HSBC has launched its first stablecoin in Hong Kong dollars – RedCoin (RCHKD). As of Friday, it is available to users of the PayMe app, the bank announced.
Users will be able to activate a wallet for the stablecoin directly in the app in the coming days – for transfers between users and payments to more than 100,000 merchants via PayMe. “Money, assets, and information are transitioning from traditional infrastructure to always-on, data-rich, and increasingly programmable digital networks,” said Maggie Ng, CEO of HSBC Hong Kong.
John O'Neill, Managing Director of Digital Assets and Currencies at HSBC, stated that the bank plans to soon introduce new products and enter the wholesale corporate and institutional solutions segment.
The launch of RedCoin continues HSBC's broader push into the crypto industry. The bank has participated in blockchain initiatives by the Hong Kong Monetary Authority (HKMA), including the e-HKD pilot and Project Ensemble, and offers digital bonds through HSBC Orion, the HSBC Gold Token for retail clients, and the HSBC Tokenised Deposit Service for wholesale payments.
Hong Kong is building its status as a crypto hub: The Stablecoin Act came into effect in August 2025, creating a licensing framework for fiat-pegged stablecoin issuers. In April 2026, HKMA issued the first licenses to HSBC and Anchorpoint Financial – a joint venture of Standard Chartered, HKT, and Animoca Brands. Anchorpoint began a phased institutional launch of its stablecoin HKDAP in August.
The launch of RedCoin for 3.3 million PayMe users in Hong Kong marked the first retail deployment of a bank-licensed stablecoin under the Stablecoin Act. The phased launch began on October 23, 2026: users simply need to update the PayMe app and activate the RedCoin wallet, with no need to open a separate account.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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