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Filed Pursuant to Rule 424(b)(2)

Registration No. 333-277211

September 30, 2026

PRICING SUPPLEMENT

(To Prospectus dated February 21, 2024,

Prospectus Supplement dated February 21, 2024\nand

Stock-Linked Underlying Supplement dated February 21,\n2024)

$\"\"$

Linked to the Least Performing of the Equity Securities\nof Meta Platforms, Inc. and NVIDIA Corporation

►

Callable at the principal amount plus the Call Premium of 23.50% on September 30, 2027 if the Official\nClosing Price of each Underlying is at or above its Call Threshold

►

If the Notes are not automatically called, at maturity:

2.00x uncapped exposure if the Reference Return of the Least Performing Underlying is positive;

Contingent repayment of principal if the Reference Return of the Least Performing Underlying is less\nthan or equal zero but greater than or equal to the Barrier Percentage of -50.00%; or

1.00x exposure to any negative return of the Least Performing Underlying if its Reference Return is\nless than -50.00% and in such a case, you will lose some or all of your principal amount

►

Due October 5, 2029, if not called

\n\n\n

►

All payments on the Notes are subject to the credit\nrisk of HSBC USA Inc.

Barrier Participation Notes with Autocall Feature (each\na “Note” and collectively the “Notes\") offered hereunder will not be listed on any securities exchange or automated\nquotation system. The Notes will not bear interest.

Neither the U.S. Securities and Exchange Commission\n(the “SEC”) nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the\nadequacy of this document, the accompanying prospectus, prospectus supplement or Stock-Linked Underlying Supplement. Any representation\nto the contrary is a criminal offense. We have appointed HSBC Securities (USA) Inc., an affiliate of ours, as the agent for the sale of\nthe Notes. HSBC Securities (USA) Inc. will purchase the Notes from us for distribution to other registered broker-dealers or will offer\nthe Notes directly to investors. In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use this pricing supplement\nin market-making transactions in any Notes after their initial sale. Unless we or our agent inform you otherwise in the confirmation of\nsale, this pricing supplement is being used in a market-making transaction. See “Supplemental Plan of Distribution (Conflicts of\nInterest)” on page PS-14. of this document.

Investment in the Notes involves certain risks. You should\nrefer to “Risk Factors” beginning on page PS-7. of this document, page S-1 of the accompanying prospectus supplement and\npage S-1 of the accompanying Stock-Linked Underlying Supplement.

The Estimated Initial Value of the Notes on the Trade Date is $950.00\nper Note, which is less than the price to public. The market value of the Notes at any time will reflect many factors and cannot be predicted\nwith accuracy. See “Estimated Initial Value” on page PS-3 and “Risk Factors” beginning on page PS-6 of this document\nfor additional information.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Price to Public	Underwriting\n Discount⁽¹⁾	Proceeds to Issuer
Per Note	$1,000.00	$5.00	$995.00
Total	$25,000.00	$125.00	$24,875.00

⁽¹⁾ HSBC USA Inc. or one of our affiliates may\npay varying underwriting discounts of up to 0.50% per $1,000 Principal Amount in connection with the distribution of the Notes to other\nregistered broker-dealers. See “Supplemental Plan of Distribution (Conflicts of Interest)” on page PS-14. of this document.

The Notes:

\n \n \n \n \n

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

$\"\"$

HSBC USA Inc.

Barrier Participation Notes with Autocall Feature

Linked to the Least Performing Equity Securities\nof Meta Platforms, Inc. and NVIDIA Corporation

This document relates to a single\noffering of Barrier Participation Notes with Autocall Feature. The Notes will have the terms described in this document and the accompanying\nprospectus, prospectus supplement and Stock-Linked Underlying Supplement. If the terms of the Notes offered hereby are inconsistent with\nthose described in the accompanying prospectus, prospectus supplement, or Stock-Linked Underlying Supplement, the terms described in this\ndocument shall control.

