Key facts
- HSBC RedCoin, a Hong Kong dollar-backed stablecoin, has launched for over 3.3 million PayMe users.
- The stablecoin supports instant peer-to-peer transfers and merchant payments.
- Future use cases include subscriptions to tokenized investment products starting with a money market fund.
- Each RedCoin is redeemable 1:1 for Hong Kong dollars and backed by segregated assets.
- HSBC received a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA).
HSBC RedCoin, a Hong Kong dollar-backed stablecoin, has officially launched for over 3.3 million users of HSBC's PayMe app, marking the first retail rollout of a licensed bank-issued stablecoin in the city. The phased launch began on October 23, 2026, allowing users to send and receive Hong Kong dollars instantly via peer-to-peer transfers or payments to merchants. HSBC plans to integrate RedCoin into its mobile banking app by year-end, enabling subscriptions to tokenized investment products like money market funds, tokenized gold, and third-party funds, starting from HK$100. This move aims to lower entry thresholds and enable near-instant settlement for investments, potentially redefining retail access to financial products in Hong Kong. HSBC received a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA) for this initiative.