HSBC Launches RedCoin, a Hong Kong Dollar Stablecoin, Through PayMe

By Kevin · 2026-10-23 · News

Oct. 23 (CandyPulse) — One of the world's biggest banks now has a stablecoin in people's pockets. HSBC has launched RedCoin (RCHKD), a Hong Kong dollar stablecoin, through its popular PayMe app, with a phased rollout starting Oct. 23.

Key takeaways

RedCoin (RCHKD) is pegged to the Hong Kong dollar and redeemable 1:1
It's licensed and regulated by the Hong Kong Monetary Authority (HKMA)
PayMe users can activate a stablecoin wallet in the app over the coming days
Phase one: instant transfers between users and payments at 100,000+ merchants
Later this year: tokenized investments, including a share class of HSBC's HKD money market fund

RedCoin at a glance

Detail	Answer
Issuer	HSBC
Name	HSBC RedCoin (RCHKD)
Pegged to	Hong Kong dollar, redeemable 1:1
Regulator	Hong Kong Monetary Authority
Available through	PayMe app
What you can do now	Send to other PayMe users; pay at merchants that accept PayMe
Coming next	Wallet in HSBC HK mobile banking; tokenized money market fund

One detail worth noting: PayMe has about 3.3 million users, but that's the app's total user base, not the number who have activated a RedCoin wallet.

Why it matters

This is a big bank putting a regulated stablecoin into an everyday payment app, not a pilot hidden inside a trading desk. It's the clearest sign yet that Hong Kong's stablecoin rules are turning into real products. Stablecoins are fast becoming the everyday money of crypto, as we explain in the quiet power of stablecoins in everyday life.

It follows other bank moves we've covered, such as JPM Coin arriving on Ethereum and Citi and Coinbase expanding stablecoin payments.

What's next

Watch for the wallet's arrival in HSBC's banking app and the first tokenized fund subscriptions. More on our Stablecoins page.

Disclaimer: This article is for information only and is not financial advice. Crypto assets are volatile and can lose value. Always do your own research before making any investment decision.