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Morning Edition · Saturday, October 24, 2026Published at 1:47 AM EDT · New York
HSBC Brings Its RedCoin Stablecoin to 3.3 Million PayMe Users as the OCC Finalizes Redemption Rules for US Issuers
The Hong Kong dollar token launches for payments first, while the US rule requires reserves at least equal to tokens outstanding and redemption within two business days from Jan. 18, 2027.
HSBC has rolled out its first stablecoin to everyday users in Hong Kong. RedCoin is backed by the Hong Kong dollar and is available inside the bank's PayMe app, which has more than 3.3 million users. Eligible users can activate RedCoin wall…
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Race to Bank and Distribute Stablecoin Reserves
Over 3-6 months, established financial and payments firms compete to custody stablecoin reserves and embed stablecoin rails into cross-border settlement, institutionalizing the plumbing beneath stablecoins.
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