HSBC has launched RedCoin, a Hong Kong dollar stablecoin, on its PayMe by HSBC payments app, opening the token to more than 3.3 million PayMe users in the city.
According to HSBC's Oct. 23 release, The Hongkong and Shanghai Banking Corporation Limited issues RedCoin (RCHKD) under a stablecoin issuer licence granted by the Hong Kong Monetary Authority in April. The bank says the token meets the financial crime control standards required under Hong Kong's Stablecoins Ordinance. HSBC Digital Assets Custody provides custody.
Users activate a stablecoin wallet in the app over the coming days, then send RedCoin to other users or pay at more than 100,000 merchants, HSBC said. The bank is also offering launch discounts on PayMe transactions.
The 3.3 million and 100,000 figures describe the reachable user and merchant base, not active use. HSBC did not disclose circulating supply or transaction values. Before launch, a staff pilot with nearly 100 users covered minting, wallet activation and live transfers, the company said.
Later in 2026, HSBC plans to add stablecoin functions to its Hong Kong mobile banking app and to let customers subscribe to tokenized investments using RedCoin, starting with a new share class of its Hong Kong dollar money-market fund. The release gave no dates for either. It also did not name the blockchain or technology vendor behind the token.
The release also cites two other HSBC tokenization products that are separate from RedCoin, both company-reported: its Gold Token had recorded 390,000 trades and $2.5 billion in traded value by the end of August, and its Orion platform had issued more than $8.3 billion in digitally native bonds since 2023.