HSBC has introduced its first Hong Kong-dollar stablecoin, RedCoin (RCHKD), for retail payments and transfers through its PayMe app. The bank is rolling out RedCoin wallets to over 3.3 million PayMe users, with activation expected in the coming days. RedCoin is designed to be redeemable one-for-one for Hong Kong dollars, and HSBC Digital Assets Custody will provide safekeeping services for the stablecoin.
The consumer rollout follows the launch of Anchorpoint’s HKDAP stablecoin through HashKey Exchange in August, which initially targeted institutions and professional investors. HSBC received its stablecoin issuer license in April, alongside Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands, and HKT. These two were the first companies approved under Hong Kong’s stablecoin regulatory framework.
HSBC plans to expand RedCoin wallets to its HSBC HK Mobile Banking App later this year, enabling customers to subscribe to tokenized investment products, including a new share class of its Hong Kong dollar money market fund. The bank also intends to extend RedCoin into wholesale corporate and institutional applications.