HSBC started introducing RedCoin (RCHKD), a Hong Kong dollar stablecoin, through PayMe on Oct. 23. HSBC's announcement identifies a potential network of more than 3.3 million users and over 100,000 merchants, with wallet activation continuing over the coming days. Eligible users must activate a stablecoin wallet before converting Hong Kong dollars into RedCoin for payments and transfers. HSBC plans tokenized investment subscriptions through the separate HSBC HK App later in 2026. However, HSBC's product FAQ excludes transfers between the PayMe and HSBC HK App stablecoin wallets. Holders can redeem RedCoin for Hong Kong dollars under HSBC's terms, subject to conditions and any applicable fees.