Key Takeaways
- HSBC debuted RedCoin (RCHKD), its first Hong Kong dollar stablecoin, on PayMe, where more than 3.3 million users can send money and pay at over 100,000 merchants.
- HSBC's RedCoin page says RedCoin is now live on PayMe, and the HSBC HK App version is still coming soon.
- The launch follows the first stablecoin issuer licences that the Hong Kong Monetary Authority (HKMA) granted in April 2026.
- PayMe's more than 3.3 million users equal about 43.9 percent of Hong Kong's provisional mid-2026 population.
The HSBC RedCoin stablecoin, the bank's first Hong Kong dollar token, debuted on PayMe, where more than 3.3 million users can send money and pay at over 100,000 merchants. CoinDesk reported the launch on 23 October 2026. The Block described the same launch as HSBC's rollout of RedCoin to retail users.
Against the city's population, PayMe's user count is large. The Census and Statistics Department put the provisional population at 7,518,300 at mid-2026 and released the estimate on 18 August 2026. PayMe's more than 3.3 million users equal about 43.9 percent of that total.
How RedCoin Reaches PayMe Users
A stablecoin is a digital token issued to track a fiat currency, and RedCoin is the Hong Kong dollar version. The token uses the ticker RCHKD, a short code that identifies it. CoinDesk reports that RedCoin will let customers send money to friends and family and pay at more than 100,000 merchants.
The rollout is staged. CoinDesk reports that PayMe users will be able to activate a stablecoin wallet in the app over the coming days, according to the bank. A wallet is the in-app account that holds the token. HSBC's RedCoin page says the token is now live on PayMe, while the HSBC HK App is still being prepared, with more ways to use the token coming soon.
HSBC also says it will publish regular reserve attestations from a qualified, independent external auditor. The first report is expected after Q4 2026, according to the same page.
What the 3.3 Million Users Figure Measures
The population comparison measures reach, not use. The 3.3 million figure counts PayMe users, and those users will be able to activate their wallets over the coming days. The 43.9 percent share is therefore a scale check, not a rate of RedCoin holders. The sources do not say how many of those users are unique people.
The department reported that the population rose by 19,400 between mid-2025 and mid-2026. The gain came from a net inflow of 39,800 Hong Kong residents, which more than covered a natural decrease of 20,400. A government spokesperson credited talent attraction and labour importation with offsetting natural population decrease.
CoinDesk also lists sending money to friends and family alongside merchant payments. That makes RedCoin a tool for payments between people as well as for checkout.
HKMA Licences and HSBC's Next Products
The Block reports that the HKMA issued its first stablecoin licences in April 2026 to HSBC and Anchorpoint Financial, a joint venture of Standard Chartered, HKT and Animoca Brands. The Stablecoins Ordinance took effect in August 2025 and created a licensing framework for fiat-referenced stablecoin issuers (stablecoins that track an official currency). Anchorpoint began a phased institutional rollout of its HKDAP stablecoin in August.
HSBC's RedCoin page says the token is issued under its stablecoin issuer licence, with licence number FRS02. A stablecoin issuer licence is the permission a regulator grants before a firm can issue a stablecoin.
CoinDesk quoted HSBC on its plans: "We will soon add more products, including expanding into wholesale corporate and institutional use cases," said John O'Neill, HSBC's managing director for digital assets and currencies.
Related WYDE coverage: SoFi Moves Its $25 Billion Card Program to Stablecoin Settlement on Mastercard's Network and Yen Stablecoin Issuer JPYC Raises $38 Million as Trucker Payroll and Store Checkout Tests Expand.
People Also Ask
What is RedCoin?
RedCoin, with the ticker RCHKD, is HSBC's first Hong Kong dollar stablecoin. HSBC says the token is issued under its stablecoin issuer licence, number FRS02, granted by the Hong Kong Monetary Authority (HKMA). RedCoin is now live on PayMe.
How many people can use RedCoin on PayMe?
More than 3.3 million PayMe users will be able to activate a stablecoin wallet in the app over the coming days, CoinDesk reports. CoinDesk also says RedCoin will let customers pay at more than 100,000 merchants.
Who received Hong Kong's first stablecoin issuer licences?
The Block reports that the HKMA issued its first stablecoin licences in April 2026 to HSBC and Anchorpoint Financial. Anchorpoint, a joint venture of Standard Chartered, HKT and Animoca Brands, began a phased institutional rollout of its HKDAP stablecoin in August.
Sources: HSBC HK, CoinDesk, The Block, Census and Statistics Department.