HSBC announced the name of its Hong Kong dollar stablecoin as "HSBC RedCoin," aiming to launch it later this year.

HSBC has officially announced that the name of its proposed Hong Kong dollar stablecoin is "HSBC RedCoin". The bank plans to formally launch this HKD-denominated stablecoin in Hong Kong later this year, subject to relevant regulatory approvals. Upon initial launch, the stablecoin will only be available through PayMe and the HSBC HK Mobile App.