HSBC’s Hong Kong dollar stablecoin, RedCoin (RCHKD), is now live on the bank’s PayMe app, according to HSBC’s own stablecoin page. The company is rolling wallet activation out to more than 3.3 million PayMe users, who can send instant transfers to friends, family and participating merchants. The HSBC HK mobile banking app version is still listed as coming soon.
RedCoin is referenced to the Hong Kong dollar and redeemable 1:1, subject to terms. It is issued under a Hong Kong Monetary Authority stablecoin issuer license, backed by high-quality, highly liquid reserve assets held in segregated accounts, and runs on HSBC’s own distributed ledger network. The PayMe stablecoin wallet is separate from a user’s bank account and from any future wallet in the HSBC HK app, and balances cannot be moved between the two. Shoppers can pay at any merchant that accepts PayMe.
HSBC states that RedCoin is not a protected deposit and is not covered by the Deposit Protection Scheme. As of October 24, about HKD 80.7 million of RedCoin was in circulation against reserves of about HKD 81.7 million, and the first independent reserve attestation is expected after Q4 2026.
HSBC announced the name on September 30 with a second-half 2026 target. The HKMA granted HSBC and Anchorpoint the city’s first stablecoin issuer licenses in April, and Anchorpoint’s HKDAP began a phased rollout in August. HSBC also warns that tokens using its name elsewhere are not its own.
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Sources:
- HSBC Hong Kong: Stablecoins
- The Crypto Basic: What Happened in Crypto on October 23, 2026
- InvestingLive: RedCoin named, but HSBC stablecoin is not yet live
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