HSBC has officially named its upcoming Hong Kong dollar stablecoin "HSBC RedCoin" ahead of a planned launch in the second half of 2026. The bank released survey results from over 1,000 local customers indicating strong market readiness, with 74% of respondents recognizing at least one use case for stablecoins and 60% accurately defining them as fiat-backed digital assets. Digital asset trading and tokenized investments ranked as the top use case at 57%, followed closely by peer-to-peer transfers, cross-border remittances, and merchant payments at approximately 53% each. HSBC stated that RedCoin's initial phase will prioritize P2P and peer-to-merchant payments before expanding to commercial banking applications. The bank received its stablecoin issuer license from the Hong Kong Monetary Authority in April alongside Standard Chartered.