HSBC has launched RedCoin, a Hong Kong dollar stablecoin licensed by the HKMA, on its PayMe app, letting more than 3.3 million users activate wallets in the coming days to send money to friends or pay at more than 100,000 merchants. HSBC's reserve tracker showed about $10.2 million of RedCoin in circulation shortly after launch, backed by $10.4 million held entirely in cash. The token runs on HSBC's private ledger rather than a public blockchain, and it is not a bank deposit, so Hong Kong's Deposit Protection Scheme does not cover it. HSBC plans to add the token to its HK Mobile Banking app later this year, while 21 lenders including Goldman Sachs and Bank of America have announced a joint dollar stablecoin targeting a first-half 2027 launch. The first independent reserve attestation is expected after the fourth quarter of 2026.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Hong Kong’s Biggest Bank Puts a Stablecoin in 3 Million Wallets
Read the original on Decrypt ↗
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stablecoinscryptobanksHSBCHong Kong
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Related tickers and likely impact
BTC/USDT
▲ Likely positiveBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/23/2026 | 81,189.43 |
| Change that session | -0.28% |
ETH/USDT
▲ Likely positiveEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $294.2B |
| Close on 10/23/2026 | 2,387.60 |
| Change that session | -0.06% |
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