HSBC RedCoin Stablecoin Targets 3.3M PayMe Users in Hong Kong

TLDR: HSBC RedCoin stablecoin starts a phased rollout on October 23, bringing peer-to-peer transfers and merchant payments to PayMe’s 3.3 million users. PayMe users can activate wallets after updating the app, without opening another account or keeping a minimum balance; full access is expected before the weekend. HSBC plans to add RedCoin to its Hong Kong mobile banking app by year-end, enabling tokenized money market fund subscriptions starting at HK$100. Tokenized gold and third-party funds are planned for a later stage, after HSBC received its Hong Kong stablecoin issuer license in April 2026.