HSBC said its Hong Kong dollar retail stablecoin, RedCoin, has attracted about 50,000 users a little more than a week after launch, according to comments made by Group Chief Executive Georges Elhedery on the opening day of Hong Kong FinTech Week. The bank said the product is targeting expansion to millions of users.
RedCoin is one of only two licensed stablecoins in Hong Kong. HSBC said it will be made available through PayMe starting in October, opening access to more than 3.3 million users and supporting peer-to-peer transfers as well as merchant payments. Merchant payments and wallet top-ups are already live.
The bank also said the stablecoin will later be rolled out to all HSBC and Hang Seng customers and integrated into the HSBC Hong Kong mobile banking app. That setup will support subscriptions to tokenized assets, including money market funds. HSBC Hong Kong Chief Executive Luanne Lim said early usage has been encouraging. Separately, HSBC announced on the same day that it will establish a global AI and emerging technology research institute in the Northern Metropolis, with operations expected to begin in early 2027.
HSBC Group Chief Executive Georges Elhedery said on the opening day of Hong Kong FinTech Week that the Hong Kong dollar retail stablecoin RedCoin has attracted about 50,000 users a little more than a week after its official launch, with a goal of expanding to millions of users.
PayMe rollout set for October
RedCoin is one of only two licensed stablecoins in Hong Kong. HSBC said the product will be opened to more than 3.3 million users through PayMe starting in October, supporting peer-to-peer transfers and merchant payments.
Merchant payments and wallet top-ups are already live. The stablecoin will later be made available to all HSBC and Hang Seng customers, and it will also be integrated into the HSBC Hong Kong mobile banking app. HSBC said that integration will support subscriptions to tokenized assets, including money market funds.
HSBC says early usage is encouraging
HSBC Hong Kong Chief Executive Luanne Lim said early usage has been "encouraging."
On the same day, HSBC also announced that it will set up a global AI and emerging technology research institute in the Northern Metropolis, with operations expected to begin in early 2027.
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