HSBC RedCoin (ticker RCHKD), the bank’s first stablecoin, went live on 23 October 2026 inside PayMe by HSBC, the bank’s mobile payment app. HSBC says the Hong Kong dollar-denominated token will be available in stages to more than 3.3 million PayMe users. RedCoin is licensed and regulated by the Hong Kong Monetary Authority (HKMA) under Hong Kong’s Stablecoins Ordinance.
Once activated, PayMe users can send RedCoin peer-to-peer to friends and family, or pay directly at more than 100,000 merchants that accept PayMe. HSBC plans to later add stablecoin wallet functionality to its main HSBC HK Mobile Banking App and to let customers use RedCoin to subscribe to tokenised investment products, including a planned share class of HSBC’s existing HKD money market fund. Maggie Ng, HSBC’s CEO for Hong Kong and Head of Retail Banking and Wealth, said the bank wants to help customers manage the shift of “money, assets and information” onto “always-on, data-rich and increasingly programmable digital networks.”
HSBC says an internal pilot with close to 100 staff tested the full customer journey — minting, wallet activation and live transfers — ahead of launch. A bank-commissioned survey cited alongside the launch found that 53% of respondents believe HKD stablecoins could strengthen Hong Kong’s economic competitiveness by supporting round-the-clock payments, trade and tourism.
For anyone sending or receiving money in and out of Hong Kong, RedCoin is worth watching less as a crypto story and more as a plumbing story: a major bank is testing whether a regulator-approved, bank-issued token can move money between accounts and across merchants as reliably — and as fast — as existing payment rails, at a scale (3.3 million users, 100,000+ merchants) few other bank-issued stablecoins have reached.
