HSBC has launched RedCoin, its first Hong Kong dollar-denominated stablecoin, expanding the bank's presence in digital assets and blockchain-based payments. The stablecoin, tickered as RCHKD, will be available on HSBC's PayMe platform starting Friday, allowing users to activate dedicated stablecoin wallets in the coming days.
According to HSBC, PayMe users will be able to make peer-to-peer transfers and complete payments at more than 100,000 merchants, bringing regulated stablecoin transactions into an established retail payment network. Maggie Ng, chief executive officer for Hong Kong at HSBC, said: "Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks."
John O'Neill, HSBC's managing director for digital assets and currencies, said the bank plans to introduce more products and expand into wholesale corporate and institutional use cases. The launch builds on HSBC's existing blockchain initiatives, including participation in the Hong Kong Monetary Authority's e-HKD pilot program and Project Ensemble. HSBC also operates HSBC Orion for digital bonds, HSBC Gold Token for retail clients, and the HSBC Tokenised Deposit Service for wholesale payments.
Hong Kong's Stablecoins Ordinance took effect in August 2025, creating a licensing framework for fiat-referenced stablecoin issuers. In April 2026, the Hong Kong Monetary Authority issued its first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture of Standard Chartered, HKT and Animoca Brands. Anchorpoint Financial began a phased institutional rollout of its HKDAP stablecoin in August 2026.
