South China Morning Post: HSBC's HKD stablecoin RedCoin Gains Over 50,000 Users Within a Week of Launch

South China Morning Post: HSBC's HKD stablecoin RedCoin Gains Over 50,000 Users Within a Week of Launch

2026-11-02 17:07

ChainThink report, November 2nd: According to a South China Morning Post article, HSBC Group CEO Georges Elhedery stated that HSBC's Hong Kong dollar-pegged stablecoin, RedCoin, has reached 50,000 users since its launch in October, with an ambitious target of reaching millions of users.

The growth is attributed to the regulatory environment provided by Hong Kong’s Monetary Authority. Currently, RedCoin is available to over 3.3 million users of HSBC PayMe, with plans to extend access to all HSBC and Hang Seng Bank customers, though no specific timeline has been announced yet.

HSBC confirmed that RedCoin’s merchant payment and wallet top-up functionalities are now live, with plans to roll out services via the HSBC Hong Kong mobile banking app, supporting clients’ use of tokenized asset products such as money market funds.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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