HSBC launched RedCoin, a Hong Kong dollar stablecoin licensed by the Hong Kong Monetary Authority, on its PayMe app, according to the bank. More than 3.3 million PayMe users will be able to activate wallets in the coming days to send it to friends or pay at more than 100,000 merchants.
RedCoin runs on HSBC’s private ledger, and balances cannot move between PayMe and HSBC’s banking app. It is not a bank deposit and is not covered by Hong Kong’s Deposit Protection Scheme. HSBC plans to add the token to its HK Mobile Banking app later this year. Its reserve tracker showed about $10.2 million circulating shortly after launch, backed by $10.4 million in cash; HSBC expects a first independent reserve attestation after the fourth quarter of 2026.
