is not yet a token anyone can hold. This page separates what HSBC and the HKMA have published from what is still a plan, and explains how the HKMA regime shapes the coin.
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HSBC RedCoin is a planned Hong Kong dollar referenced stablecoin to be issued by The Hongkong and Shanghai Banking Corporation Limited, a wholly owned HSBC Holdings subsidiary. HSBC revealed the name on 30 September 2026. The bank holds an HKMA issuer licence from April 2026 and says launch will come through PayMe and the HSBC HK App.
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The naming release quotes Maggie Ng, Chief Executive Officer, Hong Kong, who ties the name to the bank's heritage. The notes to editors are more precise than the headline. They say HSBC plans to launch a Hong Kong dollar denominated stablecoin in the second half of 2026 (HSBC), that the licence was granted in April 2026, and that at launch the coin will only be offered through PayMe and the HSBC HK Mobile App.
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The issuing entity is The Hongkong and Shanghai Banking Corporation Limited, which the April release describes as a wholly owned subsidiary of HSBC Holdings plc.
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No. HSBC RedCoin has been named and licensed but not issued. HSBC's own release says the bank has not yet issued any stablecoins in Hong Kong. The first coins are planned for PayMe and the HSBC HK App, and HSBC says further updates will be provided in due course.
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The timeline below uses only dated primary sources. Nothing after the last row has been published.
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Sources for each row: the HKMA regulatory regime page, the HKMA inSight article of 10 April 2026, the HKMA licence press release, the HSBC April release, and the HSBC naming release. HSBC's release also warns that the bank has no connection to fraudulent stablecoins claiming an HSBC link. Any token trading as "RedCoin" before an official HSBC launch notice is not HSBC's.
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HSBC says each stablecoin it issues will be fully backed at all times by high-quality liquid assets held in segregated accounts. Users will access it inside two existing apps. HSBC has named three first-phase uses: person-to-person transfers, payments to merchants through PayMe, and subscriptions to tokenised investments in the HSBC HK App.
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The April 2026 HSBC release lists those three use cases and notes that tokenised investment subscriptions remain subject to regulatory approval. It also gives the distribution base: PayMe has over 3.3 million users, and HSBC HK App monthly active users rose 20 per cent year on year, comparing January 2026 with January 2025.
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The September release describes a phased rollout that starts with P2P and P2M payments and then expands to wholesale corporate and institutional uses. HSBC has not published the blockchain RedCoin will run on, a smart contract address, a reserve attestation schedule, or redemption fees. Treat any claim about those details as unconfirmed until HSBC publishes it.
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HSBC paired the name reveal with a survey of 1,060 HSBC customers aged 18 to 64, run online from 18 to 28 June 2026, according to the naming release. In that survey, 74 per cent recognised at least one stablecoin use case, and 26 per cent assumed stablecoins were government-issued. The bank used the results to justify starting with everyday payments and an education series on scam prevention and redemption.
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The Hong Kong Monetary Authority regulates HSBC RedCoin's issuer under the Stablecoins Ordinance, Cap. 656. Since 1 August 2025 (HKMA), issuing fiat-referenced stablecoins in Hong Kong, or issuing any stablecoin that references the Hong Kong dollar, requires an HKMA licence. HSBC appears on the HKMA register of licensed issuers.
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The HKMA regime page links to the Register of Licensed Stablecoin Issuers and the supervisory guideline for licensees. The HKMA inSight article sets out what licensees must do: manage and safeguard fiat reserve assets, run price stabilisation and redemption arrangements, use blockchain analytics for anti-money-laundering monitoring, and verify the identity of stablecoin holders directly or through reliable third parties.
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That last point separates RedCoin from open, bearer-style dollar stablecoins. Holder identity checks are part of the licence conditions, so the coin is designed for a known-customer environment from day one.
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HSBC is one of two entities the HKMA licensed on 10 April 2026. The other is Anchorpoint Financial Limited, a joint venture of Standard Chartered Bank (Hong Kong), HKT and Animoca Brands. Both plan Hong Kong dollar stablecoins first. The HKMA picked these two from 36 applicants in the first batch.
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The HKMA said in its April inSight piece that any further licences would keep the overall number very limited. Hong Kong is running a narrow, bank-heavy issuer model rather than an open field.
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HSBC frames RedCoin as the retail layer of a digital asset stack it already runs in Hong Kong. That stack includes tokenised deposits for corporates, digital bonds through HSBC Orion, and the HSBC Gold Token for retail. A licensed HKD coin adds a payment instrument that plugs into apps customers already use.
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The April release lists those existing products and notes HSBC's participation since 2022 in HKMA projects including the e-HKD+ Pilot Programme and Project Ensemble. The HKMA's own list of licensee priorities in its inSight article covers cross-border payments, local payments, settlement for tokenised asset trading, and programmable uses such as conditional payments and supply chain finance.
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Read together, the two sources describe a sequence: consumer payments first, then tokenised investment settlement, then wholesale and institutional flows once the retail rails are proven.
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Three gaps stand out as of the 30 September 2026 naming release. HSBC has not published a launch date, a blockchain, or reserve reporting details. Distribution at launch is limited to two HSBC-controlled apps. And the HKMA regime covers issuance in Hong Kong, so use outside Hong Kong depends on rules in other jurisdictions.

It is a real, licensed product plan. HSBC holds an HKMA stablecoin issuer licence and named the coin on 30 September 2026, but the same release confirms no HSBC stablecoin had been issued in Hong Kong at that date.
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Not as of the 30 September 2026 naming release. HSBC says it plans to launch in the second half of 2026 through PayMe and the HSBC HK App only (HSBC). Treat any token sold as RedCoin elsewhere with caution; HSBC has disclaimed links to fraudulent stablecoins.
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The Hong Kong dollar. Both HSBC releases describe a Hong Kong dollar denominated stablecoin, and the HKMA says both first licensees plan HKD-referenced coins in the initial phase.
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HSBC's survey release notes that interest-bearing features are not part of Hong Kong's current regulatory framework for stablecoins. HSBC has published no yield feature.
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Anchorpoint Financial Limited, a joint venture of Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, received its licence on the same day as HSBC, 10 April 2026.
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Every figure and date on this page comes from a primary source fetched on 30 September 2026. No figures come from search summaries.