RedCoin Attracts 50,000 Users Just Over a Week After Launch
Key Facts
HSBC’s RedCoin stablecoin has attracted 50,000 users since its official launch just over a week ago, the bank told the South China Morning Post on November 2, 2026, according to the newspaper. Group Chief Executive Georges Elhedery disclosed the figure during a discussion on the first day of Hong Kong FinTech Week. The coin, which carries the ticker RCHKD, is HSBC’s first stablecoin, and the bank made it available through the PayMe app on October 23. Elhedery attributed the rapid uptake to the “comfortable” regulatory environment provided by the Hong Kong Monetary Authority. The early user count marks the first test of the bank’s efforts to offer a digital asset through an established payments platform.
But the user figure is measured against a much wider distribution base: HSBC said more than 3.3 million PayMe users will be able to activate a wallet for the coin within the app, with activation to be phased in. The product enables instant transfers between friends and family, as well as payments at more than 100,000 merchants that accept PayMe. At launch, the bank said these uses would be available to users through the app, integrating the coin into a familiar payment channel rather than requiring a separate app. HSBC had tested the customer journey before launch, with nearly 100 users taking part in a trial that covered issuing the coin, activating the wallet and making actual transfers. The launch page had set October 23 as the date it would become available, while EL7’s coverage on October 26 showed the bank was targeting PayMe’s user base of more than 3.3 million.
HSBC data published on November 2 showed that the face value of RedCoin in circulation stood at 87,752,366.08 Hong Kong dollars. The market value of reserve assets was 88,752,366.08 Hong Kong dollars, the same figure the bank reported for cash reserves. Coins in circulation also increased by 6,748,878.84 Hong Kong dollars in the seven days ended on that date. These figures show the amount of coin issued and the stated reserves, a different measure from the number of people who used the product. HSBC said the first independent report on reserve assets is expected after the fourth quarter of 2026.
The rollout follows HSBC’s introduction of the official name “HSBC RedCoin” on September 30, when it announced a roadmap starting with peer-to-peer transfers and merchant payments, then expanding to corporate and institutional wholesale uses. The Monetary Authority’s register lists HSBC as licensed to issue stablecoins under number FRS02, effective from April 10, 2026. The register also lists Anchorpoint Financial as licensed under number FRS01, effective on the same date. The authority identified domestic and cross-border payments and trading in tokenized assets as initial uses for licensed coins, alongside conditional payments and supply-chain finance. HSBC said it plans to add products and expand usage to meet the needs of businesses and institutions.
The bank accompanied the September name launch with a survey on participants’ awareness of stablecoin uses. Some 74% of respondents said they knew of at least one use, while trading digital assets and tokenized investments topped the list of known uses at 57%. A total of 53% cited peer-to-peer transfers, compared with 52% for cross-border transfers and 52% for merchant payments. By contrast, 26% assumed governments issue stablecoins, and 10% believed they earn interest; HSBC said interest is not covered by Hong Kong’s current regulatory framework. Respondents viewed regulatory clarity and stronger education as leading factors in building trust, at 62% and 55%, respectively.
HSBC is scheduled to publish its first independent reserve report after the fourth quarter of 2026, while the Monetary Authority said it would continue supervising licensed entities through on-site inspections, off-site reviews, independent assessments and direct engagement with their senior management. In the stock market, EL7 data showed HSBC shares closed at 91.17 on October 26, then at 85.42 on October 30. The price movement provides a timeline that coincides with the coin’s first days of launch, but on its own does not determine the impact on the shares. Expanding the service to institutional uses is among the next steps announced by the bank, alongside additional products. HSBC set the timing for the independent reserve report as the period after the fourth quarter of 2026.