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Crypto · October 23, 2026

HSBC rolls out its first HKD stablecoin RedCoin to retail users

1 sources →

HSBC has launched its first Hong Kong dollar-pegged stablecoin, RedCoin (RCHKD), initially rolling it out to its PayMe mobile payment platform. This launch follows HSBC receiving one of Hong Kong's first stablecoin issuer licenses in April 2026. The rollout allows over 3.3 million PayMe users to activate stablecoin wallets for peer-to-peer transfers and payments at more than 100,000 merchants. HSBC plans to integrate the stablecoin into its main banking app later this year to facilitate tokenized investment subscriptions, such as money market funds, and potentially expand into institutional use cases.

Only one outlet has covered this so far. CadNews compares coverage once more outlets report it.

Read the original coverage

Hype check

How the hype check works

Confirmed · 2

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

  • HSBC launched RedCoin on the PayMe platform. (HSBC)
  • HSBC received a stablecoin license in April 2026. (Hong Kong regulators)

Claimed · 2

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

  • RedCoin will be integrated into the main banking app later this year. (HSBC)
  • RedCoin will be used for tokenized investment subscriptions. (HSBC)

Speculation · 1

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

  • HSBC says it plans to expand into institutional uses. (Cointelegraph)

Reported by multiple outlets

  • HSBC is rolling out a Hong Kong dollar-backed stablecoin named RedCoin (RCHKD).
  • The stablecoin is being integrated into HSBC's PayMe app for retail users.
  • HSBC received a stablecoin issuer license in Hong Kong in April 2026.
  • The stablecoin will support peer-to-peer (P2P) and peer-to-merchant (P2M) payments.
  • PayMe has over 3 million users and more than 100,000 participating merchants.

Reported by only some outlets

  • HSBC plans to bring RedCoin to its main banking app later this year.
  • RedCoin will be used to facilitate subscriptions for tokenized investments, including money market funds.
  • The Anchorpoint consortium, led by Standard Chartered, began rolling out its own stablecoin (HKDAP) in August 2026.
  • HSBC is considering expanding RedCoin into institutional use cases.

About these outlets

CadNews does not determine absolute truth or endorse political viewpoints. It compares publicly available reporting, identifies shared facts, highlights framing differences, and flags uncertainty.