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HSBC launches first Hong Kong dollar stablecoin RedCoin for retail users
According to The Block, HSBC launched its first Hong Kong dollar stablecoin, RedCoin, for retail users on October 23, 2026. PayMe users will be able to activate a stablecoin wallet within the app over the next few days for peer-to-peer and person-to-merchant payments.
Block
The Block
Barclays Plans to Cut 5,000 Jobs, Doubling Down on AI Applications
Barclays CEO Venkat Krishnamurthy said on a conference call that the company would deploy AI at scale, stating that "AI is not the cake, but the icing on the cake." Barclays had previously announced a cost-cutting plan in February, but some investors reacted negatively to the cost base revealed in its half-year report. On the peer front, HSBC is considering cutting up to 20,000 jobs over the coming years, while Standard Chartered has targeted a reduction of more than 15% in support department roles by 2030.
HSBC Launches Stablecoin RedCoin, Available to Over 3.3 Million PayMe Users
Odaily reports: Banking group HSBC has launched the stablecoin RedCoin, which will be available to over 3.3 million PayMe users for payments to 100,000 merchants before the weekend. Maggie Ng, CEO of HSBC Hong Kong and General Manager of Retail Banking and Wealth Management, stated that funds, assets, and information are shifting from traditional infrastructure to always-on, data-rich, and increasingly programmable digital networks.Li Guankang, Head of Retail Banking Products at HSBC and CEO of PayMe, stated that RedCoin will match the existing PayMe wallet in terms of transaction speed and other aspects, while offering additional benefits for merchant payments. To celebrate the launch of RedCoin, users can receive transaction coupons and "reward money" and other rewards.John O'Neill, Managing Director of Digital Assets and Currencies at HSBC, stated that within the year, a stablecoin wallet function will be added to the HSBC Hong Kong mobile banking app, and users will be able to subscribe to tokenized investment products using RedCoin, including the HSBC Hong Kong Dollar Money Market Fund, with a minimum subscription amount of HKD 100.Over the past months, HSBC has worked with regulators and potential users to advance the launch of RedCoin, with nearly 100 employees participating in the pilot, testing the complete process from minting to wallet activation to actual transfers. HSBC will subsequently expand use cases for corporate and institutional clients and launch more products. (HK01 NFT)
AINFT
Market
Ripple Prime Launches 24/7 Stock Swap Trading, HSBC Says Market Depth Remains Insufficient
According to CoinDesk, Ripple’s brokerage Ripple Prime (formerly Hidden Road) has enabled institutional clients to trade swap contracts linked to over 100 stocks, commodities, and money markets around the clock, with the option to use its US dollar-backed stablecoin RLUSD as collateral. These swap contracts track the perpetual contracts listed on the Trade.xyz platform on Hyperliquid, are currently provided under Ripple Prime’s British Virgin Islands license, with plans to expand into additional jurisdictions in the future, while trading firm Virtu has already joined as an early client. In a client report, Daragh Maher, Head of Digital Assets Research at HSBC, characterized the offering as a “gradual rather than revolutionary” upgrade, noting that its current market size remains modest compared to traditional finance, with initial activity likely concentrated among market makers, proprietary trading firms, and hedge funds executing basis trades.
CoinDesk
Depth
Hidden Road
Hyperliquid
Market
Ripple
Former Coinbase Head of Research Appointed as US Lead at Ethereum Institutional
Ethereum Institutional has announced the appointment of David Duong as its US Lead, responsible for driving collaboration with US institutional investors and helping institutions deepen their participation in building the Ethereum ecosystem. David Duong previously served as Global Head of Investment Research at Coinbase, where he led crypto market research for the exchange's institutional clients, covering areas such as macroeconomic analysis, valuation models, and market structure. He also spent 17 years in sell-side macro strategy research at HSBC, Santander, and Deutsche Bank.
Coinbase
Ethereum
UK banks received over 10,000 complaints about crypto transfer restrictions, with Lloyds and Barclays topping the list
Odaily reports: UK crypto advocacy group Stand With Crypto stated that within 90 days from May to August 2026, a total of 9,803 individuals submitted 10,092 complaints about restricted transfers to crypto platforms through its online tool to UK banks. The UK is preparing to introduce a digital asset regulatory framework in 2027.The report shows that Lloyds Banking Group received the most complaints, totaling 2,297; Barclays and NatWest Group received 1,569 and 1,278 respectively. Barclays and HSBC UK were listed as imposing a per-transaction limit of £2,500 and a 30-day cumulative limit of £10,000.Six banks, including Starling Bank, TSB, and Chase UK, were listed as imposing a full ban on crypto-related transfers. Nick Jones, founder and CEO of digital asset company Zumo, said that the UK Financial Conduct Authority (FCA) plans to implement mandatory approval in October 2027, but corporate bank account access is not covered by that framework. (Cointelegraph)
August
Cointelegraph
Stand
Zumo
R25 and Binance Wallet's APC Vault campaign Phase 2 adds $36.26 million in new subscriptions, with total TVL surpassing $81.66 million and 6 days remaining in the subscription window
Odaily reports: The Phase 2 subscription for Axil Prime Credit (APC3M), the first RWA vault product jointly launched by R25 and Binance Wallet and curated by Axil, will close at 23:59 Beijing time on October 26. As of October 20, APC's total value locked (TVL) has reached $81.66 million, of which $36.26 million in subscriptions has been raised since Phase 2 opened on October 13.APC is a 3-month USDC wealth management product deployed on Pharos Mainnet, with underlying yields derived from emerging-market consumer credit portfolios. This phase offers a net annualized yield of approximately 12.5%-13%, plus a $200,000-equivalent PROS incentive pool. Users can make new subscriptions through the DeFi portal on Binance Wallet, or choose to continue holding their Phase 1 position.Axil is an institutional-grade RWA risk management provider whose team comes from BlackRock, HSBC, and HashKey. It focuses on emerging-market private credit strategies and employs AI-driven risk assessment and a multi-layered protection framework. R25, as on-chain asset management infrastructure for the next generation of finance, is committed to transforming real-world and digital assets into standardized, programmable vaults, helping users more easily access expert-level on-chain yields.
