{
  "id": 10858818,
  "title": "HSBC unveils RedCoin as name of its Hong Kong stablecoin for 3.3 million PayMe users",
  "url": "https://urgent.news/2026/09/30/hsbc-unveils-redcoin-as-name-of-its-hong-kong-stablecoin-for-3-3-10858818",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-30T04:18:24.000Z",
  "source": {
    "name": "South China Morning Post - Hong Kong",
    "slug": "south-china-morning-post-hong-kong",
    "url": "https://www.scmp.com/business/banking-finance/article/3369284/hsbc-unveils-redcoin-name-its-hong-kong-stablecoin-33-million-payme-users"
  },
  "original_language": "en",
  "account": "HSBC has revealed its new stablecoin named RedCoin, specifically designed for its Hong Kong-based PayMe app, which is used by over 3.3 million individuals for various transactions. The stablecoin launch is scheduled for before the year's end and will only be available through PayMe and HSBC’s Hong Kong mobile banking app. The bank believes that there is a strong potential for retail usage of the coin, with 74% of surveyed customers recognizing at least one use case for stablecoins. The most popular use case, identified by 57% of respondents, was for digital asset trading and tokenized investments, while person-to-person money transfers and cross-border remittances also ranked highly at 53% each. A majority of customers, 60%, correctly understood a stablecoin as a fiat-backed digital asset. However, there were some misunderstandings, with 26% of respondents believing that stablecoins were government-issued, which is incorrect as they are issued by licensed issuers authorized by the Hong Kong Monetary Authority. HSBC CEO Maggie Ng emphasized that the survey confirms the strong interest among Hongkongers in embracing digital assets, describing HSBC RedCoin as a natural next step. The bank has plans to roll out the stablecoin in phases, starting with everyday use cases such as person-to-person and person-to-merchant payments, followed by wholesale and corporate banking applications. HSBC aims to support Hong Kong’s financial innovation by providing security, trust, and simplicity associated with the bank.",
  "summary": "HSBC on Wednesday named its stablecoin offering HSBC RedCoin, paving the way for Hong Kong’s biggest lender to make the coin available to the more than 3.3 million users of its PayMe app for money transfers, shopping and dining. When launched before the end of the year, the stablecoin would be offered only through PayMe and HSBC’s Hong Kong mobile banking app, HSBC said. The bank said it was…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
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        "published": "2026-09-30T02:02:57.000Z"
      },
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        "url": "https://urgent.news/2026/09/30/crystal-jade-holding-companies-in-spore-hong-kong-placed-under",
        "published": "2026-09-30T04:07:47.000Z"
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        "url": "https://urgent.news/2026/09/30/hong-kong-challenges-worlds-biggest-super-prime-property-market-in",
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      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}