According to CoinMeta, HSBC began rolling out its Hong Kong dollar stablecoin, RedCoin (Redcoin), to PayMe users on October 23, making it one of the first banks in Hong Kong to issue a stablecoin to ordinary retail customers. After updating their PayMe, users can activate their RedCoin wallets and instantly send RCHKD to contacts or make payments to participating merchants without the need to open a new bank account or maintain a minimum balance. HSBC stated that each token of RedCoin is backed by high-quality liquid assets and can be exchanged for Hong Kong dollars at a one-to-one ratio. HSBC's larger plans will be launched within its main mobile banking app in Hong Kong, with the expectation of introducing tokenized investment products by the end of 2026.