HSBC launches RedCoin stablecoin on PayMe in Hong Kong
HSBC has launched its first Hong Kong dollar stablecoin on PayMe, bringing app-based transfers and merchant payments to more than 3.3 million users.
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HSBC launched RedCoin, its first Hong Kong dollar stablecoin, on PayMe on 23 October, opening a new route for customers to send money and pay merchants. A stablecoin is a digital token designed to track the value of a regular currency. HSBC’s launch announcement says more than 3.3 million PayMe users will be able to activate a wallet in the app in the coming days.
What can customers use RedCoin for?
RedCoin will support person-to-person transfers and payments at more than 100,000 merchants through PayMe, HSBC said. The bank says users can send tokens to friends and family and pay merchants directly in the app.
The launch is phased: HSBC announced the service as available from 23 October, while saying users would be able to activate wallets in the following days. The Block also reported that PayMe users would get in-app wallets for these transfers and merchant payments.
HSBC’s announcement says it tested the full customer journey with nearly 100 staff, including creating tokens, activating wallets and making live transfers. The bank says HSBC Digital Assets Custody provides safekeeping for RedCoin.
Who regulates the coin, and what comes next?
HSBC says RedCoin is licensed and regulated by the Hong Kong Monetary Authority, the city’s banking regulator. The bank’s stablecoin issuer licence was granted in April 2026, according to its announcement. RedCoin’s ticker is RCHKD.
HSBC plans to add RedCoin wallets to its Hong Kong mobile banking app later this year. It also plans to let customers use the coin to subscribe to tokenised investments—financial products represented by digital tokens—including a planned share class of an existing Hong Kong dollar money market fund.
Why does the PayMe launch matter?
The rollout puts a bank-issued stablecoin into an existing consumer payments app, rather than limiting its first use to institutional customers. PayMe users will be able to use the token for everyday payments, while HSBC says it intends to add investment and wholesale uses later.
HSBC has not announced how many customers have activated wallets or how much RedCoin is in circulation. Its announcement describes the service’s planned reach and uses, but does not report adoption figures.
Sources
- HSBC’s launch announcement — about.hsbc.com.hk