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HSBC launches RedCoin stablecoin on PayMe in Hong Kong

HSBC launched its Hong Kong dollar stablecoin on PayMe on 23 October, with wallet access rolling out to more than 3.3 million users for transfers and merchant payments.

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HSBC launches RedCoin stablecoin on PayMe in Hong Kong

HSBC launched its Hong Kong dollar stablecoin, RedCoin (RCHKD), on PayMe on 23 October, opening a new route for transfers and merchant payments to more than 3.3 million users. In its launch announcement, HSBC said wallet activation would roll out in the app over the following days.

HSBC said RedCoin is licensed and regulated by the Hong Kong Monetary Authority (HKMA). The bank’s statement identifies HSBC RedCoin as its first stablecoin and says it is denominated in Hong Kong dollars.

What can PayMe users do with RedCoin?

Once they activate a wallet, users can send RedCoin to friends and family and pay merchants through PayMe, HSBC said. The bank said the merchant payments would be accepted at more than 100,000 merchants through the app.

The Block also reported the launch, citing HSBC’s statement on the staged wallet rollout and the two payment uses. HSBC did not say in its announcement that wallet access was immediately available to every PayMe user.

What does HSBC plan to add next?

Later in 2026, HSBC plans to add stablecoin wallet functionality to its Hong Kong mobile banking app and let customers subscribe to tokenised investment products using RedCoin. HSBC said those products will include a forthcoming share class of its Hong Kong dollar money market fund.

John O’Neill, HSBC’s managing director for digital assets and currencies, said the bank also plans to expand RedCoin into wholesale corporate and institutional use cases. The bank did not give a date for that expansion.

How does RedCoin fit Hong Kong’s licensed market?

The HKMA granted HSBC a stablecoin issuer licence in April 2026, according to the bank’s announcement. HSBC said RedCoin is covered by that licence and is subject to financial crime controls required under Hong Kong’s Stablecoins Ordinance.

For now, the launch described by HSBC centers on PayMe payments, with wallet access arriving in stages. The planned banking app and investment features would extend RedCoin’s uses beyond the initial person-to-person and merchant payments.

Sources