HSBC introduces Hong Kong dollar stablecoin RedCoin to PayMe users
HSBC has started rolling out its Hong Kong dollar stablecoin, RedCoin, to more than 3.3 million PayMe users in Hong Kong, enabling peer-to-peer transfers and merchant payments.
HSBC has begun rolling out its Hong Kong dollar-backed stablecoin, RedCoin, to more than 3.3 million users on its PayMe app, according to reports citing the South China Morning Post. The rollout, which begins on October 23 with full availability expected before the weekend, allows users to activate a stablecoin wallet directly within the app without extra account-opening steps or minimum balance requirements.[1][2][3][4][5]
The initial rollout supports peer-to-peer transfers and retail transactions across more than 100,000 merchants. The move follows HSBC receiving a stablecoin issuer licence from the Hong Kong Monetary Authority in April 2026, when the bank outlined plans to introduce a Hong Kong dollar-denominated token in the second half of the year.[1][2][3][4][5]
HSBC also plans to integrate RedCoin into its primary Hong Kong mobile banking app by the end of the year. That planned integration is intended to allow retail customers to instantly subscribe to tokenized asset products, including tokenized money market funds starting from HK$100, with tokenized gold and third-party funds expected to follow.[1][4]
Key facts
- HSBC is rolling out its Hong Kong dollar-backed stablecoin, RedCoin, to more than 3.3 million PayMe users starting October 23.
- The initial phase supports peer-to-peer transfers and merchant payments at more than 100,000 merchants.
- Users can activate a RedCoin wallet in-app without additional account-opening requirements or minimum balance limits, with full availability expected before the weekend.
- HSBC was granted a stablecoin issuer licence by the Hong Kong Monetary Authority on April 10, 2026.
- HSBC plans to integrate RedCoin into its Hong Kong mobile banking app by year-end to enable instant subscriptions to tokenized money market funds from HK$100, followed by tokenized gold and third-party funds.
Sources · 5 sources
- JM
Jacquelyn Melinek@jacqmelinekPost on X ·
JUST IN: @HSBC is rolling out its Hong Kong dollar stablecoin, HSBC RedCoin, to its 3.3M+ PayMe app users starting Friday, @SCMPNews reported This comes about 6 months after HSBC announced its stablecoin issuer license from the HKMA in April (image below.) “HSBC plans to fully integrate the stablecoin into its Hong Kong mobile banking app by year-end. It will allow customers to instantly subscribe to tokenised asset products, including money-market funds,” SCMP stated.
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Hong Kong's HSBC has launched its HKD stablecoin "RedCoin," available from today via PayMe. Users will be able to activate a stablecoin wallet in-app in the coming days for peer-to-peer and peer-to-merchant payments. https://t.co/k0SQB2z18a
Open source - TB
The BlockArticle ·
HSBC rolls out its first HKD stablecoin RedCoin to retail users PayMe users will be able to activate a stablecoin wallet in-app in the coming days for peer-to-peer and peer-to-merchant payments.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
HSBC Launches HKD-Backed RedCoin Stablecoin for 3.3 Million PayMe Users in Hong Kong According to the South China Morning Post, HSBC is rolling out its Hong Kong dollar-backed stablecoin, RedCoin, to more than 3.3 million PayMe users starting October 23. The initial phase supports peer-to-peer transfers and merchant payments, with users able to activate RedCoin wallets without additional account-opening requirements or minimum balances. Full availability is expected before the weekend. HSBC also plans to integrate RedCoin into its Hong Kong mobile banking app by year-end, enabling instant subscriptions to tokenized money market funds starting from HK$100, with tokenized gold and third-party funds to follow. HSBC received its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026.
Open source - TW
The Wolf Of All Streets@scottmelkerPost on X ·
🇭🇰 JUST IN: HSBC launches RedCoin, its Hong Kong dollar stablecoin, for more than 3.3 million PayMe users Users can activate a RedCoin wallet in the app in the coming days for peer-to-peer transfers and payments at over 100,000 merchants.
Open source