HSBC launches RedCoin stablecoin for 3.3M PayMe users with spending capability at 100,000+ merchants.
DeFi & Yields ·
HSBC RedCoin, the bank's first stablecoin, became available to PayMe users as of 23 October 2026. The Hong Kong Dollar-denominated stablecoin is accessible to more than 3.3 million PayMe users and enables peer-to-peer transfers and spending at over 100,000 merchants. Licensed and regulated by the Hong Kong Monetary Authority, the stablecoin is designed to meet financial crime control standards under Hong Kong's Stablecoins Ordinance.
The product was built around identified drivers of stablecoin adoption, chiefly ease of access through existing apps and faster settlement. Users activate a stablecoin wallet within the PayMe application to send funds to friends and family or pay at participating merchants. The bank conducted staff pilots with nearly 100 users ahead of the launch to test wallet activation and live transfers.
Future expansion plans include integrating stablecoin wallet functionality into the HSBC HK Mobile Banking App and enabling subscriptions to tokenised investment products, starting with a share class of HSBC's Hong Kong Dollar money market fund. The bank also intends to pursue wholesale corporate and institutional use cases, though no timeline has been specified for these additions.