RedCoin Enters the Chat: 3.3 Million PayMe Users Can Soon Tap HKD Onchain

HSBC has launched RedCoin (RCHKD), its first Hong Kong-dollar stablecoin, through the PayMe app, with more than 3.3 million users set to receive access to stablecoin wallets in the coming days. The phased retail rollout began on October 23, 2026, marking the first launch of a licensed bank-issued stablecoin under Hong Kong’s Stablecoins Ordinance.

Users can update the PayMe app and activate a RedCoin wallet without opening an additional account or maintaining a minimum balance. The wallet supports instant Hong Kong dollar transfers between users through peer-to-peer (P2P) payments and purchases at over 100,000 merchants already serving 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. HSBC said the rollout would initially focus on stable service before further features and wider applications are introduced.

The consumer launch follows Anchorpoint’s rollout of its HKDAP stablecoin through HashKey Exchange in August, which initially targeted eligible institutions and professional investors. HSBC received its stablecoin issuer license in April alongside Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands and HKT. The two companies were the first approved under Hong Kong’s stablecoin regulatory framework.

HSBC plans to introduce RedCoin wallets to the HSBC HK Mobile Banking App later this year. Customers will be able to subscribe to tokenized investment products, including a new share class of its Hong Kong dollar money market fund, with access from HK$100. The bank also plans to expand RedCoin into wholesale corporate and institutional applications.