HSBC launches Hong Kong dollar stablecoin RedCoin for retail payments

Bank rolls out stablecoin wallets to 3.3 million PayMe users, eyes tokenized investments

By LineZotpaper

Published23 October 2026

Updated23 October 2026

Read Time1 min

Sources3 outlets

HSBC has launched its first Hong Kong dollar stablecoin, RedCoin (RCHKD), for transfers and merchant payments through its PayMe app. More than 3.3 million PayMe users will be able to activate stablecoin wallets in the coming days, the bank announced on Friday. The stablecoin is redeemable one-for-one for Hong Kong dollars and is custodied by HSBC Digital Assets Custody.

The rollout follows HSBC receiving a stablecoin issuer license in April 2026, alongside Anchorpoint Financial, under Hong Kong's stablecoin regulatory framework. The two were the first companies approved under the new regime. Anchorpoint had earlier launched its HKDAP stablecoin through HashKey Exchange in August, initially targeting institutions and professional investors.

HSBC said it plans to introduce RedCoin wallets to its HSBC HK Mobile Banking App later this year, enabling customers to subscribe to tokenized investment products, including a new share class of its Hong Kong dollar money market fund. The bank also plans to expand RedCoin into wholesale corporate and institutional applications. HSBC Digital Assets Custody provides safekeeping services for the stablecoin.

Analysis

Why This Matters

HSBC's entry into stablecoins signals growing acceptance of digital currencies by major financial institutions.
Retail users of PayMe, a popular payment app in Hong Kong, will have direct access to a regulated stablecoin, potentially boosting mainstream adoption.
The move positions HSBC to offer tokenized investment products, bridging traditional finance and blockchain.

Background

HSBC and Anchorpoint Financial were the first companies licensed under Hong Kong's stablecoin regulatory framework in April 2026. The framework aims to provide a safe environment for stablecoin innovation. Anchorpoint launched its HKDAP stablecoin in August, targeting institutional investors. HSBC's RedCoin is the first retail-focused stablecoin from a major bank in Hong Kong.

Key Perspectives

HSBC: The bank sees RedCoin as a way to modernize payments and enable new investment products for its large customer base. It emphasizes the one-for-one redeemability and safekeeping by its digital assets custodian. Regulators: Hong Kong's framework allows stablecoin innovation under regulatory oversight, balancing innovation with consumer protection. Market observers: The launch could accelerate stablecoin adoption in Asia and push other banks to develop their own digital currency offerings.

What to Watch

How many PayMe users activate RedCoin wallets and the volume of transactions.
HSBC's rollout of tokenized investment subscriptions and its money market fund share class.
Expansion into institutional and cross-border applications, which the bank has indicated it plans to pursue.

Sources

HSBC rolls out its first stablecoin to over 3 million everyday app users · CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
HSBC launches Hong Kong dollar stablecoin for retail payments · Cointelegraph.com News
HSBC rolls out its first HKD stablecoin RedCoin to retail users · The Block

Checked

11 claims in this story checked against 1 source: 7 supported.

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SupportedHSBC launched RedCoin for retail payments in Hong Kong.Cointelegraph.com News: “HSBC has launched its first Hong Kong-dollar stablecoin, RedCoin (RCHKD), for transfers and merchant payments through its PayMe app.”
Partly supportedHSBC is rolling out stablecoin wallets to 3.3 million PayMe users.Cointelegraph.com News: “More than 3.3 million PayMe users will be able to activate stablecoin wallets in the app in the coming days, the bank announced Friday.”
SupportedHSBC plans to offer access to tokenized investments through RedCoin wallets.Cointelegraph.com News: “The bank said it plans to introduce RedCoin wallets to its HSBC HK Mobile Banking App later this year, allowing customers to subscribe to tokenized investment products”
SupportedMore than 3.3 million PayMe users will be able to activate wallets in the coming days.Cointelegraph.com News: “More than 3.3 million PayMe users will be able to activate stablecoin wallets in the app in the coming days, the bank announced Friday.”
Partly supportedRedCoin is redeemable one-for-one for Hong Kong dollars.Cointelegraph.com News: “RedCoin is designed to be redeemable one-for-one for Hong Kong dollars.”
SupportedHSBC Digital Assets Custody provides safekeeping for RedCoin.Cointelegraph.com News: “HSBC Digital Assets Custody provides safekeeping services for the stablecoin.”
Partly supportedHSBC received its stablecoin issuer license in April 2026.Cointelegraph.com News: “HSBC received its stablecoin issuer license in April , alongside Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands and HKT.”
SupportedHSBC and Anchorpoint Financial were the first companies approved under Hong Kong’s stablecoin regulatory framework.Cointelegraph.com News: “The two were the first companies approved under Hong Kong’s stablecoin regulatory framework.”
Partly supportedAnchorpoint launched HKDAP through HashKey Exchange in August, initially targeting institutions and professional investors.Cointelegraph.com News: “The consumer rollout follows Anchorpoint’s rollout of its HKDAP stablecoin through HashKey Exchange in August, which initially targeted eligible institutions and professional investors.”
SupportedHSBC plans to add RedCoin wallets to its mobile banking app later this year so customers can subscribe to tokenized products, including a new share class of its Hong Kong dollar money market fund.Cointelegraph.com News: “The bank said it plans to introduce RedCoin wallets to its HSBC HK Mobile Banking App later this year, allowing customers to subscribe to tokenized investment products, including a new share class of its Hong Kong dollar money market fund.”
SupportedHSBC plans to expand RedCoin into wholesale corporate and institutional applications.Cointelegraph.com News: “HSBC also plans to expand RedCoin into wholesale corporate and institutional applications.”