HSBC Launches First Stablecoin RedCoin on PayMe, Reaching Over 3.3 Million Users

HSBC has launched its first stablecoin, RedCoin (ticker RCHKD), on its PayMe app. According to the bank, more than 3.3 million PayMe users will be able to open a stablecoin wallet within the app over the coming days, enabling transfers to friends and family and payments at over 100,000 merchants. RedCoin is a Hong Kong dollar token that HSBC says is fully backed by high-quality liquid assets held in segregated accounts.

The rollout comes about six months after the Hong Kong Monetary Authority issued its first batch of stablecoin issuer licenses in April. HSBC and Standard Chartered-led Anchorpoint Financial were licensed in the same round. Anchorpoint launched its HKDAP token on a small scale in August, mainly targeting institutional payments and clearing and settlement.

HSBC plans to integrate the RedCoin wallet into its Hong Kong mobile banking app within the year and to allow customers to subscribe to tokenized investment products using the token, including a new share class of its existing HKD money market fund. John O'Neill, Managing Director of Digital Assets and Currencies at HSBC, said the bank will later expand to wholesale corporate and institutional use cases.

Embedding a stablecoin into a payment app users already have eliminates the need for a separate wallet or exchange account, bringing digital asset access into existing payment habits.

Source: https://www.coindesk.com/business/2026/10/23/hsbc-rolls-out-its-first-stablecoin-to-over-3-million-everyday-app-users