ALLO
Binance
Circle
Pharos
Prosper
R25
HSBC: AWS Revenue Up 37%, Amazon Expected to Exceed Q3 Guidance Ceiling
According to Chaoxiang Research, an HSBC research report dated October 12, 2026 states that Amazon Web Services (AWS) generated $42.2 billion in second-quarter revenue, a 37% year-over-year increase marking the fastest growth in 18 quarters. AWS operating profit reached $16.6 billion, up 59.4% year-over-year. HSBC forecasts third-quarter revenue at $203.3 billion and operating profit at $27.0 billion, both exceeding the company's upper guidance targets (revenue $202.0 billion, operating profit $26.5 billion). This marks the 15th consecutive quarter the company has surpassed its operating profit guidance ceiling. HSBC considers market concerns regarding hyperscaler capital expenditures and the sustainability of AI demand to be misguided, maintaining a Buy rating with a $310 target price, which implies 22% upside from the October 8 closing price. Continued support is expected from accelerating AWS growth, AI service ARR exceeding $20 billion, and custom chip ARR surpassing $25 billion.
Agentwood Studios
Exceed
HSBC and Ant Digital Technology test AI agent tokenized payments
According to Cointelegraph, HSBC and Ant Digital Technologies successfully completed a micropayment test for AI agents by combining tokenized deposits with blockchain technology. The project is currently only in the technological verification phase.
Cointelegraph
UK selects six banks to issue first digital-native government bond, set to launch in 2027
The UK has announced the appointment of six major banks, including Barclays, HSBC, and Lloyds, as lead underwriters for the Digital GILTs Instrument (DIGIT) pilot. The project will issue sovereign bonds using distributed ledger technology (DLT) and is expected to launch in the first quarter of 2027.
UK government appoints 6 banks to lead issuance of first digital-native government bond, expected in Q1 2027
Odaily News: The UK government has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets as joint lead managers for its first digital-native government bond, the Digital Gilt Instrument (DIGIT), which is expected to be issued in the first quarter of 2027. The six banks will provide underwriting, investor communication, and distribution services.DIGIT will be issued through a platform within the UK Digital Securities Sandbox and will test the application of distributed ledger technology in the issuance and full lifecycle of government bonds, including on-chain settlement. Lucy Rigby, Economic Secretary to the UK Treasury, stated that the project aims to explore the application of distributed ledger technology in the sovereign debt market and to advance the development of the UK's digital financial infrastructure.HSBC was appointed in February as the distributed ledger technology provider for the pilot, and in July reached an agreement with London Stock Exchange Group to develop a connectivity solution for a digital securities depository. (Cointelegraph)
Cointelegraph
Rubic
Treasury
Hong Kong plans to submit a draft amendment to the virtual asset regulatory ordinance by the end of 2026, covering four categories of business including trading and custody.
According to Cointelegraph, the Hong Kong Special Administrative Region government has reiterated its plan to submit a draft amendment bill on virtual asset regulation by the end of 2026, establishing a licensing regime for four categories of virtual asset services: trading, custody, advisory, and management. At a policy briefing on October 5, Paul Chan, Secretary for Financial Services and the Treasury, stated that the government will submit the relevant amendment bill within this year to respond to innovative developments in the financial technology sector and further refine the virtual asset regulatory framework. Previously, the Hong Kong Monetary Authority granted the first batch of stablecoin issuer licenses to Anchorpoint Financial and HSBC Bank (Hong Kong) in April this year. The proposed new licensing regime will further expand the scope of Hong Kong's virtual asset regulation.
