HSBC’s HKD stablecoin RedCoin attracts 50,000 users in its first week, with plans to expand to HSBC and Hang Seng Bank customers.

HSBC's Hong Kong dollar stablecoin RedCoin has attracted 50,000 users in just over a week since launch, according to CEO Georges Elhedery speaking at Hong Kong Fintech Week, with a long-term goal of reaching millions. RedCoin launched in October to users of PayMe, HSBC's payment app with over 3.3 million users, and will gradually be extended to HSBC and Hang Seng Bank customers. The stablecoin currently supports merchant payments and wallet top-ups, with plans to offer it through HSBC HK Mobile Banking and enable subscriptions to tokenized money market funds. Separately, HSBC announced it will establish a global AI and emerging technology research institute in Hong Kong's Northern Metropolis, expected to open in early 2027. The rapid adoption signals strong retail demand for bank-issued stablecoins in Hong Kong's regulated digital asset ecosystem; watch for the rollout to HSBC and Hang Seng customer bases and the integration of tokenized asset products as key next milestones.