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Deployments · platform by HSBC

HSBC RedCoin Hong Kong dollar stablecoinNew

HSBC's Hong Kong dollar stablecoin (ticker RCHKD), issued by The Hongkong and Shanghai Banking Corporation under one of the first two HKMA stablecoin issuer licences (granted April 2026). It launched on PayMe on 23 October 2026, where more than 3.3 million users can activate a wallet for person-to-person payments and payments at over 100,000 merchants, after a staff pilot of nearly 100 users. The HSBC HK app, subscriptions to tokenised investments (including a new share class of HSBC's HKD money market fund) and then corporate and institutional uses are to follow. HSBC says it is fully backed by liquid assets held in segregated accounts and kept by HSBC Digital Assets Custody. HSBC has not named the ledger.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 23 Oct 2026[4] — Live on PayMe for retail users from 23 Oct 2026; HSBC HK app and wholesale uses still to come. No circulation figure published. · Reviewed 13d ago

Assets
Stablecoin[2]
HKD stablecoin licensed under Hong Kong's Stablecoins Ordinance
Networks
Unknown ledger Not disclosed[3]
No ledger named by HSBC.
Use cases
Domestic payments[4][2]Merchant payments[4][2][3]Fund subscription and redemption[4][3]
Jurisdictions
Hong Kong

Participants

  • HSBCIssuer, Operator, Distributor, Platform provider[2][1]United Kingdom

Operates under

Assets

Metrics

  • ~3,300,000 usersPayMe users able to activate a RedCoin wallet · as of 23 Oct 2026[4]
    'More than 3.3 million' eligible PayMe users at launch; not wallets activated.

Timeline

  1. Expected H2 2026 (month only) · Launch · recorded 14 Oct 2026
    Planned launch of HSBC RedCoin.[2]
  2. Happened 23 Oct 2026 · Launch · recorded 26 Oct 2026
    HSBC RedCoin goes live on PayMe, with more than 3.3 million users able to activate a stablecoin wallet for person-to-person and merchant payments.[4][3][5]
  3. Happened 30 Sep 2026 · Announcement · recorded 14 Oct 2026
    HSBC names its planned HKD stablecoin HSBC RedCoin and sets out a phased rollout via PayMe and its mobile app, starting with retail payments.[2]
  4. Happened 10 Apr 2026 · Regulatory approval · recorded 14 Oct 2026
    HKMA grants HSBC a stablecoin issuer licence alongside Anchorpoint Financial; both plan to launch within months.[1]

Sources

  1. [1]Granting of stablecoin issuer licences — Hong Kong Monetary Authority, 10 Apr 2026. Accessed 14 Oct 2026.A
  2. [2]HSBC names stablecoin 'HSBC Redcoin' — HSBC, 30 Sep 2026. Accessed 14 Oct 2026.B
  3. [3]Hong Kong Dollar Stablecoin | HSBC RedCoin - HSBC HK — HSBC. Accessed 26 Oct 2026. 26 Oct 2026: page says RCHKD 'is now live on PayMe'..B
  4. [4]HSBC RedCoin launches today - About HSBC | HSBC Hong Kong — HSBC, 23 Oct 2026. Accessed 26 Oct 2026.B
  5. [5]HSBC RedCoin Debuts on PayMe with Wider Stablecoin Rollout Planned — Fintech News Hong Kong, 23 Oct 2026. Accessed 26 Oct 2026.C

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