HSBC is one of two companies licensed by the HKMA to issue Hong Kong dollar stablecoins, alongside a consortium led by Standard Chartered called Anchorpoint. Elhedery noted that while the bank ultimately aims for multimillion-user adoption, the initial figures demonstrate that features can scale with sound technology and safe regulation.
During its first phase, Redcoin is accessible through HSBC's payment app, Payme, which features a user base of 3.3 million. The integration allows users to conduct peer-to-peer transactions and make payments at nearly 100,000 merchants across Hong Kong. Maggie Ng, CEO of HSBC Hong Kong, stated that early customer usage in wallet top-ups and merchant payments has been encouraging.
Looking ahead, HSBC plans to integrate Redcoin into its main banking app to support future tokenized investment products. Meanwhile, competitor Anchorpoint is preparing to deploy its HKDAP stablecoin on public blockchains, having partnered with the Solana Foundation to enable native minting, redemption, and tokenized products with near-instant settlement speeds on the Solana network.
