HSBC Launches Its Own Stablecoin, RedCoin, for 3.3 Million Users in Hong Kong
25.10.2026 13:48
The international banking group HSBC announced the launch of its own stablecoin, RedCoin (RCHKD), pegged to the Hong Kong dollar. The new digital asset will be used in the popular payment app PayMe, which has over 3.3 million users, according to the bank’s official statement dated October 23, 2026.
HSBC RedCoin is the first stablecoin issued by a bank for use in everyday payments.
The project is being implemented in accordance with Hong Kong’s legislation on stablecoins and is supervised by the Hong Kong Monetary Authority (HKMA).
The Hongkong and Shanghai Banking Corporation Limited received the relevant license in April 2026.
According to an announcement from HSBC, PayMe users will be able to activate a cryptocurrency wallet directly within the app in the coming days.
In the initial phase, the service will enable instant transfers between individuals, as well as payments for goods and services at retail locations.
PayMe’s payment infrastructure covers more than 100,000 merchants in Hong Kong.
According to Maggie Ng, CEO of HSBC in Hong Kong, the banking industry is gradually transitioning to digital networks that enable round-the-clock transactions and the use of programmable financial instruments.
Prior to the launch, the bank conducted a pilot test of the new solution involving nearly 100 employees. The test covered the issuance of digital coins, wallet activation, and the execution of actual transfers.
HSBC expects that RedCoin will eventually be used not only for everyday payments but also for purchasing tokenized investment products.
By the end of 2026, the bank plans to integrate stablecoin wallet functionality into its main mobile banking app, HSBC HK Mobile Banking.
In addition, the bank plans to enable investments using RedCoin in tokenized instruments, specifically in a new class of shares in HSBC’s Hong Kong money market fund.
Looking ahead, the bank is considering expanding the use of the digital asset in corporate and institutional settlements.
According to HSBC’s own survey, conducted in June 2026 among 1,060 customers aged 18–64, 53% of respondents believe that stablecoins pegged to the Hong Kong dollar can help boost the economy’s competitiveness by facilitating round-the-clock payments, trading, and cross-border settlements.
The launch of RedCoin marked the next step in expanding HSBC’s presence in the digital asset market.
Previously, the banking group developed the HSBC Orion infrastructure for issuing digital bonds and launched the HSBC Gold Token, a product linked to the gold market.
According to the bank, since the launch of HSBC Orion in 2023, the platform has facilitated the placement of more than $8.3 billion in digital bonds.
The HSBC Gold Token, introduced in 2024, had been used in 390,000 transactions totaling $2.5 billion by the end of August 2026.
The launch of a regulated stablecoin directly within the bank’s payment app signals the expanding practical application of digital currencies.
Unlike speculative cryptocurrencies, the value of stablecoins is pegged to a specific underlying asset, most often a national currency. However, their use carries inherent risks related to the issuer, the storage of reserves, and the technological infrastructure.
HSBC is one of the largest international banking groups. The bank was founded in Hong Kong in 1865 and operates in retail, corporate, and investment banking, as well as wealth management.
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