HSBC RedCoin Stablecoin Set for Hong Kong Launch
HSBC said the token will start with peer-to-peer and merchant payments and will reach more than 3.3 million PayMe users first.
- On Wednesday, HSBC named its forthcoming stablecoin HSBC RedCoin, planning to roll it out to more than 3.3 million PayMe users in Hong Kong later this year for person-to-person and merchant payments.
- The Hong Kong Monetary Authority granted HSBC a license under the Stablecoins Ordinance, which took effect Aug. 1, 2025, establishing a regulatory framework for fiat-referenced stablecoin issuers.
- Among 1,060 customers surveyed by HSBC, 74 per cent recognized at least one stablecoin use case, with 57 per cent citing digital asset trading and 53 per cent noting person-to-person transfers.
- Initial access will be limited to HSBC-controlled channels—PayMe and the Mobile App—focusing on person-to-person transfers and merchant payments before corporate and institutional applications follow.
- HSBC warned that no RedCoin has been issued yet and advised customers to remain alert to investment scams after The HKMA previously flagged tokens falsely using the bank's name.
15 Articles
15 Articles
HSBC RedCoin Takes On HKDAP in Hong Kong's Stablecoin Race Crypto News ETHNews
HSBC has named its Hong Kong dollar stablecoin RedCoin but has not issued it yet. RedCoin will reach retail users first through PayMe and the HSBC HK App. Anchorpoint’s HKDAP, the only other licensed token, is already in institutional beta. Regulated HKD stablecoin circulation in Hong Kong remains very small. HSBC has named its forthcoming […]
HSBC Names Hong Kong Stablecoin ‘RedCoin’ Ahead of Payments Rollout
HSBC has named its planned Hong Kong stablecoin HSBC RedCoin ahead of a phased rollout starting with everyday payments. The rollout will begin with person-to-person transfers and merchant payments before expanding to wholesale corporate and institutional uses. The bank will also launch a public education series in Hong Kong covering scam prevention and how stablecoins [...]
HSBC Names Hong Kong Dollar Stablecoin HSBC RedCoin Ahead of 2026 Launch
TLDR HSBC has named its upcoming Hong Kong dollar stablecoin HSBC RedCoin and plans to launch it in the second half of 2026. RedCoin will first support person-to-person transfers and merchant payments, with corporate and institutional uses coming later. At launch, the stablecoin will only be available through PayMe and the HSBC HK Mobile App. [...]
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