HSBC launches HKD stablecoin RedCoin to 3.3 million PayMe retail users
Current overview (not historical)
HSBC has issued the Hong Kong Dollar stablecoin, RedCoin, to 3.3 million PayMe retail users. Users must first activate a wallet and meet eligibility requirements to convert HKD to RedCoin, which cannot be transferred between PayMe and the HSBC HK App. RedCoin is licensed by the Hong Kong Monetary Authority, 1:1 pegged to the HKD, and fully backed by high-quality liquid assets. However, the stablecoin does not pay interest and is outside the Hong Kong Deposit Protection Scheme. HSBC reserves the right to refuse or delay transactions due to wallet restrictions, incomplete instructions, legal or fraud concerns, or other events beyond its reasonable control.
Written with AI from the reporting · updated 10/24/2026
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- 1Unclassified fact stationOct 23, 00:00recorded Oct 23, 12:20revised
HSBC推出首款港元稳定币RedCoin
Read original source ↗ The BlockReplay this moment in the explorerEvidence & revisions · 4 source records
- Subject：
- hsbc
- Action：
- rolls out its first HKD stablecoin RedCoin to retail users
- Object：
- retail users
- Occurred (fact side)：
- Oct 23, 00:00
- Published (valid side)：
- Oct 23, 12:03
- First seen (known side)：
- Oct 23, 12:20
- Published (valid side)：
- Oct 23, 18:22
- First seen (known side)：
- Oct 23, 18:56
- Published (valid side)：
- Oct 24, 10:20
- First seen (known side)：
- Oct 24, 10:23
- Published (valid side)：
- Oct 24, 21:01
- First seen (known side)：
- Oct 24, 21:35
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- DecryptSource report revisedHSBC launches Hong Kong dollar stablecoin RedCoin on PayMe app for 3.3 million users
Report first recorded Oct 24, 21:35
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."
Read original source ↗ - CryptoSlateSource report revisedHSBC launches RedCoin stablecoin to 3.3M PayMe users, blocks cross-wallet transfers
Report first recorded Oct 24, 10:23
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.
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- CoinDeskSource report revisedHSBC Launches RedCoin Stablecoin on PayMe for Over 3.3 Million Users
Report first recorded Oct 23, 18:56
HSBC debuted RedCoin (RCHKD), its first stablecoin pegged to the Hong Kong dollar, on its PayMe app, enabling over 3.3 million users to send money and pay at more than 100,000 merchants. HSBC and Anchorpoint Financial, a Standard Chartered-led venture, received Hong Kong’s first stablecoin issuer licenses in April. Later this year, HSBC plans to integrate RedCoin into its banking app, allowing customers to use it for tokenized investments, such as a new share class of its Hong Kong dollar money market fund.
Read original source ↗ - The BlockHSBC launches HKD stablecoin RedCoin for retail PayMe users
Report first recorded Oct 23, 12:20
HSBC is rolling out its first HKD stablecoin, RedCoin, to retail users. PayMe users will be able to activate an in-app stablecoin wallet in the coming days for peer-to-peer and peer-to-merchant payments.
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