HSBC launched RedCoin, a Hong Kong dollar stablecoin, to PayMe's 3.3 million users on Oct. 23.
The token is fully backed by high-quality liquid assets held in separate accounts. A tokenized money market fund share class is planned next.
For advisors evaluating the planned money market fund share class, the separate-account backing is the material term: token redemption assets sit outside HSBC's general balance sheet.
The planned share class extends the same structure from consumer payments to interest-bearing investment products.
Reported by The Wrap desk from Digital Capital Daily tracking. Published . Updated Oct 28, 2026 · 2:57 p.m. ET. Corrections