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

HSBC is rolling out its Hong Kong dollar-backed RedCoin stablecoin to more than 3.3 million PayMe users. RedCoin will initially support peer-to-peer transfers and merchant payments through the PayMe app. HSBC plans to integrate RedCoin into its Hong Kong mobile banking app by the end of 2026. HSBC is bringing its Hong Kong dollar-backed RedCoin stablecoin to more than 3.3 million PayMe users starting October 23, 2026. The launch will allow customers to send money and pay merchants instantly, with no extra account requirements. The bank also plans to use RedCoin for tokenized investments starting from just HK$100.