HSBC Launches RedCoin, With HK$100 Investments to Follow

TLDR HSBC launched its RedCoin (RCHKD) stablecoin on October 23, targeting more than 3.3 million PayMe users. Customers can use RedCoin for instant transfers and payments at over 100,000 Hong Kong merchants. HSBC plans to introduce tokenized money market fund investments starting at HK$100 before the end of 2026. The launch follows Hong Kong’s first stablecoin issuer licenses, granted to HSBC and Anchorpoint Financial in April. HSBC launched its Hong Kong dollar-backed RedCoin stablecoin on October 23, bringing payments to PayMe’s more than 3.3 million users. The token, known as RCHKD, supports person-to-person transfers and payments at more than 100,000 merchants. The bank is releasing wallet access over several days. Customers can activate RedCoin inside PayMe without opening an account or maintaining a minimum balance.

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