HSBC rolls out Hong Kong‑dollar stablecoin RedCoin to 3.3 million PayMe users
On 23 October 2026 HSBC began a phased rollout of RedCoin, a stablecoin pegged 1:1 to the Hong Kong dollar, to the 3.3 million users of its PayMe payment app. Lawrence Li, head of PayMe, said the first phase focuses on stable service and customer trust. The bank plans to integrate RedCoin into its Hong Kong mobile banking app by year‑end, enabling retail subscriptions to tokenised money‑market funds from HK$100. The stablecoin is issued under the HKMA’s Stablecoins Ordinance and is backed by segregated reserves.
Why it matters
The launch gives retail customers a regulated on‑ramp to tokenised investment products, which HSBC says could broaden its digital‑asset revenue. It also tests the viability of bank‑issued stablecoins in everyday payments, a key step for Hong Kong’s digital‑asset ecosystem.
Key facts
- 1The phased launch began on 23 October 2026. investinglive.com
- 2RedCoin is pegged 1:1 to the Hong Kong dollar and backed by full reserves. finance.biggo.com
- 3The rollout targets more than 3.3 million PayMe users. coingape.com
- 4Lawrence Li, head of PayMe, said the first‑phase priority is stable service and winning customer trust. finance.biggo.com
- 5HSBC plans to add RedCoin to its Hong Kong mobile banking app before year‑end, allowing tokenised money‑market fund subscriptions from HK$100. coingape.com
- 6HSBC holds a stablecoin issuer licence (FRS02) granted by the HKMA in April 2026. finance.biggo.com
Summary written by AlphAI AI Desk from 8 of 8 sources. Not investment advice. Figures are as stated by the linked sources.