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HSBC Launches RedCoin Payments on PayMe
HSBC's Hong Kong dollar-referenced RedCoin is now usable for PayMe transfers and merchant payments, while tokenized investment subscriptions remain a planned feature.
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HSBC has launched payment use of its Hong Kong dollar-referenced RedCoin stablecoin through PayMe. Users can make person-to-person transfers and pay participating merchants from a RedCoin balance. HSBC says the coin is issued under stablecoin issuer licence FRS02 from the Hong Kong Monetary Authority and is designed to be redeemable one-for-one for Hong Kong dollars.
The bank says RedCoin is fully backed by high-quality, highly liquid segregated assets. Its official transparency page reported HKD 80,581,048.16 in circulating par value on October 23, 2026, against HKD 81,581,048.16 of reserve assets.
Tokenized investments are not part of the current launch. HSBC labels subscriptions through its Hong Kong app as coming soon. The bank also says RedCoin wallets are not bank accounts and are not covered by Hong Kong’s Deposit Protection Scheme.
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Key takeaways
- //HSBC RedCoin can now be used for person-to-person transfers and payments to participating PayMe merchants.
- //HSBC says RedCoin is issued under HKMA stablecoin licence FRS02 and designed for one-to-one Hong Kong dollar redemption.
- //Subscriptions to tokenized investment products through the HSBC HK App are still described as coming soon.
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