RedCoin Goes PayMe: HSBC’s Stablecoin Rollout Hits 3.3M Users

HSBC’s HKD RedCoin stablecoin began a phased rollout in Hong Kong on October 23, 2026, making it available to more than 3.3 million PayMe users in the first retail launch of a licensed bank-issued stablecoin under the city’s Stablecoins Ordinance framework.

Users access RedCoin by updating the PayMe app and activating a wallet. No additional account opening or minimum balance is required. They can then send and receive Hong Kong dollars instantly through peer-to-peer (P2P) transfers or pay at over 100,000 merchants already available on the platform.

Lawrence Li, head of PayMe, described the rollout as deliberate: “The key priority in the first phase is ensuring stable service”.

HSBC also plans to add tokenized money market fund access to its mobile banking app before year-end, with investment access starting at HK$100.