HSBC, Hong Kong’s Largest Bank, Names Stablecoin ‘RedCoin’ HSBC, Hong Kong’s largest bank and one of the city’s three note-issuing banks, has named its forthcoming stablecoin HSBC RedCoin, with an initial rollout focused on person-to-person (P2P) transfers and person-to-merchant (P2M) payments before expanding to corporate and institutional use cases. The bank also released a survey of more than 1,000 Hong Kong customers, finding that 74% could identify at least one stablecoin use case. Digital-asset trading and tokenized investments ranked first at 57%, followed by P2P transfers at 53%, while cross-border remittances and merchant payments each stood at 52%.