Payments Daily · Saturday, October 24, 2026Daily
PAY.NEWS
HSBC launches Hong Kong dollar stablecoin for 3.3 million PayMe users
HSBC launched the Hong Kong dollar stablecoin RedCoin for more than 3.3 million PayMe users, which can be used for transfers to friends and family and payments at more than 100,000 merchants in Hong Kong. Following Polygon's completion of its acquisition of Coinme, its payments business gained a regulated licensing network covering 48 U.S. states; Meta disclosed that approximately 25% of Muse users have it perform shopping tasks and pay through Stripe Link.
Banking & Accounts
HKMA — Press releases (English)First partyHKMA designates 12 offshore renminbi primary liquidity providers and increases repo quota to RMB22 billion
The HKMA designated 12 banks as primary liquidity providers for Hong Kong's offshore renminbi market, with a two-year term effective October 27, 2026. Following the designation, the total renminbi repo financing under the PLP Scheme will increase from RMB20 billion to RMB22 billion to strengthen liquidity support for the offshore renminbi market.
Stablecoins & On-chain
HSBC launches Hong Kong dollar stablecoin RedCoin for more than 3.3 million PayMe users
HSBC launched the Hong Kong dollar stablecoin RedCoin (RCHKD), making it available to more than 3.3 million PayMe users for transfers to friends and family and payments at more than 100,000 merchants in Hong Kong. Users will be able to activate a stablecoin wallet in the PayMe app in the coming days; RedCoin is regulated by the Hong Kong Monetary Authority and authorized for issuance under Hong Kong's Stablecoins Ordinance.
Regulation & Compliance
PYMNTSPolygon completes acquisition of Coinme, gaining U.S. money transmission license coverage across 48 states
Polygon completed its acquisition of Coinme, making Polygon Open Money Stack a U.S.-regulated payments platform with coverage across 48 states, including 37 money transmission licenses and 11 applicable extensions. The payments stack also includes accounts and wallets, cross-chain payment routing, and 24/7 settlement rails, and connects banks with payment infrastructure, enabling payments teams to build complete payment flows through a single integration.
FCA Chair Ashley Alder calls for cross-border cooperation to address horizontal risks
FCA Chair Ashley Alder called on regulators to address financial risks that spread across industries, supply chains, and jurisdictions through cross-border cooperation. She introduced the Critical Third Parties Regime established by U.K. regulators for major cloud computing providers and proposed sharing risk intelligence, jointly conducting cross-border scenario testing, and establishing data-sharing standards and crisis protocols in advance.
Reserve Bank of India revises leverage ratio rules in capital adequacy guidelines for commercial banks
The Reserve Bank of India issued the Eleventh Amendment Guidelines to the Prudential Norms on Capital Adequacy for Commercial Banks, revising minimum leverage ratio requirements, capital conservation constraints, and risk exposure calculation and disclosure rules. The minimum leverage ratio is 4% for domestic systemically important banks and 3.5% for other banks; branches of global systemically important banks in India must meet 3.5% plus the applicable leverage ratio buffer. The revised guidelines take effect on April 1, 2027.
Payments & Agent Economy
Meta discloses Muse agent shopping usage and Stripe payment arrangements
Meta CEO Mark Zuckerberg said that shopping is the most common use of the Muse personal AI agent, with approximately 25% of users having it perform shopping tasks and an average purchase amount of $200. Muse uses Stripe's Link digital wallet for payments; Meta said it has approximately 10 million registered users in the United States and Canada.