Hybrid carrageenans, also called kappa-2 (K2) or weak kappa, are a class of sulfated polysaccharides with thermo-reversible gelling properties in water and are extracted from a specific family of red seaweeds. K2 are known in the industry for their texturizing properties which are intermediate between those of kappa-carrageenans (K) and iota-carrageenans (I). As such, K2 are gaining industrial interest, as they can replace blends of K and I (K + I) in some niche applications. Over the last decade or so, some progress has been made in unravelling K2′s chemical structure. The understanding of K2 gel’s structure–rheological properties’ relationships has also improved. Such recent progress is reported here, reviewing the literature on gelling K2 published since the last review on the topic. The focus is on the seaweeds used for extracting K2, their block copolymer chemical structures, and how these impact on the gel’s formation and rheological properties. The outcome of this review is that additional rheological and structural studies of K2 hydrogels are needed, in particular to understand their viscoelastic behavior under large deformation and to unravel the differences between the texturizing properties of K2 and K + I.