HSBC Launches Regulated HKD Stablecoin RedCoin for Over 3.3 Million PayMe Users

• HSBC RedCoin (RCHKD) launched on October 23, 2026, via PayMe for over 3.3 million users.
• Supports instant peer-to-peer transfers and payments at more than 100,000 merchants.
• Circulating supply reached about HKD 80.7 million, fully backed by cash reserves.

HSBC has launched its first stablecoin, HSBC RedCoin (RCHKD), a Hong Kong dollar-denominated token now available on the bank’s PayMe app, marking a significant step in regulated retail stablecoin adoption in the city.

According to the official HSBC announcement on October 23, 2026, over 3.3 million PayMe users will be able to activate a stablecoin wallet in the coming days for peer-to-peer payments to friends and family as well as peer-to-merchant transactions at more than 100,000 merchants.

The token is licensed and regulated by the Hong Kong Monetary Authority under stablecoin issuer licence FRS02, granted in April 2026, and complies with Hong Kong’s Stablecoins Ordinance. Each RedCoin is designed for 1:1 redemption in HKD and is fully backed at all times by high-quality, highly liquid segregated assets, as detailed on the HSBC RedCoin page.

As of October 24, 2026, the total par value of stablecoins in circulation stood at approximately HKD 80.67 million, with reserve assets valued at HKD 81.67 million entirely in cash, according to HSBC’s daily reporting.

Maggie Ng, Chief Executive Officer for Hong Kong and Head of Retail Banking and Wealth at HSBC, said in the announcement: “Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks. We have an opportunity to help customers in Hong Kong manage this shift with practical products and services that support the real economy, backed by the trust and security of a global bank.”

John O’Neill, Managing Director for Digital Assets and Currencies, added: “We are excited by the market’s interest in HSBC RedCoin. This is only the beginning. We will soon add more products, including expanding into wholesale corporate and institutional use cases. This is a big step forward for safe and widely available digital assets and currencies in Hong Kong.”

Later this year, HSBC plans to integrate the stablecoin wallet into the HSBC HK Mobile Banking App and allow customers to subscribe to tokenized investment products, including a new share class of its HKD money market fund. The launch builds on HSBC’s prior digital asset initiatives, such as its participation in the HKMA’s e-HKD+ Pilot Programme and Project Ensemble since 2022, as well as existing offerings like the HSBC Gold Token and tokenized bonds via HSBC Orion.

Coverage from outlets including The Block and CoinDesk highlighted the retail focus, with CoinDesk noting comments from industry figures on how embedding stablecoins in existing apps could boost familiarity.

While the initial circulating supply remains modest relative to global USD stablecoins, the integration into a major bank’s payments app serving millions of everyday users positions RedCoin as a potential catalyst for broader adoption of regulated local-currency stablecoins in Asia.