HSBC launched this Friday (23) the RedCoin (RCHKD), its first stablecoin, integrated into the PayMe payments app in Hong Kong. The digital currency, denominated in Hong Kong dollars, will have potential access to more than 3.3 million users of the platform.
Regulated by the Hong Kong Monetary Authority (HKMA), RedCoin was developed for person-to-person payments and purchases at commercial establishments. The asset is designed to allow redemptions at a ratio of 1:1 with the Hong Kong dollar, with reserves held in segregated high-liquidity assets.
Wallets will be activated progressively on PayMe
Although the official launch took place on October 23, users will be able to activate their digital wallets gradually in the coming days. The integration will allow person-to-person transfers and payments at more than 100,000 establishments participating in PayMe.
The base of 3.3 million users represents the potential audience for the new offering, not the number of activated wallets or of customers who have already made transactions with the stablecoin.
Before the launch, HSBC conducted tests with nearly 100 participants from its team, involving token issuance, wallet activation and real transfers.
Maggie Ng, CEO of HSBC in Hong Kong, said that money, assets and information are migrating from traditional infrastructure to digital networks that are permanently available and increasingly programmable. The executive presented RedCoin as part of the strategy to bring these technologies to everyday financial services.
The custody infrastructure is provided by HSBC Digital Assets Custody. The bank received its stablecoin issuer license in April 2026.
By the end of 2026, HSBC also intends to make wallets available in Hong Kong's main banking app and allow the use of RedCoin in the purchase of certain tokenized investment products. These features are still part of the next stages of expansion.
