HSBC’s RedCoin stablecoin draws 50,000 users in first week as bank deepens local tech push
HSBC said its RedCoin retail stablecoin has attracted 50,000 users since its official launch just over a week ago, as the city’s largest lender remains committed to exploring new technologies in the city. The figures were revealed by HSBC group CEO Georges Elhedery during a panel discussion on the first day of Hong Kong FinTech Week, which kicked off on Monday. Elhedery also attributed the quick…
The largest bank in Hong Kong, HSBC, announced that its retail stablecoin, RedCoin, has garnered 50,000 users in its first week since launch. HSBC group CEO Georges Elhedery disclosed the figures during a panel discussion at Hong Kong FinTech Week. Elhedery attributed the swift adoption to the favorable regulatory environment provided by the Hong Kong Monetary Authority (HKMA).
The bank's stablecoin, one of just two licensed stablecoins in the city, was initially available to over 3.3 million users of its PayMe app and will soon be accessible to all HSBC and Hang Seng Bank clients. HSBC plans to integrate RedCoin into its HSBC HK Mobile Banking app and allow customers to subscribe to tokenized asset products.
The bank also revealed plans to establish a global AI & Emerging Technology Institute in Hong Kong, set to commence operations in early 2027, as part of its commitment to innovation and technology in the city.
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