HSBC Rolls Out RedCoin Stablecoin on PayMe to Over 3.3 Million Users
By Crypto Wire
October 23, 2026
HSBC began rolling out RedCoin (RCHKD) — its first stablecoin, pegged to the Hong Kong dollar — inside the bank’s PayMe app, letting more than 3.3 million users send money and pay at over 100,000 merchants, CoinDesk reported on October 23, 2026. PayMe users will be able to activate a stablecoin wallet in-app over the coming days, per the bank. HSBC says RedCoin will be fully backed by high-quality liquid assets held in separate accounts. This is a Stablecoin Settlement chapter: licensed HKD rails in a consumer payments app — not a DeFi mint and not an institutional-only wholesale pilot.
Regulatory color: the Hong Kong Monetary Authority granted its first stablecoin issuer licences in April to HSBC and Anchorpoint Financial (Standard Chartered-led); Anchorpoint began a limited HKDAP rollout in August aimed at institutional payments and settlement. John O’Neill, HSBC managing director for digital assets and currencies, said the bank will soon add more products, including wholesale corporate and institutional use cases. Roadmap color from the same wrap: a RedCoin wallet in HSBC’s Hong Kong mobile banking app later this year, plus using the token to subscribe to tokenized investments — including a new share class of an existing HKD money market fund.
Desk rule: treat merchant count and user totals as bank/app figures, not on-chain circulation proof; do not invent RedCoin circulating supply, yield, or a cross-border corridor from the PayMe debut alone. Keep separate from SoFi’s U.S. tokenized-deposit Earn lane and from J.P. Morgan’s qualified-investor MONY/JLTXX multi-chain cash products.
For settlement desks, the cut is distribution: Hong Kong’s bank-issued HKD stablecoin is landing inside PayMe’s everyday P2P/merchant rails first — banking-app wallet and tokenized MMF subscribe come next.
Settlement watch: Watch whether HSBC posts dated activation/uptake figures for PayMe RedCoin wallets; whether the banking-app wallet and HKD MMF share class clear with named timelines this year; and whether Anchorpoint’s HKDAP institutional lane expands beyond the August limited rollout.
Bottom line: HSBC RedCoin (RCHKD) is live on PayMe for 3.3M+ users and 100,000+ merchants — Hong Kong’s bank stablecoin entering everyday rails.
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