HSBC RedCoin stablecoin launches for 3.3 million PayMe users in Hong Kong

South China Morning Post22 October 2026, 23:00 UTCHong Kong

HSBC will launch its Hong Kong dollar-backed stablecoin in stages from Friday for more than 3.3 million users of its PayMe app, as the bank pushes to bring digital currencies into the city’s mainstream retail and investment markets. HSBC RedCoin, available only through PayMe and the bank’s Hong Kong mobile banking app, would initially support peer-to-peer transfers and peer-to-merchant payments on PayMe, according to head of PayMe Lawrence Li. Users can activate their HSBC RedCoin wallet, with...

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