HSBC began a phased rollout of RedCoin wallets through PayMe on October 23, 2026. PayMe has 3.3 million users, but HSBC said wallet access was not available to all of them on launch day. Existing users can activate a wallet without opening a separate bank account or meeting a minimum balance requirement. Merchants that prefer cash receive conventional Hong Kong dollars after an automatic conversion. RedCoin, or RCHKD, runs on a private, permissioned blockchain whose validator nodes are operated by HSBC. The bank reported approximately HK$80.58 million in circulating tokens and HK$81.58 million in segregated cash reserves at launch. The token is not a bank deposit and is not covered by Hong Kong’s Deposit Protection Scheme. HSBC plans a separate RedCoin wallet in its mobile banking app before the end of 2026 to support tokenized fund investments; direct peer-to-peer transfers between the two apps will not be available.