HSBC launches RedCoin for PayMe users in Hong Kong
HSBC has launched RedCoin on PayMe in Hong Kong, with wallet access due in coming days for more than 3.3 million users and payments at over 100,000 merchants.
The Chain Times Desk2 min read
HSBC launched its Hong Kong dollar stablecoin, RedCoin, on PayMe on 23 October, giving retail users a new way to send money and pay merchants through the app. A stablecoin is a digital token designed to track a regular currency. In its launch announcement, HSBC said wallet activation would begin in the coming days for more than 3.3 million PayMe users.
How will PayMe users spend RedCoin?
Users will be able to send RedCoin to friends and family, and pay at more than 100,000 merchants through PayMe, HSBC said. The bank gave the token the ticker RCHKD. HSBC said it tested the customer journey with nearly 100 staff, from creating tokens to activating wallets and making transfers.
The release says RedCoin is licensed and regulated by the Hong Kong Monetary Authority (HKMA). HSBC said it received its stablecoin issuer licence in April 2026. The bank lists its licence number as FRS02 and says the token is subject to the financial crime controls required by Hong Kong’s Stablecoins Ordinance.
What will HSBC add after the PayMe launch?
HSBC plans to add RedCoin wallet functions to its Hong Kong mobile banking app later this year. It also plans to let customers use RedCoin to subscribe to tokenised investment products, which represent investments in digital form. The first planned product is a new share class of HSBC’s Hong Kong dollar money market fund, the bank said.
The Block’s report on the rollout said HSBC also plans to expand into corporate and institutional uses. HSBC’s John O’Neill, who leads digital assets and currencies, said the bank would add wholesale use cases. The launch announcement did not give a date for those services.
Sources and documents
- launch announcement — about.hsbc.com.hk
- report on the rollout — theblock.co