HSBC will roll out the Hong Kong dollar stablecoin HSBC RedCoin in phases to over 3.3 million users of its PayMe app starting 23 October. In the first phase, instant transfers between PayMe users and payments to merchants will be supported. Users can activate the RedCoin wallet after updating the app, with no extra account opening required and no minimum balance rule. Full rollout is expected before this weekend. HSBC also plans to fully integrate RedCoin into its Hong Kong mobile banking app by the end of the year, allowing users to subscribe to tokenised money market funds and other assets instantly with a minimum of HK$100. It will later expand to tokenised gold and third-party fund products.