Key facts
- HSBC has named its Hong Kong dollar-denominated stablecoin HSBC RedCoin.
- The stablecoin will be available to over 3.3 million users of HSBC's PayMe app.
- HSBC received one of Hong Kong's first stablecoin issuer licenses on April 10, 2026.
- HSBC plans to launch the stablecoin in the second half of 2026.
- The stablecoin will be integrated into the PayMe app and the HSBC HK Mobile Banking App.
- Anchorpoint Financial, a joint venture including Standard Chartered, also received a license.
HSBC has named its forthcoming Hong Kong dollar-denominated stablecoin HSBC RedCoin, aiming to offer it to over 3.3 million users of its PayMe app by the end of 2026. The bank received one of Hong Kong's first stablecoin issuer licenses on April 10, 2026, alongside Anchorpoint Financial. RedCoin will be integrated into PayMe and the HSBC HK Mobile Banking App.
The Hong Kong Monetary Authority (HKMA) selected HSBC and Anchorpoint Financial from 36 applicants for the inaugural licenses, which came into effect with the Stablecoins Ordinance on August 1, 2025. HSBC plans to launch the stablecoin in the second half of 2026, with initial use cases including peer-to-peer and peer-to-merchant payments, as well as subscriptions to tokenized investments via the HSBC HK App. Anchorpoint Financial is a joint venture between Standard Chartered Bank (Hong Kong), Animoca Brands, and HKT.
Licensed issuers must hold a minimum of HK$25 million in capital and liquid reserves covering 12 months of operating costs. The HKMA chose HSBC and Anchorpoint for their extensive backgrounds in traditional finance and risk management, prioritizing candidates who could bridge banking infrastructure with digital assets under strict oversight. The framework explicitly bans algorithmic stablecoin models and requires full backing with high-quality, liquid reserves.