HSBC launches RedCoin, an HKD-backed stablecoin, to 3.3 million PayMe users in Hong Kong with peer-to-peer and merchant payment features.
DeFi & Yields ·
HSBC is deploying RedCoin, a Hong Kong dollar-backed stablecoin, to its PayMe user base of more than 3.3 million starting October 23, with initial functionality covering person-to-person transfers and payments at merchant locations. The rollout requires no new account setup or deposit minimums for wallet activation. By year-end, HSBC intends to add RedCoin to its Hong Kong banking mobile application, offering tokenized money market fund access beginning at HK$100, followed by tokenized gold and third-party fund options. The bank obtained its stablecoin issuer license from Hong Kong's monetary authority in April 2026.