HSBC has made its HKD-denominated stablecoin, HSBC RedCoin (RCHKD), available through PayMe, allowing users to transfer funds to individuals and pay participating merchants.
The stablecoin operates under a licence issued by the Hong Kong Monetary Authority and is designed to maintain a one-to-one redemption value against the Hong Kong dollar, with its circulation fully backed by segregated, liquid reserve assets.
HSBC reported HK$80.58 million worth of RedCoin in circulation as of October 23, 2026, compared with HK$81.58 million in reserve assets, all held in cash. The circulating supply grew by HK$79.32 million over seven days.
HSBC plans to introduce RedCoin on its HSBC HK App, adding support for subscriptions to tokenized investment products. The bank also intends to release independent reserve attestations, with the first report expected after Q4 2026.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.