HSBC has launched its first stablecoin, RedCoin, through its Hong Kong PayMe payments app, giving more than 3.3 million users access to a wallet designed for sending money and paying merchants. The bank said the Hong Kong dollar-linked token will initially be available through PayMe, with broader banking and investment uses planned later.
RedCoin comes to PayMe
RedCoin, which uses the ticker RCHKD, is being introduced inside PayMe rather than through a separate crypto exchange or standalone wallet. HSBC said users will be able to activate a stablecoin wallet in the app over the coming days.
The token can be used to send money to friends and family and to make payments at more than 100,000 merchants. PayMe already has a user base of over 3.3 million people, giving HSBC an established consumer payments platform for the rollout.
Stablecoins are digital tokens designed to maintain a stable value against a reference currency or asset. In this case, RedCoin is linked to the Hong Kong dollar. HSBC has said the token will be fully backed by high-quality liquid assets held in separate accounts.
The launch gives HSBC a way to place stablecoin functionality within an existing payment service. Customers who use PayMe will not initially need to open a separate wallet or exchange account to access the token.
Hong Kong’s regulated stablecoin market
The rollout follows a decision by the Hong Kong Monetary Authority in April to issue the territory’s first stablecoin issuer licenses. The licenses went to HSBC and Anchorpoint Financial, a venture led by Standard Chartered.
Anchorpoint began a limited rollout of its own token, HKDAP, in August. That project has focused on institutional payments and settlement, while HSBC’s initial RedCoin launch targets everyday users through PayMe.
Vincent Chok, chief executive of stablecoin issuer First Digital, told CoinDesk that integrating stablecoins into payment platforms people already use could remove the need for separate digital-asset accounts. He said repeated exposure through ordinary payment activity could gradually build familiarity and confidence in stablecoins.
The different initial audiences for RedCoin and HKDAP show how licensed issuers are approaching potential stablecoin applications in Hong Kong. HSBC is starting with consumer payments, while Anchorpoint’s rollout has been directed at institutional transactions and settlement.
HSBC plans banking and investment expansion
HSBC’s PayMe launch is the first stage of a wider plan. The bank expects to add a RedCoin wallet to its Hong Kong mobile banking app later this year.
It also plans to allow customers to use the token to subscribe to tokenized investment products. One planned offering is a new share class of an existing Hong Kong dollar money market fund. Tokenization represents an investment product digitally on a blockchain or other digital infrastructure, while the underlying product remains subject to its own structure and terms.
HSBC has also indicated that RedCoin could eventually be used in wholesale corporate and institutional applications. John O’Neill, the bank’s managing director for digital assets and currencies, said the bank would add more products and expand into those use cases.
For HSBC, the planned additions connect stablecoin payments with banking and investment services. The immediate launch is limited to the PayMe environment, while the later plans cover the bank’s mobile app, tokenized products and corporate activity.
Moneyiar market picture
Moneyiar data at 07:59 on October 24, 2026, show the asset listed as Stable (STABLE) at $0.0263909063, up 3.23% over 24 hours and 1.61% over seven days. The data do not identify this asset as HSBC’s RedCoin, and the two should not be treated as the same token.
The same Moneyiar snapshot lists Ethereum Name Service (ENS) at $5.3722224941, down 4.13% in 24 hours and 4.89% over seven days. RedStone (RED) stood at $0.1501240565, up 6.66% over 24 hours and 5.49% over seven days. Capricorn (APR), with data timestamped 14:14 on October 6, 2026, was priced at $0.131504117, down 2.15% over 24 hours and up 0.59% over seven days.
The RedCoin launch therefore represents a new payments and banking development rather than a market-price update for a publicly quoted HSBC token. Its next milestones are the planned mobile-banking wallet, access to tokenized investment products and possible expansion into corporate and institutional use.
