HSBC RedCoin, a Hong Kong dollar stablecoin licensed by the Hong Kong Monetary Authority, went live on HSBC’s PayMe app on October 23, and more than 3.3 million PayMe users can activate a wallet in the coming days. Users can send RedCoin to friends and pay at more than 100,000 merchants, and HSBC plans to add the wallet to its HSBC HK mobile banking app later this year.
Why it matters: HSBC received its stablecoin issuer licence from the HKMA in April 2026 and is launching the coin inside an app that already has the users and the merchants, after its own June survey of 1,060 customers found access through existing apps among the strongest drivers of adoption. Holders will be able to buy a tokenised share class of HSBC’s HKD money market fund, and HSBC says wholesale corporate and institutional uses will follow.
Source: HSBC, October 23, 2026; Finextra, October 23, 2026
Related: TWTWIP week ending 25 October 2026 · China Fintech: HSBC launches RedCoin stablecoin on PayMe · Asia Fintech: HSBC rolls out HK dollar stablecoin RedCoin to 3.3 million PayMe users
Image: Suicasmo, CC BY-SA 4.0, via Wikimedia Commons
