HSBC Launches RedCoin HKD Stablecoin to 3.3 Million PayMe Users in Hong Kong
HSBC launched its RedCoin (RCHKD) Hong Kong dollar stablecoin through the PayMe app on October 23, 2026, reaching 3.3 million users under the HKMA's Stablecoins Ordinance license.
Why it matters
This is the first retail bank-issued stablecoin launch under Hong Kong's dedicated regulatory framework, testing whether a familiar payment app can drive mainstream adoption of a regulated token. The phased rollout and planned tokenized fund access will indicate whether traditional banks can bridge conventional payments and digital asset services at scale.
Where the sources disagree
Peer-to-peer transfer availability at launch
P2P transfers supported at launch
Bitcoin Insider, CoinGape, Altcoin Buzz, Cointelegraph, Crypto.News, Unchained, Bitcoin.com News
Transfers between app wallets unsupported
CryptoSlate
CryptoSlate reported transfers between app wallets are unsupported, while six other outlets described P2P transfers to friends and family as a launch feature
Key facts
HSBC launched RedCoin (RCHKD), a Hong Kong dollar stablecoin, through the PayMe app on October 23, 2026
Reported by Bitcoin Insider
The stablecoin is licensed by the Hong Kong Monetary Authority under the Stablecoins Ordinance with licence number FRS02 issued April 2026
Reported by CoinGape
More than 3.3 million PayMe users will be able to activate RedCoin wallets over the coming days
3,300,000 usersReported by Bitcoin Insider
Over 100,000 merchants accept PayMe for RedCoin payments
100,000 merchantsReported by Bitcoin Insider
HSBC plans to add tokenized money market fund access starting at HK$100 via the HSBC HK Mobile Banking App before year-end 2026
100 HKDReported by CoinGape
Staff pilots with nearly 100 employees tested the full customer journey from minting through wallet activation to live transfers before launch
100 employeesReported by Altcoin Buzz
Circulating RedCoin was HK$80.58 million against HK$81.58 million in reserves at launch per South China Morning Post
81,580,000 HKDReported by Crypto.News
What happened
HSBC rolled out its first retail stablecoin, RedCoin (ticker RCHKD), through the PayMe payments app on October 23, 2026, marking the first consumer launch under Hong Kong's Stablecoins Ordinance. The Hong Kong Monetary Authority licensed The Hongkong and Shanghai Banking Corporation as a stablecoin issuer in April 2026 under licence number FRS02. More than 3.3 million PayMe users and over 100,000 merchants represent the potential distribution network, with wallet activation proceeding in phases over several days. Users can activate a RedCoin wallet without opening a new account or maintaining a minimum balance. The token is designed to be redeemable one-for-one for Hong Kong dollars and is custodied by HSBC Digital Assets Custody. HSBC plans to extend RedCoin to its HSBC HK Mobile Banking App later this year for tokenized money market fund subscriptions starting at HK$100, and to expand into wholesale corporate and institutional applications. Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands and HKT, received the other initial HKMA stablecoin licence and launched its HKDAP stablecoin for institutional investors in August 2026. CryptoSlate reported that transfers between app wallets are unsupported, while six other outlets described peer-to-peer transfers as a launch feature. Crypto.News, citing the South China Morning Post, reported circulating RedCoin of HK$80.58 million against HK$81.58 million in reserves at launch; no other source provided reserve figures.
How the story developed
- Update
HSBC launches RedCoin (RCHKD) via PayMe app
Phased rollout to 3.3 million PayMe users begins
- Update
HSBC plans tokenized money market fund access via HSBC HK Mobile Banking App
New share class of Hong Kong dollar money market fund available from HK$100 before year-end
- First report
First report by Bitcoin Insider
HSBC Launches Hong Kong Dollar Stablecoin Through PayMe
- Independent corroboration
Independently corroborated by CoinGape
HSBC Rolls Out HKD RedCoin Stablecoin to 3.3M PayMe Users Starting Today
- Official statement
HSBC receives HKMA stablecoin issuer licence
The Hongkong and Shanghai Banking Corporation licensed under licence number FRS02
- Update
Anchorpoint Financial launches HKDAP stablecoin for institutional investors
Joint venture backed by Standard Chartered, Animoca Brands and HKT launches first under the framework
- Official statement
Official statement from Bitcoin.com News
HSBC Launches First Stablecoin, Bringing Hong Kong Dollar Payments to 3.3M Users
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 23 Oct 2026, 05:24 UTC: Bitcoin Insider — 1 independent source, 1 reports
- 23 Oct 2026, 06:14 UTC: Bitcoin Insider — 2 independent sources, 2 reports
- 23 Oct 2026, 06:39 UTC: TheNewsCrypto — 3 independent sources, 3 reports
- 23 Oct 2026, 06:45 UTC: CoinGape — 4 independent sources, 4 reports
- 23 Oct 2026, 07:56 UTC: Altcoin Buzz — 5 independent sources, 5 reports
- 23 Oct 2026, 08:47 UTC: Cointelegraph — 6 independent sources, 6 reports
- 23 Oct 2026, 09:30 UTC: Crypto.News — 7 independent sources, 7 reports
- 23 Oct 2026, 10:00 UTC: Unchained — 8 independent sources, 8 reports
- 23 Oct 2026, 18:15 UTC: Bitcoin.com News, official — 9 independent sources, 9 reports
- 24 Oct 2026, 02:20 UTC: CryptoSlate — 10 independent sources, 10 reports
- 24 Oct 2026, 13:01 UTC: Decrypt — 11 independent sources, 11 reports
- 24 Oct 2026, 13:50 UTC: Crypto News Flash — 12 independent sources, 12 reports
Affected entities
Also mentioned: USD Coin, China, Circle, Chainlink, United Arab Emirates, Bitcoin, Goldman Sachs
Original sources
Related events
Apple and Google post senior job listings seeking stablecoin and tokenization expertise
Apple and Google are recruiting for senior roles requiring stablecoin, tokenized deposit and blockchain expertise.
RedotPay says financial audit is done and denies its U.S. IPO has been delayed
RedotPay says it finished a financial audit required for a U.S. IPO and disputes an August report that the listing slipped to 2027 or later.
Pando Finance lists Hong Kong's second spot Solana ETF on October 13
Pando Finance began trading a spot Solana ETF on the Hong Kong Stock Exchange on October 13, the city's second product with direct SOL exposure, charging 0.6% a year against ChinaAMC's 0.99%.
Hong Kong Jails Former CCB Asia Manager Lam Chun-yin for Four Years Over $1.6B False Credit and USDT Bribery Scheme
Former China Construction Bank Asia relationship manager Lam Chun-yin was sentenced to four years in prison for accepting $470,000 in Tether bribes to authenticate false bank instruments totaling $1.6 billion.
CoinEx to shut Hong Kong exchange in orderly liquidation after nine years
Hong Kong exchange CoinEx will cease operations, repurchasing user CET at 0.005 USDT per token and closing withdrawals on December 22.
Monochrome Exchange opens IEO for MCR token at $0.88 from September 21 to 28
Sydney-based Monochrome Exchange is selling 10.5 million MCR at $0.88 through its own launchpad, with a one-month cliff then three-month linear vesting.
