HSBC Introduces Regulated RedCoin Stablecoin to PayMe Users in Hong Kong
The bank's HKD-pegged stablecoin, ticker $RCHKD, is rolling out to more than 3.3 million retail app users under an HKMA issuer license.
At a glance In effect
- What happened
- HSBC launched its HKD-denominated stablecoin, HSBC RedCoin ($RCHKD), on its PayMe app on Oct. 23, 2026.
- Why it matters
- It marks the direct integration of a fully licensed bank-issued stablecoin into a major consumer payment network with 100,000 merchants.
- Who is affected
- More than 3.3 million PayMe users and 100,000 participating merchants in Hong Kong.
- Takes effect
- 2026-10-23
- What's next
- HSBC plans to add the stablecoin to its main mobile banking app and offer tokenized money market fund access later in 2026.
- Primary source
- about.hsbc.com.hk: HSBC RedCoin launches today - About HSBC
Key points
- HSBC launched HSBC RedCoin ($RCHKD), an HKD-denominated stablecoin, on its PayMe app for more than 3.3 million users on Oct. 23, 2026.
- The stablecoin is licensed by the HKMA and supports payments across a network of over 100,000 merchants in Hong Kong.
- HSBC plans to add wallet support to its primary banking app and enable purchases of a tokenized money market fund later in 2026.
HSBC launched its first stablecoin, HSBC RedCoin, for retail users in Hong Kong on Oct. 23, 2026 1. Ticker $RCHKD, the Hong Kong dollar-pegged token is rolling out on the bank's PayMe mobile application, giving more than 3.3 million registered users access to an in-app stablecoin wallet 1. The digital token complies with financial crime standards established under Hong Kong's Stablecoins Ordinance and is supported by a stablecoin issuer license granted by the Hong Kong Monetary Authority (HKMA) in April 2026 1.
Users can activate the wallet to conduct instant peer-to-peer transfers and execute peer-to-merchant transactions across more than 100,000 retail merchants integrated with PayMe 1. Custody for the asset is managed internally by HSBC Digital Assets Custody 1. Prior to the general rollout, HSBC conducted trial runs with nearly 100 staff members covering minting, wallet setup, and live payments 1.
Expansion Into Banking Apps and Tokenized Assets
HSBC plans to extend stablecoin functionality beyond payments later in 2026 1. The bank intends to integrate the $RCHKD wallet directly into its flagship HSBC HK Mobile Banking App and allow users to subscribe to tokenized investment instruments 1. These offerings will include a dedicated share class of an existing HKD money market fund managed by the institution 1. The initiative reflects a broader push among traditional financial institutions to build native digital asset rails, paralleling recent developments where Visa launches stablecoin platform for institutional minting and settlement across global networks 1.
John O’Neill, HSBC's managing director of digital assets and currencies, indicated the bank also plans to expand the stablecoin framework into wholesale corporate and institutional settlement 1. The launch adds to HSBC's existing digital currency footprint in the region, which includes participation in the HKMA's Project Ensemble and the e-HKD+ Pilot Programme, as well as digital bond issuance on the HSBC Orion platform 1.
Sources
- [1] HSBC RedCoin launches today - About HSBC — about.hsbc.com.hk, October 23, 2026
Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.
The Daily Brief, in your inbox at 07:00 ET
Five stories, the numbers that moved, what to watch. Three minutes. No hype, no advice, unsubscribe in one click.
Get the big crypto stories first
A few alerts a day at most: major breaking news and the morning brief. Switch off anytime.
Not financial advice. Basis Desk publishes information, not recommendations. Crypto assets are volatile and you can lose what you invest.