HSBC RedCoin has 50,000 users about a week after its launch in Hong Kong.
Group CEO Georges Elhedery shared the figure at a panel during Hong Kong FinTech Week x StartmeupHK 2026. HKMA Chief Executive Eddie Yue moderated the session.
RedCoin is HSBC’s first stablecoin. It is a Hong Kong dollar token issued under an HKMA licence.
The retail token is available to all PayMe clients today. HSBC plans to extend it to all HSBC and Hang Seng clients soon, though no date has been given.
Elhedery said HSBC launched RedCoin under the regulatory environment set by the HKMA. He added that the bank is extremely comfortable with it.
“Our target is multi-million users,” said Elhedery.
The early uptake, he said, shows that these features can scale when both the technology and the regulation are sound and safe.
Featured image: Edited by Fintech News Hong Kong, based on image by HSBC via its website and 4045 via Magnific.
