PayMe's 3.3 million users get HSBC's Hong Kong dollar stablecoin RedCoin

HSBC launched RedCoin (RCHKD), a Hong Kong dollar-pegged stablecoin, on Oct. 23, 2026, giving more than 3.3 million PayMe users access to peer-to-peer and merchant payments. HSBC said RedCoin is Hong Kong’s first retail stablecoin from a bank; the token is licensed by the Hong Kong Monetary Authority under the Stablecoins Ordinance, which took effect in August 2025 and covers issuers of fiat-referenced stablecoins. HSBC received issuer license FRS02 in April 2026, while PayMe operates under a separate stored value facility license. Users can activate stablecoin wallets in the app over coming days, and the wallet can pay at more than 100,000 merchants through PayMe.