HSBC launches RedCoin stablecoin for PayMe users in Hong Kong

HSBC has launched its first regulated stablecoin, HSBC RedCoin (RCHKD), through its PayMe payment app in Hong Kong. The Hong Kong dollar-denominated digital currency is licensed and regulated by the Hong Kong Monetary Authority under the city’s Stablecoins Ordinance.

The rollout allows more than 3.3 million PayMe users to activate stablecoin wallets directly within the app without needing to open additional accounts or maintain minimum balances. Initially, the service will support peer-to-peer transfers and payments to over 100,000 participating merchants.

Looking ahead, HSBC plans to integrate RedCoin into its mobile banking app later this year. This expansion will enable customers to subscribe to tokenized investment products, such as a new share class of the bank’s Hong Kong dollar money market fund, with minimum investments starting at HK$100. The bank also intends to explore wholesale corporate and institutional use cases in the future.