HSBC launches RedCoin for PayMe users in Hong Kong

HSBC launched its first Hong Kong dollar stablecoin, RedCoin (RCHKD), on PayMe on Oct. 23, bringing regulated digital currency payments to retail users in Hong Kong. The bank said RedCoin would become available to more than 3.3 million PayMe users, with wallet activation rolling out in the days after launch.

What can PayMe users do with RedCoin?

Users can activate a RedCoin wallet in PayMe and send peer-to-peer payments or pay merchants through the app. HSBC said RedCoin can be used at more than 100,000 merchants that accept PayMe.

The Hong Kong dollar-denominated stablecoin is licensed and regulated by the Hong Kong Monetary Authority, according to HSBC. The bank said its subsidiary received a stablecoin issuer licence in April 2026.

How will HSBC expand the stablecoin?

HSBC plans to add RedCoin wallet functions to its Hong Kong mobile banking app later this year and let customers subscribe to tokenised investment products using the stablecoin. The planned products include a new share class of HSBC’s Hong Kong dollar money market fund, the bank said.

HSBC Digital Assets Custody provides safekeeping for RedCoin. The bank also said it intends to expand the stablecoin into wholesale corporate and institutional use cases.

What is the rollout’s immediate reach?

The initial launch is through PayMe, where the first uses are transfers between people and payments to merchants. The Block likewise reported that PayMe wallet activation would roll out over the days following the launch.

HSBC said nearly 100 staff took part in pre-launch pilots that tested minting, wallet activation and live transfers. Wider access for PayMe users is the next step, followed by the planned mobile banking app integration and tokenised investment subscriptions.

Source material

• RedCoin would become available to more than 3.3 million PayMe users — about.hsbc.com.hk