Key facts
- RedCoin operates on a private ledger, not a public blockchain.
- Balances cannot be moved between PayMe and HSBC's banking app.
- RedCoin is not covered by Hong Kong's Deposit Protection Scheme.
- HSBC plans to offer tokenized shares of its money market fund later this year.
HSBC RedCoin has officially launched for more than 3.3 million PayMe users in Hong Kong, marking the first retail rollout of a licensed bank-issued stablecoin under the city’s Stablecoins Ordinance framework. The phased launch began on October 23, 2026. Users can send and receive Hong Kong dollars instantly via peer-to-peer transfers or pay at over 100,000 merchants. HSBC plans to fully integrate HSBC RedCoin into its Hong Kong mobile banking app before year-end, allowing customers to subscribe to tokenized investment products. The bank completed a tokenized deposits pilot on the Canton Network earlier this year.