HSBC has introduced RedCoin, its first stablecoin denominated in Hong Kong dollars, bringing blockchain-based transfers and merchant payments to users of the bank’s PayMe app. The rollout is expected to reach more than 3.3 million PayMe users in the coming days, according to Cointelegraph.
RedCoin enters consumer payments
RedCoin, identified by the ticker RCHKD, is intended to maintain a one-to-one redemption value against the Hong Kong dollar. In practical terms, the stablecoin is designed to represent Hong Kong-dollar value on a blockchain while aiming to limit the price fluctuations associated with many other cryptoassets.
PayMe customers will be able to activate RedCoin wallets within the app. The wallets are intended for transfers and payments at merchants, marking HSBC’s first consumer-facing use of its Hong Kong-dollar stablecoin.
HSBC Digital Assets Custody will provide safekeeping services for RedCoin. Custody refers to the holding and safeguarding of digital assets on behalf of customers or an issuing institution.
Plans for tokenized investments
HSBC said the consumer launch is only an initial stage. Later this year, it plans to add RedCoin wallets to the HSBC HK Mobile Banking App. That would allow customers to use the wallets to subscribe to tokenized investment products.
One planned product is a new share class of HSBC’s Hong Kong dollar money market fund. Tokenization generally means creating a digital representation of an asset or financial interest on blockchain infrastructure. The source material does not provide a launch date or terms for that fund share class.
The bank also said it intends to develop RedCoin for wholesale corporate and institutional applications, extending its potential use beyond retail payments.
Hong Kong’s stablecoin framework
HSBC received its stablecoin issuer license in April, alongside Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands and HKT. The two companies were the first approved under Hong Kong’s stablecoin regulatory framework.
The retail launch follows Anchorpoint’s introduction of its HKDAP stablecoin through HashKey Exchange in August. That product initially focused on eligible institutions and professional investors, while HSBC’s RedCoin rollout is aimed at a much larger retail audience through PayMe.
A stablecoin is a digital token designed to track the value of an underlying currency or asset. In RedCoin’s case, HSBC says the intended reference value is the Hong Kong dollar and that the token should be redeemable on a one-for-one basis.
Market picture
Moneyiar market data recorded at 08:09 on October 24, 2026, showed Stable (STABLE) at $0.0264191815, up 3.53% over 24 hours and 1.69% over seven days. RedStone (RED) was $0.1492560257, up 6.10% in 24 hours and 4.81% over seven days. Walrus (WAL) stood at $0.0355541013, down 6.86% over 24 hours and 16.69% over seven days. Tutorial (TUT) was $0.0373206004, down 6.82% over 24 hours and 41.91% over seven days. These figures are Moneyiar data and are separate from RedCoin’s intended one-to-one relationship with the Hong Kong dollar.
