HSBC Begins Multi-phase Launch of Hong Kong Dollar-backed Stablecoin

01:10 AM EDT, 10/23/2026 (MT Newswires) -- HSBC Holdings (HSBA.L) started the multi-phase launch of its Hong Kong dollar-backed stablecoin, HSBC RedCoin, on Friday, the South China Morning Post reported the same day. HSBC RedCoin is available exclusively on the PayMe app and the HSBC HK Mobile Banking app. The first phase of the launch will support peer-to-peer and peer-to-merchant transfers, the report noted, citing HSBC Managing Director and Head of Consumer Banking Product Lawrence Li. The British lender secured the stablecoin issuer license from the Hong Kong Monetary Authority in April. By the end of 2026, it aims to fully integrate stablecoin into its mobile banking app in Hong Kong.