PayMe's 3.3 million users get HSBC's Hong Kong dollar stablecoin RedCoin

HSBC on Friday launched RedCoin (RCHKD), its Hong Kong dollar stablecoin, for more than 3.3 million users of its PayMe platform. It is the first retail stablecoin issued by a bank in Hong Kong. Wallets pay more than 100,000 merchants across Hong Kong RedCoin is a currency within PayMe, HSBC’s consumer payments app, and is pegged to the Hong Kong dollar. HSBC said users can activate a stablecoin wallet in the app over the coming days. The wallet transmits tokens to friends and family. It also pays at over 100,000 merchants via PayMe. The token is licensed and regulated by the Hong Kong Monetary Authority under the city’s Stablecoins Ordinance. The law, which targets issuers of fiat-referenced stablecoins, came into force in August 2025.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cryptopolitan.