Hong Kong Stablecoin License Applications Add 39 New Institutions; HSBC Names Its HKD Stablecoin 'HSBC RedCoin'
Hong Kong's stablecoin sandbox applicant list has grown by 39 domestic and overseas institutions spanning banking, brokerage and payments. Meanwhile, HSBC has officially branded its HKD stablecoin project 'HSBC RedCoin', making it one of the first bank-backed issuers to unveil a brand name.
Hong Kong Stablecoin License Applications Add 39 New Institutions
The Hong Kong Monetary Authority (HKMA) has disclosed an expanded list of stablecoin issuer sandbox applicants, with 39 new domestic and overseas institutions added, spanning banks, brokerages and payment companies.
HSBC Names Its HKD Stablecoin 'HSBC RedCoin'
At the same time, HSBC has officially named its Hong Kong dollar stablecoin project "HSBC RedCoin", making it one of the first bank-backed issuers to announce a brand name.
According to public information, the newly added applicants include a number of fintech companies from mainland China and Southeast Asia, with business focus on cross-border settlement and tokenized deposits. Since Hong Kong launched consultations on its stablecoin regulatory framework in 2024, it has received more than 80 expressions of interest.
HSBC said RedCoin will first be piloted in internal settlement scenarios, with any decision to open it to retail users to depend on regulatory guidance. The bank did not disclose a specific issuance timetable or the composition of its reserve assets.
Source: https://news.google.com/rss/articles/CBMijAFBVV95cUxNRDRLSlZFTFVCczB6YkhraElSeVdIMGJBV1k0NWdDOWFsQUQwcklHMllOdGtnVFVNTFhfRkQ2YUFraG9ZNEY3WTdVU3dOWFg0WTB1TlhfMERqNXVsQWhLQ1ptRmIwTk9WUjFSSlFrenFsX2NFdFNuR1phbkxNcDAxX0p2ZTF5OVRvYnI2bA?oc=5
Provenance & status
- Byline
- OceanAlt Editorial
- First published
- 2026-10-05
- Last updated
- 2026-10-05
- Content type
- Newsflash
- Source material
- View original ↗
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