HSBC’s RedCoin stablecoin attracts 50,000 users in just over a week

The bank's Hong Kong dollar-backed token, live on PayMe since October 23, is off to a fast start under one of the city's only two issuer licenses HSBC’s Hong Kong dollar stablecoin has signed up 50,000 users in just over a week. For a product that launched quietly inside an existing payments app, that is a brisk opening. CEO Georges Elhedery shared the figure at Hong Kong FinTech Week on November 2, 2026. The token, called HSBC RedCoin, went live on October 23, 2026. RedCoin trades under the ticker RCHKD. Each token is backed by Hong Kong dollars and can be redeemed 1:1. The token lives inside PayMe, HSBC’s payments platform. HSBC did not ask customers to download a crypto wallet or learn new habits.

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