Launches·October 23, 2026 at 12:03 AM EDT·2 sources
HSBC rolls out its first HKD stablecoin RedCoin to retail users
HSBC -1.3%
HSBC · last 30 trading days-3.4% since the news
News
What happened
- PayMe users will be able to activate HSBC’s RedCoin stablecoin wallet in-app in the coming days.
- The wallet will support peer-to-peer and peer-to-merchant payments.
- HSBC and Standard Chartered-led Anchorpoint received Hong Kong’s first stablecoin issuer licenses in April; Anchorpoint began rolling out HKDAP in August.
Potential everyday app users
over 3 million
Stablecoin issuer licenses received
Hong Kong’s first
License timing
April
HKDAP rollout
August
Why it matters
The rollout brings stablecoin payments to a large retail user base and signals growing integration of regulated digital assets into mainstream banking apps. Financial institutions and payments professionals will watch adoption and the competitive response.
What to watch. PayMe’s in-app wallet activation is expected to begin in the coming days.
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Timeline
- EarlierOct 20CoreWeave will see more 'value destruction' ahead on growing structural fears, says HSBC
- EarlierOct 20Hormuz Could Be ‘Redundant’ in Five Years, Replaced by New Routes, HSBC CEO Says
- EarlierOct 22Top HSBC strategist has a warning for retail investors chasing the AI rally
- EarlierOct 23HSBC, Standard Chartered Face Cost Test as Rates, Wealth Support Earnings
- First reported by The BlockOct 23HSBC rolls out its first HKD stablecoin RedCoin to retail users
- CoinDesk reportsOct 23HSBC rolls out its first stablecoin to over 3 million everyday app users
Who is involved
HSBC rolls out its first HKD stablecoin RedCoin to retail usersHSBCHSBCPayMeStandard CharteredAnchorpointRedCoinHKDAP
Company
Sources (2)
Related
- Oct 23 · Treasuries Surge as Global Worries Spark Rush to Safety
- Oct 23 · India’s Activity See Mild Pick Up in October, Flash PMIs Show
- Oct 23 · HSBC, Standard Chartered Face Cost Test as Rates, Wealth Support Earnings
- Oct 22 · Top HSBC strategist has a warning for retail investors chasing the AI rally
- Oct 20 · Hormuz Could Be ‘Redundant’ in Five Years, Replaced by New Routes, HSBC CEO Says
- Oct 20 · CoreWeave will see more 'value destruction' ahead on growing structural fears, says HSBC
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