Hong Kong has two licensed stablecoin issuers. Their retail plans are taking different paths

Hong Kong’s first two licensed issuers are no longer waiting to launch. HSBC began rolling out RedCoin through PayMe on October 23, while Anchorpoint’s HKDAP has been in a restricted institutional phase since August. Their next challenge is getting regulated Hong Kong dollar tokens into ordinary payments without losing control of who can hold and redeem them. Summary The HKMA register lists only HSBC and Anchorpoint as licensed stablecoin issuers, both effective April 10, 2026. HSBC is rolling out RedCoin in stages through PayMe, an app with more than 3.3 million users; that audience is not the number of active stablecoin holders. Anchorpoint’s HKDAP remains in beta for selected distributors and institutional or corporate users, with no confirmed retail launch date. HSBC reported HK80.58millioninRedCoincirculationandHK81.58 million in reserves on October 23, while Anchorpoint reported HK6.11millioncirculatingandHK7.21 million in reserves as of October 21. Both companies promise Hong Kong dollar redemption, but a licensed issuer, an approved distributor and a payment app play different roles when a customer actually tries to use a coin. A PayMe customer may see RedCoin inside a fami...