HSBC officially names its stablecoin "HSBC RedCoin," with the first phase focusing on P2P and P2M payments.

HSBC announced today that it has officially named its upcoming stablecoin "HSBC RedCoin," and released the results of a survey covering more than a thousand local customers, showing that local consumers are ready for the stablecoin's launch. HSBC said the survey results support its phased approach to rolling out stablecoin products. The first phase will focus on person-to-person and person-to-merchant payments, starting with direct use cases close to daily life, and will later expand to commercial banking and corporate levels, closely following Hong Kong's digital asset and currency development. It is understood that in April this year, the Hong Kong Monetary Authority granted the first batch of Hong Kong dollar stablecoin issuer licenses to two financial institutions, HSBC and Standard Chartered. HSBC previously said it would officially launch its Hong Kong dollar stablecoin in the second half of this year.