(27 October 2026 – Hong Kong) HSBC has launched its first stablecoin “RedCoin” on its PayMe payment app in Hong Kong, enabling customers to conduct digital payments with individuals and merchants.
More than 3.3 million PayMe users can now activate a stablecoin wallet through the app. Customers can transfer stablecoins instantly and pay at more than 100,000 merchants that accept payments through PayMe.
Licensed and regulated by the Hong Kong Monetary Authority (HKMA), HSBC RedCoin is pegged to the Hong Kong dollar (HKD) with a phased launch for retail users progressing to corporate applications announced earlier this month.
“We plan to expand RedCoin into wholesale corporate and institutional services and allow customers to subscribe to tokenised investment products using HSBC RedCoin. These will include a new share class of the bank’s existing Hong Kong dollar money market fund” commented HSBC Digital Assets and Currencies Managing Director, John O’Neill.
“The bank aims to help customers adapt to changes in digital payments through products backed by our security and banking capabilities” said HSBC Hong Kong CEO, Maggie Ng.