HSBC’s RedCoin stablecoin attracts 50,000 users in just over a week

The bank's Hong Kong dollar-backed token, live on PayMe since October 23, is off to a fast start under one of the city's only two issuer licenses HSBC’s Hong Kong dollar stablecoin has signed up 50,000 users in just over a week. For a product that launched quietly inside an existing payments app, that is a brisk opening. CEO Georges Elhedery shared the figure at Hong Kong FinTech Week on November 2, 2026. The token, called HSBC RedCoin, went live on October 23, 2026. What RedCoin is and how it works RedCoin trades under the ticker RCHKD. Each token is backed by Hong Kong dollars and can be redeemed 1:1. The token lives inside PayMe, HSBC’s payments platform. HSBC did not ask customers to download a crypto wallet or learn new habits. It dropped the stablecoin into an app people already had on their phones. At launch, RedCoin supports two main uses. Users can send it to each other in peer-to-peer transfers, and they can pay with it at over 100,000 merchants in the PayMe ecosystem. The launch marks HSBC’s first move into tokenized retail payments in Hong Kong. The license behind the launch The groundwork came on April 10, 2026. That day, the Hong Kong Monetary Authority granted HSBC a...