HSBC launches RedCoin for 3.3 million PayMe users

HSBC launched RedCoin, its first Hong Kong dollar stablecoin, on PayMe on 23 October, making the coin available to more than 3.3 million users as wallets roll out. The bank says the service will let you send money to other people and pay merchants. HSBC’s launch announcement identifies the token as RCHKD and says wallets will become available in the coming days.

What can you use RedCoin for in PayMe?

RedCoin is designed for person-to-person transfers and payments at more than 100,000 merchants through PayMe, according to HSBC. The bank says transfers can be sent instantly; the wallet activation is rolling out over the days after launch.

That means the announcement marks the start of access, rather than confirming that every PayMe user already has a working wallet. The Block’s report on the rollout also says users will be able to activate wallets in the app in the coming days.

HSBC has tested the process with nearly 100 staff, covering coin issuance, wallet activation and live transfers. The bank has not announced a date by which every PayMe user will have access.

Who regulates RedCoin, and how is it held?

Hong Kong’s Monetary Authority licensed and regulates RedCoin, HSBC says. Its issuer licence was granted in April 2026, and the bank says the coin follows the financial crime controls required by Hong Kong’s Stablecoins Ordinance.

HSBC identifies RedCoin as Hong Kong dollar-denominated and says HSBC Digital Assets Custody provides safekeeping. The launch announcement does not specify a reserve breakdown or publish a redemption schedule, so those details are not yet clear from the information released.

The rollout adds a retail payment use for a coin issued by a licensed bank. For you, the immediate change is access through a familiar payment app; HSBC has not said that RedCoin can be used outside its own platforms.

What is HSBC planning after the PayMe launch?

HSBC says it plans to add RedCoin wallets to its Hong Kong mobile banking app later this year. It also plans to let customers use the token to subscribe to tokenised investments, including a new share class of the bank’s Hong Kong dollar money market fund.

HSBC has also said it intends to expand into wholesale corporate and institutional uses, without giving a launch date. Watch for the mobile-app rollout and the first investment product: those will show whether RedCoin moves beyond PayMe payments this year.

Source material

• HSBC’s launch announcement — about.hsbc.com.hk
• The Block’s report on the rollout — theblock.co