HSBC (@HSBC) has launched RedCoin, its first Hong Kong dollar stablecoin, through its PayMe platform. The token, which carries the ticker $RCHKD, is the bank's most visible move yet into reta
HSBC (@HSBC) has launched RedCoin, its first Hong Kong dollar stablecoin, through its PayMe platform. The token, which carries the ticker $RCHKD, is the bank's most visible move yet into retail digital assets.
The rollout lets users make peer-to-peer transfers and pay at more than 100,000 merchants. Wallet activation is expected in the coming days, according to the bank's launch announcement as reported by Cryptowisser.
The South China Morning Post reported that HSBC is introducing RedCoin in stages to more than 3.3 million PayMe users, to avoid overwhelming its servers. Full coverage is expected before the weekend. The token is available only through PayMe and HSBC's Hong Kong mobile banking app.
According to the SCMP, PayMe head Lawrence Li said wallets can be activated with no minimum balance or account-opening requirements. The stablecoin wallet shares existing limits with standard Hong Kong dollar wallets in PayMe. In the first phase, merchant settlement follows the same schedules as conventional Hong Kong dollar processing, and faster settlement is expected in later updates.
Cointelegraph reported that RedCoin is designed to be redeemable one-for-one for Hong Kong dollars. HSBC said in an April statement that each stablecoin will be fully backed at all times by high-quality, liquid assets held in segregated accounts.
The 3.3 million figure refers to PayMe's eligible user base, not the number of customers who have activated a RedCoin wallet, Cryptonomist noted.
The launch follows the Hong Kong Monetary Authority's decision on April 10 to grant its first stablecoin issuer licences, according to FinanceFeeds. HSBC and Anchorpoint Financial, a venture involving Standard Chartered Hong Kong, Animoca Brands and HKT, were the two recipients. Hong Kong's stablecoin regulatory framework took effect on August 1, 2025.
HSBC plans to expand its digital asset services into wholesale and institutional markets. FinanceFeeds reported that the bank intends to bring RedCoin into its Hong Kong mobile banking app before the end of 2026, allowing customers to buy tokenized investment products with the stablecoin. Tokenized money market funds are expected to start from HK$100. The bank also intends to support tokenized gold and third-party products.
HSBC already offers a range of digital asset products in Hong Kong. Its own statement lists tokenized deposit services for corporates, digital bonds for institutional investors via HSBC Orion and the HSBC Gold Token for retail customers. The bank says more digital asset products are planned.
FinanceFeeds also noted that HSBC has not disclosed which blockchain RedCoin runs on, whether tokens can be moved to external wallets, or a target for initial circulation.
Sources
South China Morning Post: HSBC RedCoin stablecoin launches for 3.3 million PayMe usersHSBC: HSBC welcomes HKMA's grant of a Hong Kong stablecoin issuer licenceFinanceFeeds: HSBC launches HKD-backed RedCoin stablecoin
