RedCoin Goes Live as HSBC Takes Stablecoins to Millions of PayMe Users

HSBC has launched its Hong Kong dollar-backed stablecoin, RedCoin, rolling it out to more than 3.3 million PayMe app users starting October 23. The launch makes HSBC one of the first major global banks to bring a retail-facing stablecoin to market at this scale. It arrives approximately six months after the bank received its stablecoin issuer licence from the Hong Kong Monetary Authority in April 2026. The rollout is being handled in stages to avoid overwhelming servers. Full coverage across all PayMe users is expected before the weekend.