HSBC launched RedCoin, a Hong Kong dollar-backed stablecoin, to more than 3.3 million PayMe users starting October 23, 2026, after receiving its stablecoin issuer licence from the Hong Kong Monetary Authority in April 2026. The first phase supports user-to-user transfers and merchant payments. HSBC plans to integrate RedCoin into its Hong Kong mobile banking app before the end of 2026 to enable tokenized money-market fund investments starting at HK$100.
RedCoin stablecoin launch
- ▪HSBC launched RedCoin, a Hong Kong dollar-backed stablecoin, to more than 3.3 million PayMe users starting October 23, 2026
- ▪HSBC introduced RedCoin in stages starting September 30, 2026, to avoid overloading HSBC's systems
PayMe integration rollout
- ▪PayMe users can activate RedCoin wallets directly in the PayMe app without opening a new account or keeping a minimum balance
- ▪RedCoin in PayMe supports user-to-user transfers and payments to merchants in the first phase of its October 23, 2026 launch
- ▪RedCoin wallets in PayMe follow the same transaction and balance limits as regular Hong Kong dollar wallets
Tokenized investment products
- ▪HSBC has supported US$8.3 billion in digitally native bond issuance globally
- ▪HSBC plans to introduce tokenized gold and third-party investment funds after RedCoin's initial October 23, 2026 launch
- ▪HSBC's tokenized gold products have recorded US$2.5 billion in cumulative trading value
- ▪HSBC plans to integrate RedCoin into its Hong Kong mobile banking app before the end of 2026 to enable tokenized money-market fund investments
Merchant adoption strategy
- ▪Settlement schedules for merchants accepting RedCoin will initially remain the same as conventional Hong Kong dollar payments
- ▪HSBC plans to introduce cashback rewards and promotions with popular shopping and dining brands to encourage RedCoin spending
Hong Kong regulatory approval
- ▪HSBC received its stablecoin issuer licence from the Hong Kong Monetary Authority in April 2026
- ▪Anchorpoint, a venture backed by Standard Chartered, Animoca Brands, and HKT, received a stablecoin issuer licence from the Hong Kong Monetary Authority in April 2026
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