Hong Kong’s Biggest Bank Puts a Stablecoin in 3 Million Wallets
Summary
HSBC launched RedCoin, a Hong Kong dollar stablecoin, for PayMe’s 3.3 million users to make payments at over 100,000 merchants. The bank reported about HK$10.2 million in circulation, backed by HK$10.4 million in cash. RedCoin operates on HSBC’s private ledger, cannot move between PayMe and the bank’s app, and is not covered by deposit insurance. HSBC plans to add it to its banking app later this year and offer access to a tokenized money-market fund. An independent reserve attestation is expected after Q4 2026.
