HSBC RedCoin launches today
- HSBC’s first stablecoin – built for everyday payments and transactions
- Available to more than 3.3 million PayMe users from launch
- Pay friends and merchants, and soon invest in tokenised assets with HSBC RedCoin
Hong Kong, 23 October 2026 – HSBC RedCoin (Ticker: RCHKD), the bank’s first stablecoin, will be available from today on PayMe by HSBC.
Licensed and regulated by the Hong Kong Monetary Authority (HKMA)1, HSBC RedCoin is HKD denominated and underpinned by HSBC’s technology and security capabilities. HSBC RedCoin corresponds with the high standards of financial crime controls that are required by Hong Kong’s Stablecoins Ordinance.
A recent proprietary survey2 found that easy access through existing apps, plus faster payments and settlement, are among the strongest drivers of stablecoin adoption. HSBC RedCoin is designed to deliver both.
In the coming days, over 3.3 million PayMe users will be able to activate a stablecoin wallet in-app and use it for:
- Peer-to-peer (P2P) payments: Send stablecoins instantly to friends and family through PayMe.
- Peer-to-merchant (P2M) payments: Pay directly with stablecoins at more than 100,000 merchants through PayMe.
Beyond everyday payments, 53 per cent of survey respondents believe HKD stablecoins could strengthen economic competitiveness by enabling next-generation, round-the-clock payments and supporting trade, tourism and cross-border commerce.
Maggie Ng, Chief Executive Officer, Hong Kong and Head of Retail Banking and Wealth, Hong Kong, HSBC, said: “Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks. We have an opportunity to help customers in Hong Kong manage this shift with practical products and services that support the real economy, backed by the trust and security of a global bank.”
In recent months, HSBC has worked closely with regulators and prospective users ahead of the launch. Staff pilots with nearly 100 users tested the full customer journey, from minting and wallet activation to live transfers.
Later this year, HSBC also plans to add stablecoin wallet functionality to the HSBC HK Mobile Banking App and to enable customers to subscribe to tokenised investment products via HSBC RedCoin. These will include a soon-to-be-launched share class of HSBC’s long-running HKD money market fund.
John O’Neill, Managing Director, Digital Assets and Currencies, HSBC, said: “We are excited by the market’s interest in HSBC RedCoin. This is only the beginning. We will soon add more products, including expanding into wholesale corporate and institutional use cases. This is a big step forward for safe and widely available digital assets and currencies in Hong Kong.”
To celebrate the launch, exclusive PayMe transaction discounts, alongside RewardCash, will be offered.
HSBC Digital Assets Custody provides safekeeping services for HSBC RedCoin.
Since 2022, HSBC has participated in HKMA’s key digital asset and currency initiatives, including the e-HKD+ Pilot Programme and Project Ensemble.
In Hong Kong, HSBC already provides digital bonds for institutional investors via HSBC Orion3, HSBC Gold Token for retail customers4 and the HSBC Tokenised Deposit Service for wholesale payments. Together, these offerings demonstrate the breadth of HSBC’s digital asset strategy and capabilities, spanning institutional-grade infrastructure and accessible retail financial innovation. HSBC RedCoin extends this foundation to everyday retail payments and transactions.
HSBC RedCoin, the bank’s first stablecoin, will be available from today on PayMe by HSBC. In the coming days, over 3.3 million PayMe users will be able to activate a stablecoin wallet in-app and use it for P2P and P2M payments. Pictured here are Maggie Ng, Chief Executive Officer, Hong Kong and Head of Retail Banking and Wealth, Hong Kong, HSBC (centre), Lawrence Li, Head of Consumer Banking Products, Retail Banking and Wealth, Hong Kong (left), HSBC and John O’Neill, Managing Director, Digital Assets and Currencies, HSBC (right).
SVF licence number: SVFB002
Stablecoin Issuer licence number: FRS02
Notes to Editors:
- The Hongkong and Shanghai Banking Corporation Limited, a wholly owned subsidiary of HSBC Holdings plc, was granted a stablecoin issuer licence from the Hong Kong Monetary Authority (HKMA) in April 2026.
- HSBC HK Stablecoin Study was conducted online in June 2026 with 1,060 HSBC customers aged 18-64 on their awareness and familiarity with stablecoin and the key enablers needed to drive city-wide adoption.
- Since launching in 2023, HSBC Orion has enabled issuance of over USD8.3 billion in digitally native bonds globally across sovereign, supranational, central bank, financial institution and corporate issuers.
- Since launching in 2024, HSBC Gold Token has recorded 390,000 trades, with total traded value at US$2.5 billion, by end of August 2026.