HSBC launches RedCoin on PayMe for 3.3 million users

HSBC launched its first stablecoin, RedCoin, on PayMe in Hong Kong on 23 October, bringing digital-currency payments to an app used by more than 3.3 million people. The bank says users will be able to activate wallets over the coming days and send RedCoin to friends or pay participating merchants through PayMe, according to HSBC’s launch announcement.

How will a PayMe user make a RedCoin payment?

The process starts inside PayMe: a user activates a stablecoin wallet in the app, then uses it to send funds to another person or pay a merchant. HSBC says the wallet will support peer-to-peer transfers and payments at more than 100,000 merchants. In that setup, the wallet works like a payment pocket inside an app customers already use, rather than requiring a separate exchange account.

RedCoin’s ticker is RCHKD. It is denominated in Hong Kong dollars and licensed and regulated by the Hong Kong Monetary Authority (HKMA), HSBC said. CoinDesk reports that the token is backed by high-quality liquid assets held in separate accounts. HSBC Digital Assets Custody provides safekeeping for RedCoin. These parts have distinct roles: the wallet lets customers use the token, the backing assets support it, and the custody service safeguards it.

What can customers use RedCoin for at launch?

At launch, the announced uses are transfers between people and payments to merchants through PayMe. The launch is a phased rollout: HSBC said more than 3.3 million users would be able to activate wallets in the coming days, rather than saying every user could access one immediately. The bank says it tested the customer journey with a staff pilot of nearly 100 users, including wallet activation and live transfers.

HSBC received its stablecoin issuer licence from the HKMA in April 2026, according to the bank. CoinDesk reported that the regulator’s first stablecoin issuer licences went to HSBC and Anchorpoint Financial, a Standard Chartered-led venture. That licensing provides the regulatory basis for HSBC’s launch in Hong Kong.

What is HSBC planning after the PayMe rollout?

HSBC says it plans to add RedCoin wallet functionality to its Hong Kong mobile banking app later this year. It also plans to let customers subscribe to tokenised investment products using RedCoin, including a planned share class of its existing Hong Kong dollar money market fund. These are future plans; HSBC’s announcement describes PayMe payments as the initial use.

The change is RedCoin’s move from a named product to a consumer rollout through PayMe. The next milestones to watch are wallet access across PayMe’s user base and whether HSBC delivers the planned banking-app and investment features.

References

• HSBC’s launch announcement — about.hsbc.com.hk