HSBC launches HKD stablecoin RedCoin on PayMe

HSBC launched RedCoin, its first Hong Kong dollar stablecoin, on PayMe on October 23, opening a route for retail users to make digital payments. The bank said in its launch announcement that more than 3.3 million PayMe users would be able to activate wallets in the coming days.

What can PayMe users do with RedCoin?

Users will be able to send RedCoin to friends and family and pay at more than 100,000 merchants through PayMe, HSBC said. The coin is denominated in Hong Kong dollars and trades under the ticker RCHKD.

HSBC said the Hong Kong Monetary Authority licensed and regulates RedCoin. The bank’s announcement lists its stablecoin issuer licence number as FRS02 and says HSBC received the licence in April 2026.

How will RedCoin reach users?

Wallet activation is due to roll out through PayMe in the days after the launch. HSBC did not say how many users would get access on each day or give a timetable for completing the rollout.

The Block also reported that the initial use cases are peer-to-peer transfers and merchant payments through PayMe. HSBC said staff pilots involving nearly 100 users tested minting, wallet activation and live transfers before launch.

What does HSBC plan to add next?

HSBC plans to add RedCoin wallet functions to its Hong Kong mobile banking app later in 2026 and let customers use the stablecoin to subscribe to tokenised investment products. The bank said those products will include a forthcoming share class of its Hong Kong dollar money market fund.

HSBC also said it plans to expand RedCoin to wholesale corporate and institutional uses. The timing and details of those services, as well as the mobile app and investment features, have not yet been announced.

Source material

• launch announcement — about.hsbc.com.hk