HSBC announced today the official name of its upcoming stablecoin, HSBC RedCoin, alongside the results of a survey covering over a thousand local customers, which showed that local consumers are ready for the stablecoin's launch.

HSBC stated that the survey results support its phased approach to rolling out the stablecoin product.

The first phase will concentrate on person-to-person (P2P) and person-to-merchant (P2M) payments, starting with direct use cases closely tied to daily life, and will later expand to the commercial banking and corporate levels, closely aligned with 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 Holdings PLC (HSBC) and Standard Chartered (through its subsidiary Anchorage Fintech).

HSBC Holdings PLC (HSBC) previously said it would officially launch the Hong Kong dollar stablecoin in the second half of this year.