TLDR
- HSBC has launched RedCoin, its first stablecoin tied to the Hong Kong dollar, for retail users on PayMe.
- PayMe users will be able to activate an in-app stablecoin wallet in the coming days.
- The wallet will support peer-to-peer transfers and payments to more than 100,000 merchants.
- HSBC plans more products and an expansion into wholesale corporate and institutional uses.
- HSBC and Anchorpoint Financial received Hong Kong’s first stablecoin licenses in April 2026.
HSBC has launched RedCoin, its first stablecoin tied to the Hong Kong dollar. The token is available to retail users through the bank’s PayMe platform starting Friday, October 23.
The stablecoin uses the symbol RCHKD. It is designed to hold the same value as the Hong Kong dollar.
HSBC is one of three commercial banks in Hong Kong allowed to issue Hong Kong dollar banknotes. The bank announced the launch in a statement on its website.
How RedCoin Will Work
PayMe users will be able to turn on a stablecoin wallet inside the app in the coming days, according to the bank.
The wallet will support peer-to-peer transfers between users. It will also let people pay more than 100,000 merchants that accept PayMe.
Maggie Ng, HSBC’s chief executive officer for Hong Kong, spoke about the change in how money moves. “Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks,” she said.
John O’Neill, HSBC’s managing director for digital assets and currencies, said the bank plans to release more products soon. He added that HSBC will expand into “wholesale corporate and institutional use cases.”
HSBC’s Wider Digital Asset Work
RedCoin is part of a larger push by HSBC into crypto and blockchain. The bank has taken part in several projects run by the Hong Kong Monetary Authority.
These include the e-HKD pilot program and Project Ensemble. Both projects test how digital money could work in Hong Kong.
HSBC also offers digital bonds for institutional investors through its HSBC Orion platform. Retail clients can buy the HSBC Gold Token.
For wholesale payments, the bank runs the HSBC Tokenised Deposit Service.
Hong Kong has been working to become a crypto hub. Its Stablecoins Ordinance took effect in August 2025.
The law created a licensing system for companies that issue stablecoins backed by government currencies, also called fiat-referenced stablecoins.
In April 2026, the Hong Kong Monetary Authority issued its first stablecoin licenses. They went to HSBC and Anchorpoint Financial.
Anchorpoint is a joint venture of Standard Chartered, HKT and Animoca Brands. It began a phased rollout of its HKDAP stablecoin for institutions in August.
RedCoin went live on PayMe on Friday. HSBC said the in-app wallet for transfers and merchant payments will open to users in the coming days.
