HSBC opens a Hong Kong dollar stablecoin to 3.3 million PayMe users as RedCoin goes live for payments at 100,000 merchants

A bank that issues Hong Kong's banknotes is now issuing a stablecoin to the public. HSBC said HSBC RedCoin, ticker RCHKD, went live on its PayMe payments app on Friday, October 23, 2026, and that over 3.3 million PayMe users will be able to switch on a stablecoin wallet in-app over the coming days. The token is denominated in Hong Kong dollars and is licensed and regulated by the Hong Kong Monetary Authority, the bank said; it is designed to be redeemed one for one for Hong Kong dollars, Cointelegraph reported.

At launch it covers peer-to-peer payments and purchases at more than 100,000 merchants, with launch discounts and RewardCash on offer, per the bank. HSBC Digital Assets Custody holds the coins, and staff pilots with nearly 100 users tested the full customer journey first, the bank said. John O'Neill, HSBC's managing director for digital assets and currencies, said: "This is only the beginning."

Hong Kong's Stablecoins Ordinance, which created the licensing regime, took effect in August 2025, The Block reported. The HKMA granted its first two issuer licences in April 2026 to HSBC and Anchorpoint Financial, a venture of Standard Chartered, HKT and Animoca Brands, The Block reported. Anchorpoint began a phased rollout of its HKDAP coin in August, initially for eligible institutions and professional investors, per The Block and Cointelegraph.

What comes next: HSBC says it will add the wallet to its HSBC HK mobile banking app later this year, let customers buy tokenised investment products including a share class of its Hong Kong dollar money market fund, and expand into wholesale corporate and institutional uses. A June 2026 HSBC survey of 1,060 customers found 53% think HKD stablecoins could strengthen economic competitiveness.