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HSBC RedCoin
HSBC RedCoin (RCHKD) is a Hong Kong dollar-referenced stablecoin issued by HSBC under a licence granted by the Hong Kong Monetary Authority (HKMA).[2]
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Overview
HSBC RedCoin (RCHKD) is a Hong Kong dollar-referenced stablecoin issued by HSBC under a licence granted by the Hong Kong Monetary Authority (HKMA). HSBC identifies RedCoin as its first stablecoin, issued under HKMA stablecoin issuer licence number FRS02.[5] The HKMA granted Hong Kong’s first stablecoin issuer licences to HSBC and Anchorpoint Financial in April 2026; Anchorpoint is a Standard Chartered-led venture.[2][3]
Launch and Rollout
HSBC launched RedCoin through its PayMe app on October 23, 2026, initially for peer-to-peer transfers and payments to participating merchants. PayMe wallet activation rolled out in stages to its more than 3.3 million users over the days following launch; payments were supported at more than 100,000 merchants. HSBC had outlined this initial consumer-payment phase on September 30, 2026, and tested the full customer journey with nearly 100 staff members before launch, including minting, wallet activation, and live transfers.[2][3][4][5]
Use and Distribution Channels
Customers activate a stablecoin wallet through an available distribution channel, subject to that channel’s eligibility criteria. PayMe users can make peer-to-peer transfers and payments to participating merchants; a customer can pay a business through PayMe if the business accepts PayMe. HSBC identifies PayMe and, when available, the HSBC HK App as official distribution channels, and has warned that it is not connected with fraudulent stablecoins claiming an association with the bank.[1][3]
The PayMe wallet and the planned HSBC HK App wallet are separate: users cannot transfer RedCoin between them, and neither wallet is a bank account or part of a customer’s integrated accounts. As of October 29, 2026, the HSBC HK App wallet and tokenised-investment features were still planned. HSBC had said it intended to add RedCoin to the app later in 2026, with subscriptions to tokenised investment products among the intended uses. The plans included a share class of an existing Hong Kong dollar money-market fund, as well as tokenised gold and third-party investment funds; HSBC also said it intended to develop corporate and institutional applications.[1][2][3][4]
Technology
The token runs on a distributed ledger technology (DLT) network controlled by HSBC, where smart contracts create and transfer RedCoin. Its initial operation is on a private, permissioned blockchain; broader connectivity, including connection to public blockchains, depends on HKMA regulatory approval. HSBC’s launch statement identifies HSBC Digital Assets Custody as providing safekeeping services for RedCoin.[1][3][5]
Reserves and Safeguards
HSBC says RedCoin is redeemable one-to-one for Hong Kong dollars and backed by segregated reserve assets. Under the regulatory framework it describes, reserves must be high-quality, highly liquid, carry minimal investment risk, and have a value at least equal to the coins in circulation. HSBC said it would publish circulation and reserve information and regular attestations prepared by a qualified independent external auditor, including the market value and composition of reserve assets. The first attestation was expected after the fourth quarter of 2026.[1]
HSBC’s figures updated on October 29, 2026, listed HKD 83,201,441.58 in circulation and reserve assets with a market value of HKD 84,201,441.58, all listed as cash. The reported increase in circulation over the preceding seven days was HKD 2,612,508.42.[1]
RedCoin pays no interest and is not a protected deposit or covered by Hong Kong’s Deposit Protection Scheme.[1][3]
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