HSBC Launches RedCoin Stablecoin for 3.3 Million PayMe Users in Hong Kong

HSBC is launching its first Hong Kong dollar-backed stablecoin, HSBC RedCoin (RCHKD), for retail payments starting Friday, October 23, 2026. The phased rollout will give more than 3.3 million PayMe users access to digital currency transactions. Customers can activate stablecoin wallets within the app to transfer funds between individuals and pay participating merchants. The service will support payments across PayMe’s network of more than 100,000 merchants.

RedCoin maintains a 1:1 peg to the Hong Kong dollar and is backed by high-quality liquid assets held in segregated accounts. The Hong Kong Monetary Authority (HKMA) granted HSBC a stablecoin issuer license in April 2026. The launch forms part of Hong Kong’s broader effort to develop a regulated digital asset ecosystem. Unlike volatile cryptocurrencies, RedCoin aims to maintain a stable value for everyday transactions.

Meanwhile, HSBC plans to introduce stablecoin wallet functionality within its Hong Kong mobile banking app before year-end. The bank also intends to expand RedCoin’s applications beyond retail payments, including tokenized investments and institutional transactions. Its existing PayMe customer base provides an established distribution network for introducing regulated stablecoins to mainstream consumers.