HSBC launches its own stablecoin in Hong Kong for 3.3 million users

A stablecoin is a crypto token whose price is pegged to a regular currency. One RedCoin equals one Hong Kong dollar. The key difference from the familiar USDT or USDC: it is issued not by a crypto firm but by HSBC, under a licence from the Hong Kong Monetary Authority, in effect the city's central bank. The bank got its stablecoin issuer licence in April 2026.

RedCoin lives inside PayMe, HSBC's payments app with more than 3.3 million users. The wallet is switched on in the app, with no minimum balance and no new account to open. Limits are shared with the regular Hong Kong dollar wallet. The rollout comes in waves to avoid overloading servers, with full coverage expected before the weekend.

Two things work for now: instant transfers to friends and payments at more than 100,000 merchants on PayMe. In the first phase merchants get paid on the same schedule as regular Hong Kong dollar payments. Faster settlement will come in later updates, said PayMe head Lawrence Li.

Next, the bank plans to add the wallet to the HSBC HK Mobile Banking app and let customers buy tokenised products with RedCoin. First up is a new share class of its Hong Kong dollar money market fund, with a minimum of HK$100, about US$12.75.

Before launch nearly 100 bank staff tested the full customer journey. Alongside HSBC, Anchorpoint, a joint venture of Standard Chartered, Animoca Brands and HKT, got a licence in April. Hong Kong is building a regulated stablecoin market, and banks are going first.

Fatos confirmados

• HSBC RedCoin (ticker RCHKD), the bank's first stablecoin, is available on PayMe by HSBC from 23 October 2026.^[1][2]
• RedCoin is denominated in Hong Kong dollars, licensed and regulated by the Hong Kong Monetary Authority; the bank received the licence in April 2026.^[1][2]
• More than 3.3 million PayMe users can activate a wallet and use it to pay friends and over 100,000 merchants.^[1]
• The wallet needs no minimum balance or new account, and shares limits with the regular Hong Kong dollar wallet.^[2]
• The rollout is phased, with full coverage expected before the weekend.^[2]
• Later this year HSBC plans to add the wallet to its mobile banking app and enable tokenised products, including a share class of its HKD money market fund.^[1]
• The minimum for buying tokenised funds will be HK$100.^[2]
• Nearly 100 staff tested the service before launch.^[1][2]
• Anchorpoint, a joint venture of Standard Chartered, Animoca Brands and HKT, was licensed alongside HSBC in April.^[2]

Implicações

• ConfirmadoMillions of Hong Kong residents get a stablecoin in an app they already use, with no separate crypto account.
• Nossa leituraOther big banks may move faster on their own stablecoins after seeing how HSBC does.
• Nossa leituraBank stablecoins in local currency could take some payments away from dollar USDT and USDC in Asia.

Ainda não se sabe

• HSBC has not disclosed how many RedCoin are issued or its circulation target.
• When merchant settlement will become faster than regular payments.

Quem é afetado

Hong Kong, Asia. Hong Kong residents, stablecoin holders, anyone watching banks move into crypto

Fontes

1. HSBC Hong Kong: HSBC RedCoin launches today 23 de outubro de 2026 · oficial
2. South China Morning Post: HSBC RedCoin stablecoin launches for 3.3 million PayMe users in Hong Kong 22 de outubro de 2026 · mídia