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HSBC's Redcoin stablecoin gains 50K users in its first week, aiming for millions in Hong Kong.

Protocol Fundamentals
02 Nov 2026, 17:15 WIB
Bitcoin
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Bullish
HSBC's Redcoin stablecoin gains 50K users in its first week, aiming for millions in Hong Kong.

HSBC's Redcoin, a regulated Hong Kong dollar stablecoin, reached 50,000 users within a week of launch via the Payme app, which has 3.3 million users. The bank plans to expand Redcoin's use to millions and integrate tokenized investment products through its banking app. This growth is supported by Hong Kong's favorable regulatory environment. Meanwhile, competitor Anchorpoint is developing its HKDAP stablecoin on the Solana blockchain to target public blockchains and tokenized products.

HSBC's Redcoin stablecoin launch reached 50,000 users in its first week, providing context for digital asset interest. For readers following major cryptocurrencies, here is Pluang's market snapshot as of Nov 02, 2026 22:01 WIB: out of 50 major cryptocurrencies, 6 rose and 43 fell. Notable movers include ONE at Rp20 with a 1-day change of -4.96% and a typical hold time of 154 days, AAVE at Rp2,390,598 down 4.80%, and CRV at Rp4,969 down 4.46%.

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