HSBC launches RedCoin stablecoin to 3.3M PayMe users, blocks cross-wallet transfers

HSBC began rolling out its Hong Kong dollar stablecoin RedCoin through the PayMe app on Oct. 23, activating wallets for over 3.3 million users and 100,000 merchants. RedCoin is redeemable for HKD at face value through official channels, but transfers between PayMe and the separate HSBC HK App wallet are unsupported. Investment subscriptions remain planned for later in 2026.