HSBC RedCoin (Ticker: RCHKD), the bank’s first stablecoin, will be available from 23 October 2026 on PayMe by HSBC. Licensed and regulated by the Hong Kong Monetary Authority (HKMA), HSBC RedCoin is HKD denominated and underpinned by HSBC’s technology and security capabilities. HSBC RedCoin corresponds with the high standards of financial crime controls that are required by Hong Kong’s Stablecoins Ordinance.

• HSBC’s first stablecoin – built for everyday payments and transactions
• Available to more than 3.3 million PayMe users from launch
• Pay friends and merchants, and soon invest in tokenised assets with HSBC RedCoin

A recent proprietary survey² found that easy access through existing apps, plus faster payments and settlement, are among the strongest drivers of stablecoin adoption. HSBC RedCoin is designed to deliver both.

In the coming days, over 3.3 million PayMe users will be able to activate a stablecoin wallet in-app and use it for:

• Peer-to-peer (P2P) payments: Send stablecoins instantly to friends and family through PayMe.
• Peer-to-merchant (P2M) payments: Pay directly with stablecoins at more than 100,000 merchants through PayMe.

Beyond everyday payments, 53 per cent of survey respondents believe HKD stablecoins could strengthen economic competitiveness by enabling next-generation, round-the-clock payments and supporting trade, tourism and cross-border commerce.

Maggie Ng, Chief Executive Officer, Hong Kong and Head of Retail Banking and Wealth, Hong Kong, HSBC, said: “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.”

In recent months, HSBC has worked closely with regulators and prospective users ahead of the launch. Staff pilots with nearly 100 users tested the full customer journey, from minting and wallet activation to live transfers.

Later this year, HSBC also plans to add stablecoin wallet functionality to the HSBC HK Mobile Banking App and to enable customers to subscribe to tokenised investment products via HSBC RedCoin. These will include a soon-to-be-launched share class of HSBC’s long-running HKD money market fund.

John O’Neill, Managing Director, Digital Assets and Currencies, HSBC, said: “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.”

To celebrate the launch, exclusive PayMe transaction discounts, alongside RewardCash, will be offered.

HSBC Digital Assets Custody provides safekeeping services for HSBC RedCoin.

Since 2022, HSBC has participated in HKMA’s key digital asset and currency initiatives, including the e-HKD+ Pilot Programme and Project Ensemble.

In Hong Kong, HSBC already provides digital bonds for institutional investors via HSBC Orion³, HSBC Gold Token for retail customers⁴ and the HSBC Tokenised Deposit Service for wholesale payments. Together, these offerings demonstrate the breadth of HSBC’s digital asset strategy and capabilities, spanning institutional-grade infrastructure and accessible retail financial innovation. HSBC RedCoin extends this foundation to everyday retail payments and transactions.

Source: HSBC