HSBC launched its Hong Kong dollar-backed stablecoin, RedCoin, on PayMe on October 23, 2026, beginning a phased rollout for person-to-person and merchant payments. PayMe has 3.3 million existing accounts, but that figure is not the number of RedCoin users: customers must opt in to activate a stablecoin wallet as access becomes available. Issued by The Hongkong and Shanghai Banking Corporation Limited under a Hong Kong Monetary Authority stablecoin licence, RedCoin is pegged one-to-one to the Hong Kong dollar and backed by segregated liquid reserves. It runs on HSBC’s permissioned distributed-ledger network, and PayMe balances will not be transferable to stablecoin wallets in HSBC’s main mobile banking app. HSBC plans to add wallets to that app before the end of 2026, enabling instant settlement for tokenized money market fund investments starting at HK$100. Later phases are intended to extend RedCoin to corporate and institutional settlement.