RedCoin HKD Stablecoin Launch
HSBC · Releases & Updates · October 23, 2026
HSBC launched HSBC RedCoin (RCHKD), an HKMA-licensed Hong Kong dollar stablecoin, on October 23, 2026 for PayMe users, with payments at 100,000+ merchants.
HSBC launched HSBC RedCoin (RCHKD), its Hong Kong dollar-denominated stablecoin, on October 23, 2026. It is issued under a stablecoin issuer licence that the Hong Kong Monetary Authority (HKMA) granted in April 2026 under the Stablecoins Ordinance framework introduced in August 2025. At launch RedCoin is available to PayMe users, who can activate a stablecoin wallet in the app in the coming days for peer-to-peer transfers and payments to more than 100,000 merchants. HSBC says it plans to introduce more products and expand into wholesale, corporate and institutional use cases. RedCoin is one of the first retail stablecoins issued by a global systemically important bank and a flagship product of Hong Kong's stablecoin licensing regime. Key topics: HSBC RedCoin, RCHKD, HKD stablecoin, Hong Kong stablecoin licence, HKMA, bank-issued stablecoin, PayMe.