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Crypto · October 23, 2026

HSBC launches Hong Kong dollar stablecoin for retail payments

3 sources →

HSBC has launched RedCoin (RCHKD), its first Hong Kong dollar-pegged stablecoin, initially making it available to over 3.3 million users of its PayMe app. The token enables peer-to-peer transfers and payments across a network of over 100,000 merchants. This rollout follows HSBC and Standard Chartered-led Anchorpoint receiving stablecoin issuer licenses from Hong Kong authorities in April 2024. HSBC plans to integrate RedCoin into its primary banking app later this year to facilitate tokenized investment subscriptions, including money market funds.

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Hype check

How the hype check works

Confirmed · 2

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

  • HSBC launched RedCoin (RCHKD) for PayMe users (HSBC)
  • HSBC received a stablecoin issuer license in April (Hong Kong regulators)

Claimed · 2

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

  • PayMe users can activate wallets in the coming days (HSBC)
  • RedCoin will be used for tokenized money market funds (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 named RedCoin (RCHKD).
  • The stablecoin is being rolled out to HSBC's PayMe app users.
  • PayMe has over 3.3 million users and is accepted at over 100,000 merchants.
  • RedCoin supports peer-to-peer transfers and retail payments.
  • HSBC received a stablecoin issuer license in Hong Kong in April.

Reported by only some outlets

  • Standard Chartered-led Anchorpoint also received a stablecoin license in April and began rolling out its HKDAP token in August.
  • HSBC plans to bring RedCoin to its main banking app later this year for tokenized investment subscriptions.
  • The stablecoin wallet activation for PayMe users will occur in the coming days.

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