HSBC’s RedCoin Rolls Into 3.3 Million PayMe Wallets—No Exchange Needed

HSBC began a phased rollout of RedCoin (RCHKD) to more than 3.3 million PayMe users in Hong Kong on October 23, 2026, marking the first retail launch of a licensed bank-issued stablecoin under the city’s Stablecoins Ordinance. The Hong Kong Monetary Authority granted HSBC a stablecoin issuer license in April, alongside Anchorpoint Financial, making them the first companies approved under the framework that took effect in August 2025.

Users can update the PayMe app and activate a RedCoin wallet without opening another account or meeting a minimum balance. They can send and receive Hong Kong dollars instantly through peer-to-peer (P2P) transfers or pay at more than 100,000 merchants already using the platform. RedCoin is designed to be redeemable one-for-one for Hong Kong dollars, while HSBC Digital Assets Custody provides safekeeping services for the stablecoin.

The consumer launch follows Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands and HKT, which rolled out its HKDAP stablecoin through HashKey Exchange in August for eligible institutions and professional investors. HSBC said RedCoin runs on the bank’s own private ledger rather than a public blockchain such as Ethereum, and balances cannot yet move between PayMe and the HSBC HK Mobile Banking App. RedCoin is not a bank deposit, so Hong Kong’s Deposit Protection Scheme does not cover it.

HSBC’s reserve tracker showed roughly $10.2 million in RedCoin circulating shortly after launch, backed by $10.4 million held entirely in cash. The bank plans to introduce RedCoin wallets to its HSBC HK Mobile Banking App later this year, enabling subscriptions to tokenized investment products from HK$100, including a new share class of its Hong Kong dollar money market fund. It also plans to expand RedCoin into wholesale corporate and institutional applications.

“We are excited by the market's interest in HSBC RedCoin. This is only the beginning,” said John O'Neill, HSBC's managing director of digital assets and currencies. “We will soon add more products, including expanding into wholesale corporate and institutional use cases.” PayMe head Lawrence Li described the rollout as deliberate and said the first phase prioritized stable service.