HSBC Hong Kong stablecoin gets a name, euro-backed tokens soar

Homepage > News > Finance > HSBC Hong Kong stablecoin gets a name, euro-backed tokens soar TL;DR: HSBC will launch its Hong Kong dollar stablecoin, HSBC RedCoin, via PayMe before year-end, as Asia’s stablecoin use grows despite a 6.8% regional crypto contraction. The UAE is piloting dirham stablecoin retail payments, euro-backed stablecoins passed $900 million, and the ECB is exploring AI for the digital euro. Key Takeaways: HSBC RedCoin embraces the new while honoring the old andwill launch via the PayMe app before the end of 2026. Asia stablecoin adoption ignores crypto economy decline: Central and Southeast Asia and Oceania’s crypto economy shrank 6.8%. HSBC survey found 26% of Hong Kong customers wrongly believed stablecoins are government-issued. UAE SMEs are embracing stablecoins as a digital dirham retail pilot launch. Euro-backed stablecoins top $900 million. Hong Kong’s newest stablecoin is on the launchpad, Asian stablecoin adoption is bucking the broader crypto economy decline, and euro-backed tokens are hitting new highs. On Wednesday, global banking giant HSBC (NASDAQ: HSBC) announced that its soon-to-be-released Hong Kong stablecoin will be known as HSBC RedC...