HSBC rolls out its first HKD stablecoin RedCoin to retail users

HSBC has launched its first Hong Kong dollar-denominated stablecoin, RedCoin, as the bank continues to expand its presence in the crypto and blockchain industry.

HSBC, one of Hong Kong's three commercial banks authorized to issue HKD banknotes, announced that RedCoin (RCHKD) will be available on its PayMe platform starting Friday. 

Users will be able to activate a stablecoin wallet in the app in the coming days to make peer-to-peer transfers and payments to over 100,000 merchants through PayMe, according to the statement.

"Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks," said Maggie Ng, chief executive officer for Hong Kong at HSBC.

John O'Neill, HSBC's managing director for digital assets and currencies, said the bank plans to introduce more products soon and expand into "wholesale corporate and institutional use cases."

The RedCoin launch builds on HSBC's broader push into crypto. HSBC has also participated in the Hong Kong Monetary Authority's blockchain initiatives, including the e-HKD pilot program and Project Ensemble. 

The bank also offers digital bonds for institutional investors via HSBC Orion, HSBC Gold Token for retail clients, and the HSBC Tokenised Deposit Service for wholesale payments.

Hong Kong has taken steps to establish itself as a crypto hub. Its Stablecoins Ordinance took effect in August 2025, creating a licensing framework for fiat-referenced stablecoin issuers.

In April 2026, the HKMA issued its first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture of Standard Chartered, HKT and Animoca Brands. Anchorpoint began a phased institutional rollout of its HKDAP stablecoin in August.