Cointelegraph
Treasury
Singapore fintech company IPID completes $16 million Series A funding round, led by Foundation Capital
According to TechInAsia, Singapore-based fintech IPID announced the completion of a $16 million Series A financing round led by Foundation Capital, with participation from Citigroup, HSBC, and existing investors QED Investors, Monk's Hill Ventures, and Quona Capital. The new capital will be used to optimize its global payment intelligence network and expand and build out U.S. payment rails, stablecoins, and digital asset markets.
based
Foundation
Foundation
Revolut valued at $115 billion, ranks among Europe's most valuable startups
According to Reuters, Revolut has become Europe's most valuable startup, with a current private market valuation of $115 billion, surpassing UK-based Barclays and France's Société Générale. In 2025, it recorded a pre-tax profit of £1.7 billion (around $2.2 billion), reflecting rapid year-on-year growth. The company currently serves 80 million customers and is actively expanding into markets such as Mexico and Australia while continuously securing new licenses. However, Revolut continues to face several challenges: revenue per customer remains well below that of traditional banks, and its lending portfolio is comparatively small (with a loan-to-deposit ratio of just 6%, far below HSBC's 55%); it faces stiff competition in the United States; moreover, it was previously penalized by Lithuanian authorities for anti-money laundering violations and recently suffered a customer data breach. Analysts emphasize that boosting primary account usage and scaling its lending business will be the central focus for Revolut's next phase.
based
Revolut
法国兴业银行
HSBC Names Stablecoin "HSBC RedCoin", Targeting P2P and P2M Payments in Phase 1
As reported by Hong Kong 01, HSBC has officially named its upcoming stablecoin "HSBC RedCoin" and plans to adopt a phased rollout approach. The first phase will focus on peer-to-peer (P2P) and peer-to-merchant (P2M) payments, before expanding into commercial finance and enterprise-level applications. HSBC also published a survey covering over 1,000 Hong Kong customers, revealing that 74% of respondents had shown interest in at least one stablecoin use case. Digital asset trading and tokenized investments garnered the highest attention at 57%, while P2P payments, cross-border payments, and merchant payments accounted for 53%, 52%, and 52%, respectively. Additionally, 60% of respondents were able to correctly identify stablecoins as digital assets backed by fiat currencies.
HSBC names its stablecoin RedCoin, initially focusing on P2P and P2M payments
HSBC has named its Hong Kong stablecoin HSBC RedCoin. In the first phase, it will focus on person-to-person (P2P) and person-to-merchant (P2M) payments, with plans to later expand to commercial banking and corporate levels. Maggie Ng, Chief Executive Officer of HSBC Hong Kong and General Manager of Retail Banking and Wealth Management, stated that launching a stablecoin is a starting point for supporting Hong Kong's financial innovation. (HK01 NFT)
AINFT
HANetf Partners with HSBC to Launch GBP and EUR Hedged Bitcoin ETCs
Odaily News: HANetf has partnered with HSBC to launch GBP- and EUR-hedged Bitcoin exchange-traded commodities (ETCs), described as among the world's first such products to provide Bitcoin exposure while mitigating the impact of USD exchange rate fluctuations.The GBP-hedged product GBTC is already trading on the London Stock Exchange, while the EUR-hedged product EBTC is trading on Xetra and Euronext Paris, with HSBC providing currency hedging services. The products target long-term Bitcoin investors concerned about a weakening US dollar, eliminating the need for investors to manage custody themselves. (CoinDesk)
Bitcoin
CoinDesk
Ethereum Classic
HSBC announced the name of its Hong Kong dollar stablecoin as "HSBC RedCoin," aiming to launch it later this year.
HSBC has officially announced that the name of its proposed Hong Kong dollar stablecoin is "HSBC RedCoin". The bank plans to formally launch this HKD-denominated stablecoin in Hong Kong later this year, subject to relevant regulatory approvals. Upon initial launch, the stablecoin will only be available through PayMe and the HSBC HK Mobile App.
HANetf Launches the World's First Euro-Hedged Bitcoin ETC, with Currency Hedging Provided by HSBC
Odaily News — European ETF and ETC platform HANetf has launched the Arrow Bitcoin EUR Hedged ETC (EBTC), which HANetf says is the world's first bitcoin ETC to offer euro currency hedging. The product is designed to give euro-denominated investors exposure to bitcoin price movements while reducing the impact of EUR/USD exchange rate fluctuations on investment returns, with the related currency hedging provided by HSBC. (WSJ)
Bitcoin
Ethereum Classic
World
Chainlink Launches Connectivity Framework, 17 Banks Prepare for SWIFT Ledger Pilot
Odaily News: Chainlink announced on September 28 the launch of a connectivity framework that allows banks to connect to the SWIFT blockchain ledger through the Chainlink platform while retaining transaction signing keys. The framework coordinates institutional systems' interactions with the ledger via the Chainlink runtime environment, and banks adopting the self-signing model do not need to hand over authorization keys to Chainlink.The SWIFT ledger supports 24/7 tokenized deposit payments, with final settlement still completed through existing mechanisms such as real-time gross settlement. Seventeen banks from six continents, including ANZ, HSBC, Citi, Standard Chartered, and UBS, are preparing to conduct tokenized deposit pilots on the SWIFT ledger.
Anzen
Chainlink
Ledger