The news
Non-dollar stablecoins, digital tokens pegged one-for-one to a currency other than the U.S. dollar, took two steps forward in Asia in the week ending October 1, 2026. HSBC (HSBC) named its Hong Kong dollar token, and Singapore's StraitsX said it will bring its Singapore dollar token to a new blockchain.
On September 30, HSBC announced that its Hong Kong dollar stablecoin will be called HSBC RedCoin, crypto.news reported, with a launch planned for the second half of 2026. HSBC's own Hong Kong website says the bank is working to bring the token to customers in 2026 and that it operates under licence FRS02 from the Hong Kong Monetary Authority (HKMA). According to crypto.news, the HKMA granted Hong Kong's first stablecoin issuer licences on April 10, 2026, to HSBC and Anchorpoint Financial, which is backed by Standard Chartered, HKT and Animoca Brands.
HSBC says each RedCoin will be fully backed at all times by high-quality, highly liquid segregated assets and is designed to be redeemable one-for-one for Hong Kong dollars. The bank lists person-to-person and merchant payments through its PayMe app, and subscriptions to tokenised investment products through the HSBC HK App, as intended uses. Crypto.news reported that corporate and institutional uses are planned for a later phase, with no timing given. The bank's page also warns that HSBC has not yet issued stablecoins in Hong Kong and cautions against fake products using its name.
Crypto.news also reported survey findings from 1,060 Hong Kong residents, polled June 18 to 28: 74% identified at least one use for stablecoins, 52% cited cross-border remittances and 62% said regulatory clarity mattered most for their confidence.
On October 1, StraitsX announced plans to issue XSGD, its Singapore dollar stablecoin, and XUSD, its U.S. dollar stablecoin, natively on Monad, a blockchain whose mainnet launched in November 2025, according to Blockhead. The launch is targeted for early 2027 and is subject to technical, regulatory and compliance requirements. XSGD would be the first Singapore dollar stablecoin issued natively on Monad.
Blockhead reported that StraitsX entities hold Major Payment Institution licences under Singapore's Payment Services Act, that XSGD has a circulating supply of about 16.5 million tokens (about $12.9 million) and that StraitsX's stablecoins carry nearly $70 billion in annualized transaction volume. StraitsX is looking at cross-border payment and settlement flows and card programs. Chief Executive Tianwei Liu said the move lets the company put a Singapore dollar stablecoin to work in new card and payment products.
The numbers
- HSBC RedCoin redemption
- 1:1 for Hong Kong dollars
- HKMA first issuer licences
- April 10, 2026
- XSGD circulating supply
- About 16.5 million tokens (~$12.9 million)
- StraitsX annualized stablecoin volume
- Nearly $70 billion
- Qivalis consortium members
- 37 banks (May 2026)
Why CEOs should care
For corporate treasurers with operations in Hong Kong or Singapore, these tokens could eventually allow settlement in local currency without converting through dollar stablecoins first. That does not exist at scale yet: HSBC's first phase is retail payments, and corporate use comes later. Treasurers should ask their HSBC relationship managers when corporate access is planned, which accounts can hold or redeem RedCoin, and how redemption timing compares with a normal Hong Kong dollar transfer.
CFOs should keep the scale in view. XSGD's circulating supply of about $12.9 million is tiny next to the dollar tokens that dominate crypto markets, so liquidity for large conversions may be thin. Pilots with small amounts in a single corridor are a sensible first step, and finance teams should confirm how each token is licensed and where reserves sit before any exposure.
Risk and compliance leaders should note HSBC's own warning about fraudulent products claiming its name. Names like RedCoin will attract impostors, so employee and customer communications should state which official channels, PayMe and the HSBC HK App, will carry the token.
The bigger picture
Europe is moving in the same direction. Qivalis, an Amsterdam-based company formed by European banks to issue a euro stablecoin under the EU's Markets in Crypto-Assets (MiCA) rules, added 25 banks on May 20, 2026, bringing its membership to 37, Cointelegraph reported. It is targeting a launch in the second half of 2026. Chief Executive Jan Sell framed it as on-chain infrastructure for the euro built by European institutions.
Together, these projects suggest that regulated local-currency tokens, issued by licensed banks and payment firms, are becoming an alternative to dollar tokens for regional payments, though none has yet shown large-scale corporate use.
What’s next
Watch for RedCoin's actual launch date and first corporate pilots, Qivalis' licensing and launch, and whether StraitsX meets its early 2027 target on Monad.
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