HSBC RedCoin

HSBC RedCoin (RCHKD) is now live on PayMe! Our Hong Kong Dollar (HKD) denominated stablecoin offers a safe, regulated and fully digitised way to facilitate payments and transactions. Stay tuned as we work on bringing HSBC RedCoin to you on the HSBC HK App, with more ways to use it coming soon.

A new way to pay and transact

HSBC RedCoin (RCHKD) is issued under our stablecoin issuer licence (Licence Number: FRS02) granted by the Hong Kong Monetary Authority (HKMA). Each HSBC RedCoin is fully backed at all times by high-quality, highly liquid segregated assets, underlining HSBC's commitment to safety and security in digital assets and currencies.

With HSBC RedCoin, you'll embrace an all-new way to pay and transact on our trusted digital platforms. You can start paying friends, family, other individuals and merchants via PayMe right away. Later on, you can also subscribe to tokenised investment products on the HSBC HK App, all while enjoying:

Innovation in payments

Enjoy seamless payments and transfers, with a glimpse of what regulated stablecoins can enable
Safety you can trust

Designed to be redeemable 1:1 for HKD, supported by bank‑grade infrastructure
Tokenised investment products (coming soon)

Explore tokenised investment for a refreshed wealth experience[@stablecoin-regulatory-approval]

Make instant transfers using HSBC RedCoin via PayMe.

Pay participating merchants directly with HSBC RedCoin via PayMe.

Subscribe to tokenised investment products using HSBC RedCoin through the HSBC HK App[@stablecoin-regulatory-approval].

Transparency and reporting

Total par value of stablecoins in circulation

Market value of reserve assets

Reserve assets value in cash

Total par value of 7 Day change in stablecoins in circulation

Weekly statements

Weekly unaudited reports of our stablecoin circulation and the market value of the reserve assets are listed as follows.

November

4 Nov (PDF)

October

28 Oct (PDF)

Independent Attestations

HSBC will publish regular attestations of the reserve assets backing the HSBC RedCoin. These reports are prepared by a qualified, independent external auditor and will include details of the reserve assets' market value and composition. We'll make each report available here to view and download once it's ready. The first report is expected to be published after Q4 2026.

Important documents

Get HSBC RedCoin

PayMe

If you're already registered for PayMe by HSBC, simply log on to get started.

Scan the QR code to open the PayMe app.

QR code to be scanned with mobile device open the PayMe app.

Log on to PayMe now This link will open in a new window

Frequently asked questions

Stablecoins are a type of digital asset designed to maintain a stable value relative to a fiat currency. They can be used to send and receive value on a blockchain network.

HSBC RedCoin is a HKD referenced stablecoin issued by HSBC in Hong Kong. It's redeemable 1:1 for HKD, subject to applicable terms and conditions.

Stablecoins are designed to be backed by reserve assets. This means that assets are set aside to match the value of the stablecoins in circulation and help keep the stablecoin's value stable.

In line with the applicable regulatory framework, stablecoins must be fully backed by high-quality, highly liquid reserve assets with minimal investment risks. The value of the reserve assets must be at least equal to the value of all coins in circulation at all times.

We'll regularly publish information on our website regarding HSBC RedCoin, covering:

The number of HSBC RedCoin in circulation
The reserve assets that back HSBC RedCoin
Regular independent attestation reports

You'll need to activate a stablecoin wallet on one of our available distribution channels: PayMe or the HSBC HK App (coming soon). Each channel will have its respective applicable set of eligibility criteria.

You can view the balance in your respective stablecoin wallet by opening the PayMe app or the HSBC HK App (coming soon). Please note that the stablecoin wallets on these apps are separate. The stablecoin wallets in both apps won't be bank accounts, hence they won't be part of your integrated account.

No, you won't be able to transfer HSBC RedCoin between the stablecoin wallets on PayMe and the HSBC HK App.

HSBC RedCoin is based on the Distributed Ledger Technology (DLT). Coins are created and moved using smart contracts (automated programs that execute transactions based on predefined rules) on HSBC's own DLT network.

You don't need to check whether a business accepts HSBC RedCoin. If the business accepts PayMe as a payment method, you can pay with your HSBC RedCoin balance on the PayMe app.

HSBC RedCoin is NOT a protected deposit and is NOT protected by the Deposit Protection Scheme in Hong Kong.

You can learn more about HSBC RedCoin on PayMe by reading the FAQ section on the PayMe by HSBC website.

Enquiries

If you need further help beyond what's available in the FAQs, you may:

For general enquiries – use the 'Chat with us' service on our website or the HSBC HK App. Alternatively, call our hotline 2233 3000.
For PayMe specific enquiries – use the 'Chat with us' function on the PayMe app, or submit your query via online form on the PayMe website.

If the HSBC RedCoin and its related services (including our distribution channels for stablecoin issuer license; License Number: FRS02) have not met your expectations, please tell us about it and we'll get back to you shortly.

If you're a PayMe user, please contact us with the PayMe online form.

For other complaints related to HSBC RedCoin, please use our online form.

Alternatively, please contact us via our hotline 2233 3000.

We'll acknowledge your message by the next working day and aim to resolve most issues within five working days. Occasionally, we may need more time, but we will keep you informed.

For further details, please refer to our complaint handling process here (PDF).

Notes

The Bank has no liability for any loss or damage arising directly or indirectly from action taken, or not taken, in reliance on the information above. The Bank gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of such information, and such information is subject to change without notice.
The information shown in this website does not constitute any recommendation, offer, nor solicitation for any investment product or service. Investment involves risk. You should carefully consider whether any investment product or service mentioned herein is appropriate for you in view of your personal circumstances.

HSBC RedCoin

A new way to pay and transact

You can use HSBC RedCoin for

Peer-to-Peer (P2P) transfers

Peer-to-Merchant (P2M) payments

Tokenised investments (coming soon)

Transparency and reporting

Circulated stablecoins and reserves

Change in circulation

Weekly statements

2026

Independent Attestations

Important documents

Get HSBC RedCoin

PayMe

Frequently asked questions

What are stablecoins?

What is HSBC RedCoin?

What backs stablecoins, and specifically HSBC RedCoin?

What do I need to do to start converting HKD to HSBC RedCoin?

How will I view my stablecoin balance?

Will HSBC RedCoin be transferable between the stablecoin wallets on PayMe and the HSBC HK App?

What technology is HSBC RedCoin based on?

How do I know if a business accepts HSBC RedCoin?

Is HSBC RedCoin covered by the deposit protection scheme in Hong Kong?

Where can I find out more about using HSBC RedCoin on PayMe?

Enquiries

Make a complaint

Notes

Disclaimer