According to CoinMeta, HSBC announced that it will name its stablecoin HSBC redcoin. The initial phase will focus on payment scenarios involving P2P and P2M, with subsequent expansion into commercial finance and corporate sectors. The Hong Kong Monetary Authority has granted HSBC a license to issue Hong Kong dollar stablecoins, and HSBC plans to officially launch the Hong Kong dollar stablecoin in the second half of this year.