HSBC launches HKD stablecoin RedCoin on PayMe

HSBC launched its Hong Kong dollar stablecoin, RedCoin (RCHKD), on PayMe on Oct. 23, bringing regulated stablecoin payments to a retail app used by more than 3.3 million people. The bank said in its launch announcement that the token is licensed and regulated by the Hong Kong Monetary Authority (HKMA).

How can PayMe users use RedCoin?

HSBC says users will be able to activate an in-app stablecoin wallet in the coming days. It is designed for peer-to-peer transfers and payments at more than 100,000 merchants through PayMe, according to the bank.

CoinDesk reports that the token is fully backed by high-quality liquid assets held in separate accounts. The rollout puts stablecoin payments inside an existing payment app; HSBC has not announced that RedCoin is available through an external wallet or exchange.

What backs the token and who regulates it?

RedCoin is denominated in Hong Kong dollars and issued under HSBC’s HKMA stablecoin licence, granted in April 2026, the bank said. HSBC’s announcement lists the issuer licence as FRS02 and says its stablecoin custody service provides safekeeping for RedCoin.

The launch follows Hong Kong’s new stablecoin licensing framework. HSBC did not give details in its announcement about RedCoin’s blockchain or publish a public contract address.

What comes next for RedCoin?

HSBC plans to add a RedCoin wallet to its Hong Kong mobile banking app later this year and let customers use the token to subscribe to tokenised investment products, including a planned share class of its Hong Kong dollar money market fund. The bank also said it intends to expand into wholesale and institutional use cases, without giving a timetable.

The immediate next step is PayMe wallet activation in the coming days. HSBC has not confirmed when the mobile banking app or investment features will go live.

Source material

• launch announcement — about.hsbc.com.hk