HKD stablecoins: when can you hold one?

Where the HKD stablecoin stands: two coming, none for retail yet

An HKD stablecoin is a crypto token denominated in Hong Kong dollars, fully backed by reserves held by a licensed issuer and redeemable 1:1 for HKD. Under the Stablecoins Ordinance, anyone issuing a Hong Kong dollar-referenced stablecoin, anywhere in the world, needs a licence from the Hong Kong Monetary Authority (HKMA). On 10 April 2026 the HKMA granted its first two, to HSBC and Anchorpoint Financial, and both plan HKD coins first.

Here is the position on 6 October 2026. HSBC named its coin HSBC RedCoin on 30 September and plans to launch in the second half of 2026, but has not issued it. Anchorpoint’s HKDAP went live on 12 August for institutions, corporates and professional investors only, with retail targeted as early as the end of 2026. So if you see an “HKD stablecoin” on sale today at a walk-in shop, in a Telegram group or on an unfamiliar website, it is almost certainly not a licensed product. For the regulatory framework itself, see our Stablecoins Ordinance guide.

HSBC RedCoin: the HKD stablecoin in your PayMe app

HSBC announced the RedCoin name on 30 September 2026. According to its press release and product page, RedCoin will at first be available only inside PayMe and the HSBC HK app, for instant person-to-person transfers and for paying participating merchants directly through PayMe; wholesale and corporate uses come later. The product page also mentions subscribing to tokenised investment products with RedCoin in the HSBC HK app. One trade publication reported that use case had been dropped, but HSBC’s own page still listed it when we checked, so we follow the official page.

PayMe reportedly has more than 3.3 million users (a third-party figure), which means RedCoin could become the fastest-spreading regulated crypto asset in Hong Kong once it lands. Some media have speculated about an unveiling during Hong Kong FinTech Week, 2 to 6 November 2026; HSBC has not confirmed that. Its product page says it is “working hard” to bring RedCoin to customers in 2026, and states plainly that HSBC has not yet issued any stablecoin in Hong Kong.

Anchorpoint HKDAP: distributed through licensed exchanges

The partners behind Anchorpoint have been at this for a while: on 18 July 2024, the Standard Chartered Bank (Hong Kong), Animoca Brands and HKT group was named among the first participants in the HKMA’s stablecoin sandbox. After licensing, HKDAP launched on 12 August 2026, with two SFC-licensed exchanges, HashKey Exchange and OSL, as initial distributors. Press reports put the retail launch “as early as end-2026”; as of October 2026 retail buyers still cannot get it.

The two coins are taking different roads. RedCoin is a banking and payments play aimed at PayMe users’ everyday transfers and purchases. HKDAP goes through licensed trading platforms and leans towards investment and settlement, such as swapping into Bitcoin or settling tokenised products. Since November 2025 the SFC has allowed licensed platforms to offer HKMA-licensed stablecoins straight to retail clients, so once Anchorpoint opens to retail, licensed-platform customers should be able to get HKDAP inside their existing accounts. We compare the two distributors in HashKey vs OSL.

How you’ll be able to get an HKD stablecoin

Based on what the issuers have announced, retail buyers will have two main routes. These steps reflect published plans; the actual flow will be confirmed at launch.

1. Banking route: PayMe or the HSBC HK app

   Keep the app updated and watch for the RedCoin launch notice. You can expect to swap HKD for RedCoin inside the app, then send it or pay participating merchants.

2. Exchange route: HashKey or OSL

   Open an account on a licensed platform and complete identity checks and the virtual asset knowledge assessment. Once HKDAP opens to retail, you should be able to buy it with HKD in your account. Start with our licensed platforms list.

3. Check the issuer

   Any genuine HKD stablecoin’s issuer appears on the HKMA’s Register of Licensed Stablecoin Issuers. As of October 2026 it lists only HSBC and Anchorpoint.

4. Use official channels only

   Don’t buy “HKD stablecoins” at walk-in shops, on social media or in chat groups, and ignore links offering “early registration”.

Remember that an HKD stablecoin isn’t an investment. It is designed to stay at one Hong Kong dollar and won’t go up. The reason to hold one is paying, transferring or settling between platforms, not making money. For other ways to spend crypto in Hong Kong, see paying with crypto.

What will you actually be able to do with an HKD stablecoin?

Going by the issuers’ and the government’s published plans, the uses fall into four groups. First, personal transfers: RedCoin will start with instant person-to-person transfers inside PayMe, much like PayMe today, except the thing moving is a token on a blockchain. Second, merchant payments: HSBC says users will be able to pay participating merchants directly with RedCoin through PayMe. Third, settlement on exchanges: HKDAP is distributed through HashKey and OSL, and once retail opens it can act as the bridge between Hong Kong dollars and other virtual assets on licensed platforms. Fourth, tokenised assets: the Policy Address backs using licensed stablecoins to settle tokenised money market funds, and HSBC’s page mentions subscribing to tokenised investment products with RedCoin.

The HKMA has also said it will encourage licensees to expand use cases, including cross-border payments. Bear in mind these are planned uses; launch dates, fees and limits haven’t been published. For most people the sensible approach will be to try small amounts inside an app they already use, check that transfers really are instant and that redeeming to HKD is easy, and only then use it more. If you simply want Bitcoin, HKD stablecoins don’t change how you buy it today; see buying Bitcoin in Hong Kong.

HKD stablecoins, the e-HKD and tokenised deposits: what’s the difference?

“Digital Hong Kong dollar”, “tokenised deposit” and “HKD stablecoin” get used interchangeably, but they are three different things, from different issuers, built for different jobs.

On the e-HKD, the HKMA published its Phase 2 pilot report on 28 October 2025 and concluded that a retail e-HKD is not an immediate priority; wholesale uses come first. Tokenised deposits are moving under Project Ensemble: the EnsembleTX pilot for real-value transactions started on 13 November 2025, and HSBC completed the first live cross-bank transaction on it. The 2026 Policy Address adds a target of settling EnsembleTX in central bank digital currency and running it 24/7 by around end-2026. For ordinary users, the HKD stablecoin is almost certainly the first of the three you’ll actually touch.

Risks: not a deposit, and watch for fakes

A licensed HKD stablecoin must be fully reserved and redeemable at par, but it is not a bank deposit and isn’t covered by the Deposit Protection Scheme. If an issuer ran into trouble, holders would rely on the segregated reserve arrangements, not deposit insurance. And blockchain transfers can’t be reversed, so a payment to the wrong address is very hard to recover.

Official details: HSBC’s RedCoin page and the HKMA’s register of licensed stablecoin issuers.

Frequently asked questions

Sources

1. HSBC Hong Kong — HSBC RedCoin stablecoin page · accessed 6 Oct 2026
2. HSBC — HSBC names its stablecoin HSBC RedCoin · 30 Sep 2026
3. HKMA — First stablecoin issuer licences · 10 Apr 2026
4. CoinDesk — Anchorpoint launches HKD stablecoin · 12 Aug 2026
5. HKMA — e-HKD Phase 2 report · 28 Oct 2025
6. HKMA — EnsembleTX pilot · 13 Nov 2025

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