HSBC Launches HKD-Backed RedCoin Stablecoin for 3.3 Million PayMe Users in Hong Kong According to the South China Morning Post, HSBC is rol…
HSBC Launches HKD-Backed RedCoin Stablecoin for 3.3 Million PayMe Users in Hong Kong
According to the South China Morning Post, HSBC is rolling out its Hong Kong dollar-backed stablecoin, RedCoin, to more than 3.3 million PayMe users starting October 23. The initial phase supports peer-to-peer transfers and merchant payments, with users able to activate RedCoin wallets without additional account-opening requirements or minimum balances. Full availability is expected before the weekend.
HSBC also plans to integrate RedCoin into its Hong Kong mobile banking app by year-end, enabling instant subscriptions to tokenized money market funds starting from HK$100, with tokenized gold and third-party funds to follow. HSBC received its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026.