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HSBC Launches RedCoin Stablecoin on PayMe for Millions

HSBC launched RedCoin, its first Hong Kong dollar stablecoin, on the PayMe app starting Friday. More than 3.3 million users can activate a stablecoin wallet and use it to pay at over 100,000 merchants.

By Published 3 min read
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The short version

  • HSBC launched RedCoin, its first Hong Kong dollar stablecoin, on PayMe starting Friday 23 October 2026.
  • More than 3.3 million PayMe users can activate a stablecoin wallet over the coming days.
  • RedCoin allows payments at more than 100,000 merchants and transfers to friends and family.
  • HSBC says RedCoin is fully backed by high-quality liquid assets held in separate accounts.
  • HSBC plans to add a RedCoin wallet to its HSBC HK Mobile Banking App later this year.

Why it matters: The launch brings stablecoin payments to over 3.3 million PayMe users and positions HSBC as a leader under Hong Kong's new stablecoin licensing regime.

On this page
  1. The short version
  2. Hong Kong's new stablecoin rules
  3. How RedCoin works
  4. HSBC's digital asset push
  5. Sources and further reading
  6. Frequently asked questions

HSBC launched RedCoin, its first Hong Kong dollar stablecoin, on the PayMe app starting Friday.

In the next few days, PayMe's user base of over 3.3 million will gain the ability to set up a stablecoin wallet within the app.

Through PayMe, RedCoin can be used to pay at more than 100,000 merchants and to transfer funds to friends and family.

Context

Hong Kong's new stablecoin rules

In August 2025, Hong Kong's Stablecoins Ordinance came into force, establishing a licensing regime for issuers of fiat-referenced stablecoins.

The Hong Kong Monetary Authority granted its first stablecoin issuer licenses in April 2026 to HSBC and Anchorpoint Financial, a Standard Chartered-led venture.

Standard Chartered, Animoca Brands, and HKT are the backers of the joint venture Anchorpoint Financial.

In August 2026, Anchorpoint started a limited release of its HKDAP token, aimed at institutional payments and settlement.

Explainer

How RedCoin works

HSBC states that RedCoin is entirely supported by high-quality liquid assets kept in segregated accounts.

The design of RedCoin allows it to be exchanged one-to-one for Hong Kong dollars, with safekeeping provided by HSBC Digital Assets Custody.

HSBC plans to add a RedCoin wallet to its HSBC HK Mobile Banking App later this year.

In the banking app, customers can use RedCoin to buy tokenized investment products, including a new share class of HSBC's existing Hong Kong dollar money market fund.

HSBC also has plans to extend RedCoin to wholesale corporate and institutional applications.

Integrating stablecoins into platforms users already rely on removes the need for a separate wallet or exchange account, and lets people engage with digital assets as part of their existing payment habits

Vincent Chok, CEO of FDUSD issuer First DigitalIndustry reaction

Over time, that everyday exposure builds familiarity and confidence in stablecoins across the wider market

Vincent Chok, CEO of FDUSD issuer First DigitalIndustry reaction

Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks

Maggie Ng, chief executive officer for Hong Kong at HSBCHSBC executive
Background

HSBC's digital asset push

HSBC is among the three commercial banks in Hong Kong that have the authority to issue HKD banknotes.

HSBC has participated in Hong Kong Monetary Authority blockchain projects, including the e-HKD pilot program and Project Ensemble.

HSBC also provides digital bonds for institutional investors through HSBC Orion, offers HSBC Gold Token to retail clients, and runs the HSBC Tokenised Deposit Service for wholesale payments.

  1. Aug 2025Stablecoins Ordinance takes effect

    Hong Kong creates a licensing framework for fiat-referenced stablecoin issuers.

  2. Apr 2026First stablecoin licenses

    HKMA grants licenses to HSBC and Anchorpoint Financial.

  3. Aug 2026Anchorpoint HKDAP rollout

    Limited rollout of HKDAP token begins, focused on institutional payments.

  4. 23 Oct 2026HSBC launches RedCoin

    RedCoin available on PayMe for over 3.3 million users.

HSBC plans to add a RedCoin wallet to its HSBC HK Mobile Banking App later this year, with more products to follow.

Sources and further reading

  1. HSBC rolls out its first stablecoin to over 3 million everyday app users (opens in a new tab) CoinDesk
  2. HSBC launches its first stablecoin for payments in Hong Kong (opens in a new tab) Tech in Asia
  3. HSBC launches Hong Kong dollar stablecoin for retail payments (opens in a new tab) Cointelegraph
  4. HSBC rolls out its first HKD stablecoin RedCoin to retail users (opens in a new tab) The Block
  5. HSBC RedCoin stablecoin launches for 3.3 million PayMe users in Hong Kong (opens in a new tab) South China Morning Post

This article was prepared by the GlobePrism editorial team from the public reporting linked above. How we report

Frequently asked questions

What is RedCoin?

RedCoin is HSBC's first Hong Kong dollar stablecoin, launched on the PayMe app. It is designed to be redeemable one-for-one for Hong Kong dollars and is fully backed by high-quality liquid assets.

Who can use RedCoin?

More than 3.3 million PayMe users in Hong Kong can activate a stablecoin wallet in the app over the coming days.

What can I do with RedCoin?

You can send money to friends and family and pay at more than 100,000 merchants through PayMe. Later, you will be able to use it in the HSBC HK Mobile Banking App to subscribe to tokenized investment products.

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