HSBC’s RedCoin stablecoin launch targets 3.3 million eligible PayMe users

HSBC’s RedCoin stablecoin launch on October 23, 2026, brings a Hong Kong dollar-backed token to more than 3.3 million PayMe users —but not to crypto exchanges. The phased rollout starts with transfers and merchant payments inside HSBC’s apps, with access to tokenised investment funds planned by year-end. Key takeaways RedCoin’s initial uses are PayMe transfers and merchant payments. Wallet activation carries no minimum balance requirement. HSBC promises one-for-one redemption in Hong Kong dollars. Planned fund subscriptions would start at HK$100. HSBC’s RedCoin stablecoin launch starts with PayMe RedCoin , also identified as RCHKD , is rolling out through PayMe for transfers between users and payments to more than 100,000 merchants , HSBC said in its launch statement.

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