HSBC’s Hong Kong dollar-backed stablecoin, RedCoin (ticker: RCHKD), has reached 50,000 users just over a week after its October 23 launch through the bank’s PayMe payments app. The figure was disclosed by HSBC Group CEO Georges Elhedery on November 2 during Hong Kong FinTech Week, where he credited the city’s supportive regulatory environment for the rapid retail rollout.
RedCoin is HSBC’s first Hong Kong dollar-denominated stablecoin. Eligible PayMe customers can activate a RedCoin wallet directly within the app without opening another bank account or maintaining a minimum balance. The token is accepted for payments at more than 100,000 merchants, giving HSBC access to an existing retail payment network serving over 3.3 million PayMe users.
Elhedery described the early response as encouraging but said the bank’s target is “multimillion users.” HSBC has not disclosed active transaction counts or usage frequency among the initial 50,000 users. The bank reported HK$87.75 million in circulating RedCoin and HK$88.75 million in reserve assets on November 2, all held in cash, leaving reserves about HK$1 million above circulating tokens. Circulating supply grew by HK$6.75 million over the preceding seven days.
RedCoin operates on a private, permissioned blockchain using Hyperledger Besu technology, with transfers currently restricted to approved channels. Unlike stablecoins circulating freely on public blockchains, RedCoin initially operates within HSBC’s designated payment infrastructure. HSBC publishes daily circulation and reserve data alongside weekly unaudited statements, with the first independent reserve attestation expected after the fourth quarter of 2026.
The product operates under Hong Kong’s stablecoin licensing regime, overseen by the Hong Kong Monetary Authority. HSBC and Anchorpoint Financial received Hong Kong’s first two stablecoin issuer licenses on April 10, 2026, under the regime that took effect in August 2025. Anchorpoint, backed by Standard Chartered, Animoca Brands and HKT, began a limited institutional rollout of its HKDAP stablecoin in August but has not announced a firm retail launch date.
Beyond payment services, HSBC plans to expand RedCoin access to its HSBC HK Mobile Banking app and allow customers to subscribe to tokenized investment products, including money-market funds. HSBC Hong Kong CEO Maggie Ng confirmed that merchant payments and wallet top-ups are already live. No timetable has been announced for availability to all HSBC and Hang Seng Bank customers.
HSBC also announced plans for a global AI and Emerging Technology Institute in Hong Kong, expected to begin operating in early 2027. The institute will be based in the Northern Metropolis, with the Hong Kong University of Science and Technology as its main academic partner, focusing on AI security, fraud detection, engineering improvements, post-quantum cryptography and blockchain technology.
