HSBC Launches RedCoin Stablecoin for 3.3 Million PayMe Users in Hong Kong

HSBC has launched its Hong Kong dollar-backed stablecoin, RedCoin, beginning a phased rollout on October 23 that will allow more than 3.3 million PayMe users to make transfers and payments at over 100,000 merchant locations across Hong Kong. The stablecoin, officially known as HSBC RedCoin (RCHKD), is pegged one-to-one to the Hong Kong dollar and operates under a licence granted by the Hong Kong Monetary Authority (HKMA) in April 2026. Customers can activate a RedCoin wallet directly within PayMe after updating the application, without opening an additional bank account or maintaining a minimum balance.