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.

Spiko has completed a Series B funding round, taking its total capital raised to $120 million as assets in its tokenized cash funds reached approximately $2.7 billion, five times their level a year earlier. Index Ventures, which led its 2025 Series A, participated alongside Bpifrance, Speedinvest and other investors. The $120 million represents cumulative funding, not the size of the latest round. Spiko serves more than 10,000 business and individual clients across over 25 jurisdictions, offering cash management funds denominated in euros, US dollars, pounds and Swiss francs. Its largest product, the Amundi-managed Spiko Amundi Overnight Swap Fund, accounts for nearly two-thirds of assets. Spiko Finance is licensed as an investment firm in France. The company plans teams in Germany, Italy, Spain, the Netherlands and the Nordics. An integration with Fipto lets corporate clients convert EURC and USDC holdings into its regulated funds; round-the-clock yield accrual and fixed-term tokenized funds remain planned.