Grab EXTRA 10% OFF all Tangem products. Till Oct 25HSBC to launch RedCoin stablecoin in Hong Kong in 2026
6.5 Banking HSBC will launch RedCoin, a Hong Kong dollar stablecoin, in late 2026 via PayMe and its app. The coin is not yet issued. Surveyed customers showed strong awareness of stablecoin use cases.
HSBC has announced plans to launch its Hong Kong dollar stablecoin, RedCoin, with a rollout scheduled for the second half of 2026. Initially, RedCoin will be available exclusively through HSBC's PayMe and Hong Kong mobile banking apps, targeting person-to-person and person-to-merchant payments. The bank intends to expand RedCoin's use to corporate and institutional clients in later phases. HSBC emphasized that RedCoin has not yet been issued and cautioned the public against fraudulent tokens falsely claiming association with the bank. The Hong Kong Monetary Authority granted HSBC a stablecoin issuer license in April 2026 under the new Stablecoins Ordinance, ensuring regulatory oversight and security. A recent survey of over 1,000 Hong Kong customers revealed that 74% recognized at least one stablecoin use case, with digital asset trading, P2P transfers, cross-border remittances, and merchant payments among the most cited. HSBC aims to leverage PayMe's popularity to drive adoption of digital assets in everyday retail transactions.
