HSBC's Hong Kong dollar stablecoin RedCoin Attracts 50,000 Users Within a Week, Plans to Expand to HSBC and Hang Seng Bank Customers

on November 2, according to the South China Morning Post, HSBC Group CEO Georges Elhedery stated at the Hong Kong FinTech Week that more than a week after its official launch, HSBC's Hong Kong dollar stablecoin RedCoin has attracted 50,000 users, with long-term goals reaching millions of users. RedCoin was launched in October to over 3.3 million users of the PayMe app, and will be gradually rolled out to HSBC and Hang Seng Bank customers in the future.

Currently, RedCoin supports merchant payments and wallet top-ups. HSBC also plans to provide related services through the HSBC HK Mobile Banking app and support customers in purchasing tokenized money market funds and other asset products. Additionally, HSBC announced it will establish a Global AI and Emerging Technologies Institute in Hong Kong's Northern Metropolis, expected to commence operations in early 2027.