HSBC plots new stablecoin, PayPal expands in Brazil

• Key insights: HSBC has launched a Hong Kong dollar-backed stablecoin. 
• What’s at stake: The bank is also expanding tokenized deposits as banks globally chart their digital asset strategies. 
• Expert quote: “HSBC is helping customers participate confidently in the future of digital finance and realise the benefits it can deliver,” Maggie Ng, HSBC’s Hong Kong CEO, said in a statement.

As it plans a tokenized deposit, HSBC is also working on its stablecoin game. 

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The bank plans to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026. HSBC’s HKD comes after the Hong Kong Monetary Authority granted HSBC subsidiary Hongkong and Shanghai Banking Corporation a stablecoin issuer license. Hong Kong’s Stablecoins Ordinance, passed in May 2025, requires any company that issues a Hong Kong-referenced stablecoin in or outside of Hong Kong to obtain a license from the Hong Kong Monetary Authority. 

“HSBC’s acquisition of a stablecoin issuer license in Hong Kong complements its use of tokenized deposits, which are already embedded in its payments ecosystem, and illustrates its advanced position compared to peers, a credit strength for the bank,” Alessandro Roccati, senior vice president at Moody’s Ratings Financial Institutions Group, said. “Offering both allows HSBC to meet diverse client needs across its international network and adapt quickly to digital finance trends, bolstering its position as a global leader in transaction banking.”

The stablecoin will be integrated into two of the bank’s mobile banking applications: the HSBC HK Mobile Banking App and PayMe, which has 3.3 million users. 

“By integrating stablecoins into how our apps are used to pay and invest, HSBC is helping customers participate confidently in the future of digital finance and realise the benefits it can deliver,” Maggie Ng, HSBC’s Hong Kong CEO, said in a statement. 

Initial use cases will focus on peer-to-peer payments, peer-to-merchant payments and tokenized investments, according to the bank. 

The new stablecoin service will supplement other digital asset products in the country, including the bank’s tokenized deposit service — which it just expanded to the U.S. — and digital bonds for institutional investors. —Joey Pizzolato

PayPal seeks a bigger market in Brazil

PIX, Brazil’s real-time payment system and one of the world’s largest government-operated payment networks, has added PayPal as an option for small to medium-size businesses. PIX is available through PayPal’s Complete Payments, a platform that combines cards, local payment options and business technology and offers other PayPal services such as fraud protection and access to PayPal’s global merchant and consumer clients. 

“PIX is how Brazil pays today,” said Brunno Saura, general manager of PayPal Brazil, in a release. 

PayPal is looking to boost its share in Brazil by making it easier to connect to PIX. PIX processed nearly $7 trillion in 2025, an increase of 34% from 2024. Overall, PIX, which has 170 million users, has processed 196.2 billion payments totaling $16 trillion since its launch in 2020. PIX accounts for more than a third of Brazil’s online payments. —John Adams 

MoneyGram leans into stablecoin settlement

MoneyGram has partnered with cross-border payments fintech Nala to enable stablecoin settlement for payouts in Africa and Asia. 

The partnership allows MoneyGram to connect to Nala’s on- and off-ramp stablecoin platform, which it calls Rafiki, to convert the digital dollars into local currency. Nala holds 14 regulatory licenses, according to the company. 

“Financial inclusion only matters if it works in the real world. With Nala, we’re leveraging stablecoin settlement infrastructure to improve payout speed, reduce FX costs, and expand our ability to exceptionally serve customers across emerging markets,” MoneyGram CEO Anthony Soohoo said in a statement.  

MoneyGram is not the only cross-border remittance company that sees value in using stablecoins to move money. Rival Western Union launched its own stablecoin and also owns an off-ramp product, called the Digital Asset Network. —Joey Pizzolato

Barclays’ US unit adds more tech from FIS

Bank technology seller FIS has gained more of Barclays’ business, inking an extension of the core banking relationship with Barclays U.S. Consumer Bank. Barclays will deploy FIS Profile, a cloud-supporting core baking platform that manages deposits, accounts and balances, along with multicurrency payment processing. 

FIS Profile also enables real-time data streaming and integration with consumer-facing channels. Barclays’ recent moves include investing in Ubyx, a U.S. startup that enables stablecoin redemption for traditional currency. 

“As Barclays positions itself for its next phase of growth, FIS is helping the bank to unlock quick, measurable value throughout its modernization program,” said Andrew Beatty, head of global banking cores at FIS, in a release.—John Adams  

Revolut wants to help UK business make international hires

London fintech Revolut is adding corporate matchmaking to its superapp ambitions, launching a service to help U.K. businesses that want to hire, onboard and pay non U.K. talent ahead of potential expansions. Revolut says the GlobalHire service will manage local tax and compliance for British companies that are hiring internationally, as well as payroll services. The fintech supported its announcement by citing internal research that found 27% of U.K. businesses refrain from hiring in other countries because of local regulatory issues.

GlobalHire integrates Employer of Record, or EoR, services directly into Revolut’s business  ecosystem.  

 “A business’s ambition shouldn’t be limited by where it is headquartered, nor by local currency barriers,” Alex Codina, general manager of merchant payments and GlobalHire at Revolut, said in a release. “GlobalHire goes beyond recruitment; it’s designed to remove administrative friction to hiring for talent obsessed, global firms, while ensuring CFO’s maintain control over capital and compliance.”—John Adams  

Sezzle launches card for Canadian BNPL

Hoping to expand its buy now/pay later offering to more shopping venues, Sezzle’s Canadian unit is seeking more ways for consumers to access its service. The BNPL lender has launched a virtual card in Canada, supporting payments and installment lending for online and in-store purchases. 

Brands at launch include SoftMoc, JD Sports Canada, QE Home, Mastermind Toys, West Coast Kids, Quarks, Kit & Ace, Popeye’s Supplements (Ontario), Atlas Tools & Machinery, CLÉMENT, Hobbiesville, and others. 

“We’ve offered Buy Now, Pay Later online since 2020, and expanding it to all 75+ of our stores across Canada is about delivering the seamless omnichannel experience our customers have been asking for,” said Christina Xu, CEO of QE Home, in a release.—John Adams 

SOPA Images/Photographer: Thomas Fuller/SOPA

DLocal adds to its network in Africa, APAC and Latin America

Uruguay-based payments fintech dLocal has partnered with National Exchange Company, an Italian money transfer company, to offer cross-border payments in Africa, Asia-Pacific and Latin America.

The collaboration supports payments in the sender’s and recipient’s local currency and enables National Exchange to reach a network of countries through a single integration.  

In Africa, National Exchange customers can send funds via bank transfers and electronic wallets across Nigeria, Senegal, Ivory Coast and Egypt. In APAC, recipients in the Philippines can access digital payment apps, GCash, Maya, GrabPay and other local digital wallets. In Latin America, recipients in Brazil can access transfers through the national PIX payment system and through banks in Chile, Peru, Ecuador, Costa Rica, Guatemala, Honduras and Paraguay.

“Remittance operators are under real pressure to deliver,” said Martin Sapiurka, head of remittances at dLocal, in a release. “Their customers are sending money to family members who depend on it arriving quickly and in full. Working with National Exchange, we’re making sure that last mile works reliably, whether that’s an instant PIX transfer in Brazil, a mobile wallet in Ghana, or a bank deposit in Morocco. That’s what local rails are for.”—John Adams