HSBC launched its RedCoin stablecoin to more than 3.3 million PayMe users in Hong Kong on October 23 in a phased rollout. The Hong Kong dollar-backed token supports peer-to-peer transfers and merchant payments within the PayMe app during its initial phase, with full availability expected before the weekend.
Customers can activate a RedCoin wallet by updating the PayMe app without opening a separate account or meeting a minimum balance requirement. Transfers through the wallet occur within the existing PayMe interface. PayMe head Lawrence Li stated that transfers would be instant and closely aligned with the current app experience.
Planned Expansion Beyond Payments
HSBC intends to integrate RedCoin into its Hong Kong mobile banking app by year-end. The bank said the app will allow users to subscribe to tokenized money market funds with a starting amount of HK$100. Tokenized gold and third-party funds are planned for a later phase, though no launch dates have been provided for those products.
HSBC received its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026, preceding the RedCoin retail launch. The phased rollout connects PayMe as the initial distribution channel with the banking app as the intended platform for tokenized fund investments.
