HSBC is making RedCoin, the first stablecoin denominated in Hong Kong dollars, available to retail users through PayMe.
According to HSBC, RedCoin (RCHKD) will be available on PayMe starting Friday. Users will be able to activate stablecoin wallets through the app in the coming days.
The wallet will allow users to transfer money to one another and make payments at more than 100,000 businesses through PayMe.
HSBC Brings RedCoin to Retail Payments
HSBC, one of three commercial banks authorized to issue banknotes in Hong Kong, is also expanding its work in digital assets. The bank offers digital bonds to institutional investors, HSBC Gold Token to retail customers, and tokenized deposit services for wholesale payments. It also participates in the Hong Kong Monetary Authority’s blockchain initiatives and e-HKD pilot program.
John O’Neill, HSBC’s head of digital assets and currencies, said the bank plans to launch new products soon and expand institutional use cases.
Regulations establishing a licensing framework for fiat-backed stablecoins in Hong Kong took effect in August 2025. In April 2026, the Monetary Authority granted the first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture between Standard Chartered, HKT, and Animoca Brands. Anchorpoint began gradually offering its HKDAP stablecoin to institutional clients in August.
Not investment advice.