HSBC issued a coin? First, pour a bucket of cold water: it hasn’t been issued yet.
Today (September 30), HSBC, the largest bank in Hong Kong, officially announced the naming of the Hong Kong dollar stablecoin as $HSBC.US RedCoin. It is set to be launched in the second half of 2026, and the first people to access it will be the 3.3 million PayMe users.
In the future, on your phone balance, it may be more than just deposits—there could be another “on-chain Hong Kong dollar.”
1 RedCoin = 1 Hong Kong dollar. Behind it are highly liquid assets held in a segregated account, redeemable for cash at face value at any time.
But the most controversial part is this: what’s happening now is merely “account registration.” The coin has not been issued—no exact date, no public blockchain, and no contract address.
Why is a major bank moving so slowly? Look at peers: Anchorpoint of the Standard Chartered group, which received the license in the same batch in April, had already launched HKDAP in August.
More striking is the investigation HSBC released at the same time: among 1,060 Hong Kong residents, 74% believe stablecoins are useful, but 26% think they are issued by the government, and 10% are still waiting to “earn interest”—yet Hong Kong regulators do not allow stablecoins to pay interest.
The market isn’t lacking demand—it just hasn’t been understood
So in the first phase, it will only do the simplest things: transfers and QR-code payments. Enterprise applications will come later.
For retail users, three sentences:
Any coin that official channels have not issued, if it appears on any exchange, is fake—HSBC has warned you directly; stablecoins do not pay interest—don’t be tricked by “deposit-coin interest”; a major bank entering the space is an industry signal, but it doesn’t automatically mean a near-term market rally.
What do you think: will a bank-issued stablecoin replace USDT?
#汇丰将分阶段推出稳定币RedCoin
Today (September 30), HSBC, the largest bank in Hong Kong, officially announced the naming of the Hong Kong dollar stablecoin as $HSBC.US RedCoin. It is set to be launched in the second half of 2026, and the first people to access it will be the 3.3 million PayMe users.
In the future, on your phone balance, it may be more than just deposits—there could be another “on-chain Hong Kong dollar.”
1 RedCoin = 1 Hong Kong dollar. Behind it are highly liquid assets held in a segregated account, redeemable for cash at face value at any time.
But the most controversial part is this: what’s happening now is merely “account registration.” The coin has not been issued—no exact date, no public blockchain, and no contract address.
Why is a major bank moving so slowly? Look at peers: Anchorpoint of the Standard Chartered group, which received the license in the same batch in April, had already launched HKDAP in August.
More striking is the investigation HSBC released at the same time: among 1,060 Hong Kong residents, 74% believe stablecoins are useful, but 26% think they are issued by the government, and 10% are still waiting to “earn interest”—yet Hong Kong regulators do not allow stablecoins to pay interest.
The market isn’t lacking demand—it just hasn’t been understood
So in the first phase, it will only do the simplest things: transfers and QR-code payments. Enterprise applications will come later.
For retail users, three sentences:
Any coin that official channels have not issued, if it appears on any exchange, is fake—HSBC has warned you directly; stablecoins do not pay interest—don’t be tricked by “deposit-coin interest”; a major bank entering the space is an industry signal, but it doesn’t automatically mean a near-term market rally.
What do you think: will a bank-issued stablecoin replace USDT?
#汇丰将分阶段推出稳定币RedCoin
港元稳定币能干掉USDT
0%
港元稳定币不能干掉USDT
50%
未知
50%
2 votes • Voting closed