HSBC’s RedCoin, a Hong Kong dollar-backed stablecoin available through the PayMe payments app since October 23, 2026, has attracted 50,000 users in just over a week. Each token, identified by the RCHKD ticker, can be redeemed for one Hong Kong dollar and used for peer-to-peer transfers or payments at more than 100,000 merchants in the PayMe network. HSBC holds one of the two stablecoin issuer licenses granted by the Hong Kong Monetary Authority following 36 applications. RedCoin runs on a private Hyperledger Besu blockchain fully controlled by the bank and cannot be transferred to public networks or integrated with decentralized finance protocols. An independent attestation of its reserves is expected after the fourth quarter of 2026.
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