According to CoinMeta, HSBC is preparing to launch Red Coin, a Hong Kong dollar-stabilized cryptocurrency, which aims to enter the market through products already used by customers, rather than via crypto exchanges. The bank plans to launch Red Coin in the second half of 2026, initially supporting peer-to-peer and merchant payments through PayMe and HSBC’s Hong Kong mobile app. HSBC has not yet disclosed the blockchain platform that will support Red Coin or the exact launch date. This project, combined with HSBC’s existing tokenized deposit infrastructure, holds great potential. HSBC’s research indicates that Hong Kong consumers have a much greater interest in stablecoins than in crypto transactions. In a survey of 1,060 people, 74% identified at least one potential use case for stablecoins. HSBC is initially focusing on payment needs, and PayMe provides a mature entry point for this. With over 3.3 million users of this payment service, it means Red Coin can be launched without HSBC having to establish a new consumer distribution network.