HSBC launches RedCoin stablecoin for Hong Kong payments

• HSBC has launched RedCoin, its first Hong Kong dollar-denominated stablecoin, through PayMe.
• More than 3.3 million PayMe users will be able to access RedCoin, with payments accepted at over 100,000 merchants.
• HSBC plans to expand RedCoin into tokenised investments and wholesale corporate and institutional services.

HSBC Holdings plc (LSE:HSBA) has launched HSBC RedCoin (RCHKD), a Hong Kong dollar stablecoin available through its PayMe app.

The launch will give more than 3.3 million PayMe users access to stablecoin wallets for transfers and merchant payments.

“Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks,” according to HSBC Hong Kong Chief Executive Officer Maggie Ng.

Licensed by the Hong Kong Monetary Authority, RedCoin is denominated in Hong Kong dollars and follows financial crime controls required under Hong Kong’s Stablecoins Ordinance.

Users will be able to send RedCoin to friends and family and pay at more than 100,000 merchants through PayMe.

HSBC plans to add RedCoin wallet functionality to its Hong Kong mobile banking app and enable subscriptions to tokenised investment products later in 2026.

The bank has participated in Hong Kong Monetary Authority digital asset initiatives since 2022 and already offers digital bonds, gold tokens and tokenised deposits.

Following the launch, HSBC is extending its digital asset services into everyday retail payments, with further corporate and institutional uses planned.