HSBC Beats Anchorpoint to Retail Stablecoin Launch in HK
By Damilola Esebame
AI summary of the source article
HSBC began rolling out its Hong Kong dollar stablecoin, RedCoin, to PayMe's 3.3 million retail users on October 23. Competitor Anchorpoint declined to set a consumer launch date for its HKDAP token, opting for a cautious public blockchain approach.
Key facts
- HSBC and Standard Chartered-backed Anchorpoint received Hong Kong's first stablecoin issuer licences in April 2026.
- HSBC launched RedCoin via its PayMe app, becoming the first licensed issuer to provide a retail stablecoin in Hong Kong.
- Anchorpoint launched an institutional rollout of HKDAP on Ethereum in August but identified late 2026 as a potential timeline for retail access.
Source excerpt · FinanceFeeds
HSBC has become the first licensed issuer to put a Hong Kong dollar stablecoin into retail hands, beginning a phased rollout of RedCoin through its PayMe app to PayMe’s more than 3.3 million users on October 23. Standard Chartered-backed Anchorpoint, the other holder of Hong Kong’s inaugural stablecoin licence, has declined to commit to a consumer launch date for its own HKDAP token. Anchorpoint H…