HSBC launches Hong Kong dollar stablecoin RedCoin on PayMe app for 3.3 million users

HSBC launched RedCoin, a Hong Kong dollar stablecoin licensed by the HKMA, on its PayMe app, enabling over 3.3 million users to send RedCoin to friends or pay at more than 100,000 merchants. RedCoin is pegged 1:1 to the Hong Kong dollar and runs on HSBC's private ledger, not a public blockchain like Ethereum. HSBC plans to integrate the token into its HK Mobile Banking app later this year, and the bank expects its first independent reserve attestation after the fourth quarter of 2026. John O'Neill, HSBC's managing director of digital assets and currencies, said, "We are excited by the market's interest in HSBC RedCoin. This is only the beginning."