The two Hong Kong dollar compliant stablecoins under the first batch of two stablecoin issuer licences issued by the Hong Kong Monetary Authority (HKMA) have been rolled out in real-world scenarios within two months. This marks the official shift of Hong Kong’s stablecoin industry from the licence approval phase to full-scenario operation, forming a differentiated development model covering retail daily payments and institutional cross-border settlements. On 23 October, HSBC officially launched its Hong Kong dollar stablecoin “HSBC RedCoin” (RCHKD) on its e-wallet PayMe by HSBC. It is the second compliant Hong Kong dollar stablecoin fully deployed after HKDAP launched by Anchor Digital in August.

Following the launch of HSBC RedCoin, more than 3.3 million retail users in Hong Kong on PayMe can open the dedicated RedCoin stablecoin wallet directly within the app without redirecting to external platforms. The first batch supports two core daily scenarios: peer-to-peer instant transfers and peer-to-merchant payments at over 100,000 partner merchants. No additional stablecoin acceptance approval is required during settlement. As of 27 October, the total face value of circulating HSBC RedCoin stands at HK$81.425 million, while the market value and cash value of its reserve assets both reach HK$82.425 million. It fully complies with the regulatory requirement under Hong Kong’s Stablecoin Ordinance of “full backing by high-quality, highly liquid assets”. Users can redeem at face value within one business day. The product is directly supervised by the HKMA and runs on HSBC’s self-controlled distributed private ledger network, with no connection to public blockchains and no direct access for third-party platforms. HSBC also clarifies that this product is not a bank deposit and is not covered by Hong Kong’s Deposit Protection Scheme.