# HSBC Launches RedCoin, Targeting More Than 3.3 Million PayMe Users By John Kim Canonical URL: https://www.tokenpost.com/news/business/39131 Published: 2026-10-23T16:38:10.000Z Updated: 2026-10-23T16:38:10.000Z Section: Business > The bank plans to add a stablecoin wallet to its Hong Kong mobile app by year-end, supporting subscriptions to tokenized investments. HSBC has launched its first stablecoin, HSBC RedCoin (RCHKD), with a rollout planned for more than 3.3 million PayMe users and payments at more than 100,000 merchants in Hong Kong. RedCoin transactions are intended to match PayMe’s existing wallet in speed and other aspects. HSBC also plans to offer additional incentives for merchant payments. By year-end, HSBC plans to add a stablecoin wallet to its Hong Kong mobile banking app. The feature will let customers subscribe with RedCoin to tokenized investment products, including a forthcoming tokenized share class of HSBC’s Hong Kong dollar money market fund. The wallet would extend RedCoin’s planned uses beyond merchant payments. Staff pilots involved nearly 100 users over recent months, testing token minting, wallet setup and transfers. HSBC plans to expand use cases for corporate and institutional customers and add more products. The launch advances HSBC’s [earlier RedCoin rollout plan](), which outlined person-to-person transfers and merchant payments as initial uses before business and corporate services. ## Links in this article - [earlier RedCoin rollout plan](https://www.tokenpost.com/news/business/25645)