One week after launch, approximately 50,000 users acquired; HSBC's HKD stablecoin RedCoin aims to expand to millions of users

On the first day of Hong Kong FinTech Week, HSBC Group Chief Executive Georges Elhedery stated that the HKD retail stablecoin RedCoin has attracted approximately 50,000 users in just over a week since its official launch, with a target of expanding to millions of users. RedCoin is one of only two licensed stablecoins in Hong Kong. Since October, it has been made available to over 3.3 million users through PayMe, supporting peer-to-peer transfers and merchant payments; merchant payments and wallet top-ups are already live, and it will subsequently be rolled out to all HSBC and Hang Seng customers and integrated into the HSBC Hong Kong mobile banking app, supporting subscriptions to tokenized assets including money market funds. Maggie Ng, Chief Executive of HSBC Hong Kong, said early usage has been encouraging. HSBC also announced the same day that it will establish a Global AI and Emerging Technology Research Institute in the Northern Metropolis, expected to begin operations in early 2027.