HSBC launches Hong Kong dollar stablecoin on PayMe
RedCoin is being rolled out in stages to PayMe users for peer-to-peer transfers and merchant payments, with HSBC planning integration into its Hong Kong app later this year.
HSBC launched RedCoin, a Hong Kong dollar-denominated stablecoin, on the PayMe app on October 23. The bank said the regulated token is being rolled out in stages to PayMe’s more than 3.3 million users.
RedCoin is designed for peer-to-peer transfers and payments at more than 100,000 merchants, according to HSBC’s announcement. Users do not need a minimum balance or a new account to participate in the initial PayMe rollout, and HSBC said it plans to integrate RedCoin into the HSBC HK App before the end of 2026.
A bank-issued stablecoin inside an existing wallet tests whether tokenized money can improve payment speed and programmability without requiring consumers to learn a new financial interface. It also makes reserve management, redemption, consumer disclosures, privacy and operational resilience central to the product’s trust model.
The rollout is staged, and the announced user and merchant figures describe the potential PayMe reach rather than confirmed active RedCoin adoption. HSBC did not disclose transaction forecasts or say that RedCoin would immediately be available through every HSBC channel or merchant.