HSBC RedCoin HKD Stablecoin Launches to 3.3M Users
HSBC has begun rolling out its Hong Kong dollar-backed stablecoin, RedCoin, to over 3.3 million PayMe users starting October 23 — a landmark institutional stablecoin deployment in Asia.
What we know
An account on X reported that HSBC's RedCoin is now live for PayMe's 3.3M+ user base in Hong Kong, citing the South China Morning Post. This is notable as one of the largest traditional bank-issued stablecoins going live to a consumer user base in Asia. The timing aligns with China's yuan-denominated bond issuance in Hong Kong (1.24–1.28% coupons), suggesting broader HKD/yuan financial infrastructure building.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.