What Is HSBC RedCoin (RCHKD)? HKD Stablecoin, FRS02 Licence and PayMe — Official Sources

HSBC RedCoin (ticker RCHKD) is an HKD-referenced stablecoin issued by HSBC in Hong Kong. HSBC's 23 October 2026 press release describes it as the bank's first stablecoin, available from that day on PayMe by HSBC, licensed and regulated by the Hong Kong Monetary Authority (HKMA). HSBC's stablecoin page states it is issued under stablecoin issuer licence FRS02.

PayMe terms (HSBC HKD Stablecoin Terms and Conditions) state that RedCoin is an HKD-denominated stablecoin issued on blockchain, pegged to the Hong Kong dollar and fully supported by reserve assets held under a trust arrangement; it is regulated under the Stablecoins Ordinance (Cap. 656) and HSBC is an HKMA licensed stablecoin issuer issuing specified stablecoins in Hong Kong. The product page warns that RedCoin is only offered through official channels PayMe and the HSBC HK App (coming soon), not third-party platforms claiming HSBC links.

The HKMA register of licensed stablecoin issuers lists The Hongkong and Shanghai Banking Corporation Limited, licence FRS02, effective 10 April 2026. The register shows the licensee's legal name, not product tickers. To confirm RedCoin is issued by that licensee, use HSBC's official product page, terms and white paper and match the legal name and licence number on the register.

HSBC's press release footnote gives stablecoin issuer licence FRS02 and PayMe's SVF licence SVFB002. SVF and FRS are different regimes: PayMe as a stored-value channel is not a substitute for an FRS issuer licence. See the Hong Kong licensed stablecoin issuers wiki entry for the full framework.

The 23 October 2026 press release states PayMe users can activate an in-app stablecoin wallet for peer-to-peer transfers and peer-to-merchant payments at more than 100,000 merchants. It also says HSBC plans to add stablecoin wallet functionality to the HSBC HK Mobile Banking App later in the year and to enable subscription to tokenised investment products via RedCoin. Those are roadmap statements; check the live page when you use the service.

PayMe terms section 1.3 state the current split: on PayMe you may transfer to other PayMe users with an HSBC stablecoin wallet and pay through channels HSBC announces; on the HSBC mobile banking app you may currently use RedCoin only to subscribe to certain tokenised investment products HSBC publishes. Cross-channel transfers are not supported — you cannot move RedCoin between PayMe and the mobile banking app wallets. HSBC's FAQ on the stablecoin page repeats that restriction.

HSBC's page states that if a merchant accepts PayMe, you can pay with your RedCoin balance in PayMe without checking a separate "stablecoin accepted" flag. Stablecoin wallets are not bank accounts and are not part of your integrated account.

HSBC's stablecoin page states each RedCoin is fully backed at all times by high-quality, highly liquid segregated assets and is designed to be redeemable 1:1 for HKD subject to applicable terms. The page publishes daily circulation and reserve figures and says independent attestation reports will follow; the first is expected after Q4 2026.

PayMe terms and the product page state RedCoin is not a protected deposit and is not covered by Hong Kong's Deposit Protection Scheme. Specific buy, sell (redemption) fees and limits are not set out in the official materials reviewed here and are marked as not published.