Stablecoins
Neutral
HSBC launches Hong Kong dollar stablecoin through PayMe app
Image: CryptoSlateHSBC rolled out its Hong Kong dollar stablecoin named RedCoin on Oct. 23. The token launched through the PayMe payments app. The rollout reaches over 3.3 million users and over 100,000 merchants. RedCoin aims to support merchant payments and peer-to-peer transfers. HSBC backs the token with segregated, liquid, high-quality assets. The bank plans to add tokenized investment subscriptions later in 2026.
Key points
- HSBC launched its RedCoin Hong Kong dollar stablecoin on Oct. 23 through the PayMe payments app.
- The PayMe network has a reach of more than 3.3 million users and over 100,000 merchants.
- RedCoin is backed by segregated, liquid, high-quality assets covering coins outstanding at all times.
Why it matters
The launch provides an existing payment network with direct access to a regulated Hong Kong dollar stablecoin.
Sources · 2 publishers
AMBCrypto
Tier 2
HSBC launches HKD stablecoin for 3.3M users: Can RedCoin gain ground?
Coverage timeline
- First reported by CryptoSlate
- Also reported by AMBCrypto
- CryptoVideos brief published
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