British banking giant HSBC has launched its own stablecoin, RedCoin (RCHKD), pegged to the Hong Kong dollar. The digital asset will be available through the PayMe payment platform, allowing users to transfer funds to each other and pay for purchases at retail stores.
According to a press release, RedCoin will become available on PayMe starting October 23. In the coming days, users will be able to activate a built-in crypto wallet and conduct transactions using the stablecoin.
In particular, the digital currency can be used for peer-to-peer transfers and payments for goods and services at more than 100,000 PayMe merchant partners.
Maggie Ng, CEO of HSBC Hong Kong, noted that the financial system is gradually shifting from traditional infrastructure to round-the-clock digital networks that enable automated transactions and data exchange.
Meanwhile, John O'Neill, HSBC's managing director for digital assets and currencies, said the bank plans to introduce additional blockchain-based products. The company also intends to expand the use of these solutions among corporate and institutional clients.
HSBC expands its presence in the crypto market
The launch of RedCoin marks another step in HSBC's efforts to develop its digital asset business. The bank previously participated in blockchain initiatives led by the Hong Kong Monetary Authority (HKMA), including the e-HKD digital Hong Kong dollar pilot project and Project Ensemble.
HSBC also offers digital bonds to institutional investors through its HSBC Orion platform. Retail customers have access to HSBC Gold Token, a gold-backed token, while corporate clients can use the bank's tokenized deposit service for payments.
Hong Kong builds a regulated stablecoin market
In August 2025, Hong Kong's Stablecoins Ordinance came into effect, establishing licensing requirements for issuers of stablecoins pegged to traditional currencies.
In April 2026, the HKMA issued its first licenses for such assets. The licenses were granted to HSBC and Anchorpoint Financial, a joint venture between Standard Chartered, HKT, and Animoca Brands.
Anchorpoint began the phased rollout of its HKDAP stablecoin for institutional clients in August. HSBC has now entered the market with a focus on using digital currency for everyday payments.
Hong Kong is therefore gradually moving from developing a regulatory framework to the practical adoption of regulated stablecoins in banking and payment services.
Major banks increasingly embrace stablecoins
HSBC is far from the first major bank to develop its own digital currencies. For example, France's Societe Generale has issued euro- and U.S. dollar-pegged stablecoins through its SG-FORGE subsidiary. U.S. banking giant JPMorgan has taken a different approach, launching JPM Coin (JPMD), a tokenized deposit solution for institutional clients. In October 2026, the bank expanded support for the token to the Ethereum blockchain to accelerate settlements and money transfers.
Other financial institutions prefer to integrate existing stablecoins. In July 2026, Standard Chartered launched a joint service with Circle that allows institutional clients to mint and redeem USDC through banking infrastructure. In August, the bank also began distributing HKDAP, a Hong Kong dollar stablecoin developed with its participation.
These initiatives demonstrate that major banks increasingly view stablecoins as a tool for international payments, corporate settlements, and liquidity management.
As a reminder, HSBC previously unveiled its stablecoin, RedCoin.
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