# HSBC RedCoin stablecoin launch in Hong Kong > Live situation record from CLSTR: https://clstr.news/situations/hsbc-redcoin-stablecoin-launch-in-hong-kong > Updated: 2026-10-25T05:06:34.000Z. Sources: 23. Developments: 2. HSBC has launched RedCoin (RCHKD), a Hong Kong dollar-denominated stablecoin regulated by the Hong Kong Monetary Authority. The digital currency is initially available to over 3.3 million PayMe users, facilitating peer-to-peer transfers and payments at more than 100,000 merchants. Within two days of the launch, the circulating supply grew to approximately 80.81 million HKD from an initial 1.27 million HKD recorded a week prior. The stablecoin is backed 1:1 by cash reserves, though it is not a protected deposit under the Hong Kong Deposit Protection Scheme. Currently, the ecosystem operates on a private, permissioned distributed ledger and is not connected to public blockchains. Additionally, the PayMe wallet and the upcoming HSBC HK mobile banking app wallet will not be interoperable. HSBC intends to expand the service later this year by integrating the stablecoin into its mobile banking app to allow customers to subscribe to tokenized investment products, such as money market funds. ## Timeline ### 2026-10-25: HSBC launches RedCoin stablecoin in Hong Kong HSBC's new RedCoin stablecoin reached 80.81 million HKD in circulation within two days, supporting P2P transfers and merchant payments via PayMe in a closed HSBC ecosystem. 8 sources. https://clstr.news/cluster/hsbc-launches-redcoin-stablecoin-in-hong-kong ### 2026-10-23: HSBC launches RedCoin stablecoin for PayMe users in Hong Kong HSBC has launched its regulated Hong Kong dollar-backed stablecoin, RedCoin, on the PayMe app, enabling digital payments and future tokenized investments for millions of users. 16 sources. https://clstr.news/cluster/hsbc-launches-hong-kong-dollar-stablecoin-on-payme-app --- Cite as: HSBC RedCoin stablecoin launch in Hong Kong. CLSTR, https://clstr.news/situations/hsbc-redcoin-stablecoin-launch-in-hong-kong