HSBC Launches RedCoin Stablecoin in PayMe App in Hong Kong
HSBC has introduced the Hong Kong dollar-denominated RCHKD stablecoin in its PayMe payment app. The first phase supports peer-to-peer transfers and payments at more than 100,000 merchants.
HSBC RedCoin stablecoin has been available in the PayMe by HSBC app in Hong Kong since October 23, 2026. The bank introduced its first stablecoin, designated RCHKD, which is denominated in Hong Kong dollars. Users are expected to be able to activate the relevant wallet directly in the app in the coming days.
RedCoin is entering an environment HSBC already uses for everyday digital payments. According to the bank, PayMe has more than 3.3 million users. However, this figure does not mean that all of them have activated a wallet or use the token; it represents the size of the user base to which the feature is to be made available gradually.
HSBC RedCoin stablecoin begins with transfers and payments
The first deployment phase enables peer-to-peer transfers and payments to merchants. HSBC says RedCoin can be used at more than 100,000 merchants through PayMe. The functionality is currently part of this app’s ecosystem.
HSBC has not yet described the technical side of the solution in its published materials. It is therefore not known which blockchain RedCoin uses, whether it will be interoperable with external wallets, or what volume of tokens is in circulation. The bank has also not provided details on the terms for conversion and redemption into Hong Kong dollars, fees, or any limits.
Issuer holds an HKMA license
The Hong Kong Monetary Authority (HKMA) lists The Hongkong and Shanghai Banking Corporation Limited as a licensed stablecoin issuer. The license is designated FRS02 and has been effective since April 10, 2026.
The launch is significant primarily because of its distribution scale. This is not merely making a token available on a cryptocurrency platform, but integrating it into an existing payment app with millions of users. The case will therefore provide a practical test of whether a regulated bank stablecoin finds use in everyday transfers and retail payments.
For now, however, this is a controlled deployment within PayMe. The service launch itself is not evidence of broad adoption, and the number of app users cannot be equated with the number of active RCHKD holders or users.
Further expansions are still planned
HSBC plans to add the RedCoin wallet to the HSBC HK Mobile Banking App later in 2026. The bank also stated its intention to enable subscriptions to tokenized investment products. However, these features had not yet launched when the announcement was made.
As development continues, it will be important to monitor how many users actually activate the wallet and what payment and transfer volumes pass through it. The rules for exchanging RCHKD for HKD, usage costs, limits, and possible support for external wallets will also be relevant. Attention should also be paid to the planned expansion into HSBC mobile banking and the announced tokenized investment products.
Sources
- HSBC Hong Kong — HSBC RedCoin launches today – Confirms the launch date, RCHKD ticker, availability through PayMe, planned access for more than 3.3 million users, P2P/P2M payments, and future expansions.
- Hong Kong Monetary Authority — Register of Licensees under the Stablecoins Ordinance – Confirms that The Hongkong and Shanghai Banking Corporation Limited has held stablecoin issuer license FRS02 since April 10, 2026.
- South China Morning Post — HSBC RedCoin stablecoin launches for 3.3 million PayMe users in Hong Kong – Independently describes the phased launch, wallet activation in the app, and initial use for transfers and merchant payments.
Verified and updated: October 24, 2026 15:20
