HSBC’s RedCoin Stablecoin Surges Past 50,000 Users in Hong Kong

• The milestone was announced by HSBC Group CEO Georges Elhedery on November 2.
• HSBC launched RedCoin on PayMe, serving over 3.3M Hong Kong users via its app.
• Unlike public market tokens, RedCoin runs exclusively on HSBC’s private ledger.

HSBC’s RedCoin, a stablecoin pegged to the Hong Kong dollar, has gained 50,000 users in a little over a week, marking an early milestone in the bank’s expansion into digital payments.

On November 2, HSBC Group CEO Georges Elhedery shared the number at Hong Kong FinTech Week. He pointed to how regulated stablecoins could reach everyday users through big, established banks.

The bank launched RedCoin (RCHKD) on October 23 through PayMe, its own payment app, which is used by over 3.3 million people in Hong Kong. Inside the app, customers can set up a RedCoin wallet to send tokens to other people and pay merchants that accept it.

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