HSBC (0005) on Wednesday unveiled the official name of its forthcoming stablecoin, "HSBC RedCoin", and a new survey showing that 74 percent of respondents recognize at least one stablecoin use case.
HSBC surveyed over 1,000 local customers and found that over half have experienced digital asset trading and tokenised investments, person-to-person transfers, cross-border remittances, and merchant payments.
Although 60 percent of respondents showed a clear understanding of stablecoins as fiat-backed digital assets, some still misunderstood their usage, with 26 percent assuming stablecoins were government-issued. At the same time, 10 percent viewed them as interest-bearing – a feature not included in Hong Kong’s current regulatory framework.
The survey also defined a few common concerns regarding stablecoins’ security, fraud, and regulatory clarity.
When asked what would build respondents’ confidence, 62 percent required stronger regulatory clarity. Over half cited enhanced education, fraud protection, and seamless conversion to cash, while 39 percent highlighted reserve transparency.
HSBC said these findings support a phased rollout, beginning with easy and everyday use cases, such as person-to-person and person-to-merchant payments, before soon expanding to wholesale corporate and institutional use cases.
At the same time, HSBC will roll out a comprehensive educational series on scam prevention and transparent redemption mechanisms, available via its official banking apps, website, and social media platforms.
“HSBC RedCoin isn’t a leap into the unknown – it’s a natural next step. Our education series will ensure every customer feels equipped and confident to join the journey,” said Maggie Ng, HSBC Hong Kong’s chief executive and head of retail banking and wealth.
