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Crypto · October 24, 2026

Hong Kong’s Biggest Bank Puts a Stablecoin in 3 Million Wallets

4 sources →

HSBC has launched RedCoin (RCHKD), its first Hong Kong dollar-pegged stablecoin, integrated into its PayMe app. The rollout allows over 3.3 million PayMe users to activate digital wallets for peer-to-peer transfers and payments at more than 100,000 merchants. HSBC, which received one of Hong Kong's first stablecoin issuer licenses from the HKMA in April alongside Anchorpoint, plans to expand RedCoin's utility later this year by integrating it into its primary mobile banking app for tokenized investment subscriptions.

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Hype check

How the hype check works

Confirmed · 3

Backed by filings, on-chain data, official statements or several independent publishers.

  • HSBC launched RedCoin on PayMe (HSBC)
  • PayMe has over 3.3 million users (HSBC)
  • RedCoin is usable at 100,000+ merchants (HSBC)

Claimed · 2

Said by a company, project or person; not yet independently confirmed.

  • RedCoin will be added to the HK Mobile Banking app later this year (HSBC)
  • The bank will expand into wholesale corporate and institutional use cases (John O'Neill, HSBC)

Speculation · 0

Price talk, forecasts or unnamed sources, quoted as someone else's view.

  • None identified.

Reported by multiple outlets

  • HSBC launched a Hong Kong dollar stablecoin called RedCoin (ticker: RCHKD).
  • The stablecoin is being rolled out to the PayMe app, which has over 3.3 million users.
  • RedCoin can be used at over 100,000 PayMe merchants and for peer-to-peer transfers.
  • HSBC received a stablecoin issuer license from the HKMA in April.

Reported by only some outlets

  • Anchorpoint, led by Standard Chartered, also received a license in April and began rolling out its stablecoin (HKDAP) in August.
  • HSBC plans to add RedCoin to its HK Mobile Banking app later this year.
  • The bank intends to use the token for tokenized investments, including a money market fund.
  • HSBC plans to expand into wholesale corporate and institutional use cases.

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