HSBC launches RedCoin, its Hong Kong dollar stablecoin, to 3.3M PayMe users

HSBC has launched HSBC RedCoin, its first stablecoin, a Hong Kong dollar token licensed and regulated by the Hong Kong Monetary Authority. It went live on PayMe by HSBC on 23 October, and the 3.3 million PayMe users can activate a wallet in the app over the following days.

At launch RedCoin supports peer-to-peer payments and payments at more than 100,000 merchants. HSBC plans to add RedCoin wallets to its Hong Kong mobile banking app by the end of 2026 and to let customers use it to subscribe to tokenised investment products, starting with a Hong Kong dollar money market fund with a minimum of HK$100.

HSBC Digital Assets Custody provides safekeeping for the coin. John O'Neill, managing director of digital assets and currencies, said more products will follow, including wholesale corporate and institutional use cases.