Which blockchain does RedCoin run on?

That has not been disclosed in reporting so far. The underlying blockchain is one of two key outstanding details, alongside whether the token can be transferred outside HSBC's applications, that would define what kind of stablecoin RedCoin ultimately is.

HSBC Launches RedCoin HKD Stablecoin to 3.3 Million PayMe Users in Hong Kong

Q: Can RedCoin be bought on a crypto exchange?

No. RedCoin is not a token that trades on exchanges, and HSBC has stated that anything trading under the RedCoin or HSBC name on a crypto exchange is not the bank's product. The Hong Kong Monetary Authority has separately warned about fraudulent tokens using recognised names.

Q: Who else is licensed to issue stablecoins in Hong Kong?

The Hong Kong Monetary Authority granted its first issuer licences on 10 April to HSBC and to Anchorpoint Financial, a joint venture of Standard Chartered Hong Kong, HKT and Animoca Brands. Anchorpoint began a phased rollout of its own HKDAP stablecoin in August, making it the only direct comparison point in the Hong Kong market.

HSBC has begun a phased rollout of RedCoin, its Hong Kong dollar-backed stablecoin, to more than 3.3 million users of its PayMe payments app, starting with user-to-user transfers and merchant payments. Key details, including the underlying blockchain and whether the token can move outside HSBC's own apps, remain undisclosed.

Disclaimer: News content is based on public news sources and provided for information only. It does not constitute investment advice.

HSBC Launches RedCoin HKD Stablecoin to 3.3 Million PayMe Users in Hong Kong

Forexlive·10/23/2026, 02:52:20· crypto

A Phased Rollout Inside PayMe

HSBC's phased launch of RedCoin began on Friday, 23 October, initially covering transfers between PayMe users and payments to merchants, with full availability expected before the weekend. According to the South China Morning Post, PayMe's more than 3.3 million users can activate a RedCoin wallet after updating the app, with no minimum balance requirement and no additional account-opening steps. The interface mirrors the existing PayMe experience, so sending funds is designed to feel familiar rather than like a separate crypto product. Lawrence Li, head of PayMe, told the paper that the first phase prioritises service stability, avoiding extra hassle for customers and building trust — a deliberately cautious approach for a bank-issued token. That sequencing matters because it places the token inside an established payments habit rather than requiring users to adopt new infrastructure.

The Licensing Framework Behind the Token

HSBC is one of only two firms licensed to issue stablecoins in Hong Kong, after the Hong Kong Monetary Authority granted its first issuer licences on 10 April. The second licence went to Anchorpoint Financial, a joint venture of Standard Chartered Hong Kong, HKT and Animoca Brands, which began a phased rollout of its own HKDAP stablecoin in August. The two-licence structure means Hong Kong's regulated stablecoin market currently has a single like-for-like comparison point. Because issuance is restricted to licensed institutions, the token sits inside a supervisory perimeter that the largest crypto-issued stablecoins do not share, which shapes how it can be distributed and to whom.

How RedCoin Differs From USDT and USDC

A stablecoin is a digital token designed to hold a steady value, typically backed one-for-one by a traditional currency and reserve assets; HSBC says RedCoin will be redeemable one-for-one for Hong Kong dollars and backed by segregated assets. The best-known tokens, such as USDT and USDC, are issued by crypto companies and move freely between wallets and exchanges. RedCoin, by contrast, is issued by a licensed bank and for now can only be used inside HSBC's own applications. That distinction has a practical consequence: while the token stays within PayMe and the HSBC app, users may notice little difference from existing PayMe balances, with the change mostly in the settlement layer underneath. Only if it later became transferable to outside wallets would it resemble a crypto-style stablecoin backed by a major bank.

The Planned Link to Tokenised Funds

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Frequently asked questions

What is RedCoin?▾

RedCoin is a Hong Kong dollar-backed stablecoin issued by HSBC, designed to hold a steady value and redeemable one-for-one for Hong Kong dollars against segregated reserve assets. It is currently available inside HSBC's PayMe payments app, with a planned addition to the bank's Hong Kong mobile banking app by the end of the year.

Who can use RedCoin right now?▾

More than 3.3 million PayMe users in Hong Kong are eligible, and they can activate a RedCoin wallet after updating the app, with no minimum balance and no extra account-opening steps. The first phase covers transfers between users and payments to merchants, with full availability expected before the weekend. The 3.3 million figure describes the eligible user base, not the number who have actually activated a wallet.

How does RedCoin differ from USDT or USDC?▾

The largest existing stablecoins are issued by crypto companies and can move freely between wallets and exchanges, whereas RedCoin is issued by a licensed bank and is currently confined to HSBC's own apps. For users, that means the experience may feel similar to holding a PayMe balance, with the difference sitting in the settlement infrastructure underneath. Whether RedCoin ever becomes transferable to external wallets has not been disclosed.

Can RedCoin be bought on a crypto exchange?

Key takeaways

A Phased Rollout Inside PayMe

The Licensing Framework Behind the Token

How RedCoin Differs From USDT and USDC

The Planned Link to Tokenised Funds

Disclosures Still Pending

Common mistakes to avoid

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HSBC Launches RedCoin HKD Stablecoin to 3.3 Million PayMe Users in Hong Kong

A Phased Rollout Inside PayMe

The Licensing Framework Behind the Token

How RedCoin Differs From USDT and USDC

The Planned Link to Tokenised Funds

Frequently asked questions

Key takeaways

Common mistakes to avoid

Related reading

A Phased Rollout Inside PayMe

The Licensing Framework Behind the Token

How RedCoin Differs From USDT and USDC

The Planned Link to Tokenised Funds

Frequently asked questions

Key takeaways

Common mistakes to avoid

Related reading

Disclosures Still Pending