3.3M users gain HSBC RedCoin, yet 1 strict rule blocks them
HSBC launched its Hong Kong dollar stablecoin, RedCoin, through PayMe on Oct. 23. Eligible users can activate a wallet to buy tokens at HK$1 each, transfer them to other PayMe stablecoin-wallet holders, and pay at merchants that accept PayMe. The app has more than 3.3 million users and over 100,000 merchants, though wallet activation is still rolling out. RedCoin is available only through HSBC channels and runs on the bank’s own distributed-ledger network. HSBC says reserves fully back outstanding tokens; holders can redeem them for HKD, subject to terms and possible fees. The token pays no interest and is not covered by Hong Kong’s Deposit Protection Scheme. HSBC plans to add RedCoin to its banking app and offer subscriptions to tokenized investment products later in 2026, but the two app wallets will not interoperate.
