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HSBC launches RedCoin, a Hong Kong dollar-backed stablecoin, for retail users via PayMe app.

Market News
23 Oct 2026
Crypto Economy
View Source
Bullish
HSBC launches RedCoin, a Hong Kong dollar-backed stablecoin, for retail users via PayMe app.

HSBC has introduced RedCoin (RCHKD), its first stablecoin backed by the Hong Kong dollar, targeting retail users. This new digital currency is accessible through HSBC's PayMe app, allowing everyday users to transact with a stable digital asset. The launch marks HSBC's entry into stablecoins for retail, potentially enhancing digital payment options in Hong Kong. This move could pave the way for broader adoption of digital currencies in everyday financial activities.

HSBC's launch of RedCoin stablecoin in Hong Kong is the subject, with Pluang market data as context for readers. As of Oct 24, 2026 00:22 WIB, 44 out of 50 major cryptocurrencies on Pluang rose while 5 fell. Notable movers include YFI at Rp39.837.602 (+3.00%), ONE at Rp26 (+2.59%), and SAND at Rp940 (-2.61%).

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