HSBC announced the launch of RedCoin, its first in-house stablecoin, on Oct. 23, 2026. The Hong Kong dollar-pegged token uses the RCHKD ticker and has a license from the Hong Kong Monetary Authority.
More than 3.3 million PayMe users will be able to activate a RedCoin wallet in the coming days; access was not yet available at launch. At first, they will be able to make instant transfers to one another and pay more than 100,000 participating merchants. HSBC plans to add RedCoin to its mobile app by the end of 2026 and later extend its use to tokenized investments and corporate and institutional settlements.
