HSBC began the gradual rollout of RedCoin on Friday, October 23, with the stablecoin pegged one-to-one to the Hong Kong dollar and backed by segregated reserves. The token is available through PayMe, the group’s mobile payment application, which has more than 3.3 million users and 100,000 merchants. The launch is limited to peer-to-peer transfers and merchant payments, while the bank plans to integrate RedCoin into its Hong Kong banking app by the end of 2026. HSBC is one of two institutions licensed by the Hong Kong Monetary Authority to issue stablecoins. The issuance blockchain and access to external wallets have not been disclosed.
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