HSBC launches RedCoin stablecoin to 3.3M PayMe users with HSBC-controlled private keys and closed transfer channels.
DeFi & Yields ·
HSBC deployed its Hong Kong dollar stablecoin, RedCoin, on PayMe on October 23, 2026, with wallet activation across over 3.3 million PayMe users starting in the coming days. The bank retains private keys to customer tokens held in an omnibus wallet and restricts all transfers to its permitted channels, with no cross-channel movement allowed between PayMe and Mobile Banking wallets. RedCoin transactions take effect only when HSBC records them on the ledger, and the bank commits to processing valid redemption requests within one business day. Balances receive no interest and fall outside Hong Kong's Deposit Protection Scheme.