HSBC has launched its Hong Kong dollar-denominated stablecoin, RedCoin (RCHKD), via its PayMe platform. The asset allows users to transfer funds to individuals and make payments to participating merchants. The stablecoin operates under a license from the Hong Kong Monetary Authority and maintains a one-to-one peg to the local currency.
As of October 23, 2026, the bank reported HKD 80.58 million in RedCoin circulation, backed by HKD 81.58 million in liquid cash reserves. Over the preceding seven-day period, the circulating supply increased by HKD 79.32 million. These reserves are held in segregated accounts to ensure full backing.
The bank intends to integrate RedCoin into the HSBC HK App to facilitate subscriptions for tokenized investment products. Furthermore, HSBC plans to publish independent attestations regarding its reserve assets, with the initial report scheduled for release following the fourth quarter of 2026.