This document relates to an offering\nof Notes linked to the performance of the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC\nUSA Inc. linked to the Reference Asset as described below. The following key terms relate to the offering of the Notes:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Issuer:	HSBC USA Inc.
Principal Amount:	$1,000 per Note
Reference Asset:	The Class A common stock of Meta Platforms, Inc. (Ticker: META) and the common stock of NVIDIA Corporation (Ticker: NVDA) (each a “Company” or an “Underlying” and together the “Underlyings”)
Trade Date:	September 30, 2026
Pricing Date:	September 30, 2026
Original Issue Date:	October 5, 2026
Final Valuation Date:	October 2, 2029, subject to adjustment as described under “Additional Terms of the Notes—Valuation Dates” in the accompanying Stock-Linked Underlying Supplement.
Maturity Date:	October 5, 2029. The Maturity Date is subject to adjustment as described under “Additional Terms of the Notes—Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying Stock-Linked Underlying Supplement.
Call Feature:	The Notes will be automatically called if the Official Closing Price of each Underlying is at or above its Call Threshold on the Call Observation Date. In that case, you will receive a cash payment, per $1,000 Principal Amount, equal to the Principal Amount plus the Call Premium.
Call Observation Date, Call Payment Date, Call Premium and Call Threshold:	Call Observation Date	Call Payment Date	Call Premium	Call Threshold for each Underlying
September 30, 2027	October 5, 2027	23.50%	80.00%
The Call Observation Date and Call Payment Date are subject to postponement as described under “Additional Terms of the Notes—Valuation Dates” and “Additional Terms of the Notes—Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying Stock-Linked Underlying Supplement.
Maximum Cap:	None
Upside Participation Rate:	200.00% (2.00x)
Least Performing Underlying	The Underlying with the lowest Reference Return
Payment at Maturity:	On the Maturity Date, for each Note, we will pay you the Final Settlement Value.
Reference Return:\t	With respect to each Underlying, the quotient, expressed as a percentage, calculated as follows:
	\n Final Value – Initial Value \n Initial Value

PS - 2

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Final Settlement Value:	\n Unless the Notes are automatically called, for each\n $1,000 Principal Amount, you will receive a cash payment on the Maturity Date, calculated as follows: \n \n n \n *If the Reference Return of the Least Performing Underlying is greater\n than zero: \n \n $1,000 + ($1,000 × Reference Return of the Least Performing Underlying\n × Upside Participation Rate). \n \n n \nIf the Reference Return of the Least Performing Underlying is less\nthan or equal to zero but greater than or equal to the Barrier Percentage: \n $1,000 per $1,000 Principal Amount (zero return). \n \n n \n If the Reference Return of the Least Performing Underlying is less\n than the Barrier Percentage:* \n \n $1,000 + ($1,000 × Reference Return of the Least Performing Underlying). \n \n Under these circumstances, you will lose 1% of\n the Principal Amount of your Notes for each percentage point that the Reference Return of the Least Performing Underlying is below zero.\n For example, if the Reference Return of the Least Performing Underlying is -60.00%, you will suffer a 60.00% loss and receive 40.00% of\n the Principal Amount, subject to the credit risk of HSBC. You should be aware that if the Reference Return of the Least Performing\n Underlying is less than the Barrier Percentage, you will lose some or all of your investment. \n
Barrier Percentage:	With respect to each Underlying, -50.00%
Initial Value:\t	$725.18 with respect to META and $228.38 with respect to NVDA, each of which was its Official Closing Price on the Pricing Date.
Final Value:\t	With respect to each Underlying, its Official Closing Price on the Final Valuation Date.
Form of Notes:	Book-Entry
Listing:	The Notes will not be listed on any U.S. securities exchange or quotation system.
CUSIP/ISIN:	40447LEF3/US40447LEF31
Estimated Initial Value:	The Estimated Initial Value of the Notes is less than the price you pay to purchase the Notes. The Estimated Initial Value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Notes in the secondary market, if any, at any time. See “Risk Factors — The Estimated Initial Value of the Notes, which was determined by us on the Trade Date, is less than the price to public and may differ from the market value of the Notes in the secondary market, if any.”

PS - 3

GENERAL

This document relates to an offering of Notes\nlinked to the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC USA Inc. Although the offering\nof Notes relates to the Reference Asset, you should not construe that fact as a recommendation as to the merits of acquiring an investment\nlinked to the Reference Asset or as to the suitability of an investment in the Notes.

You should read this document together with the\nprospectus dated February 21, 2024, the prospectus supplement dated February 21, 2024 and the Stock-Linked Underlying Supplement\ndated February 21, 2024. If the terms of the Notes offered hereby are inconsistent with those described in the accompanying prospectus,\nprospectus supplement or Stock-Linked Underlying Supplement, the terms described in this document shall control. You should carefully\nconsider, among other things, the matters set forth in “Risk Factors” beginning on page PS-7. of this document, page S-1\nof the prospectus supplement and page S-1 of the Stock-Linked Underlying Supplement, as the Notes involve risks not associated with\nconventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in\nthe Notes. As used herein, references to the “Issuer”, “HSBC”, “we”, “us” and “our”\nare to HSBC USA Inc.

HSBC has filed a registration statement (including\na prospectus, prospectus supplement and Stock-Linked Underlying Supplement) with the SEC for the offering to which this document relates.\nBefore you invest, you should read the prospectus, prospectus supplement and Stock-Linked Underlying Supplement in that registration statement\nand other documents HSBC has filed with the SEC for more complete information about HSBC and this offering. You may get these documents\nfor free by visiting EDGAR on the SEC’s web site at www.sec.gov. Alternatively, HSBC Securities (USA) Inc. or any dealer participating\nin this offering will arrange to send you the prospectus, prospectus supplement and Stock-Linked Underlying Supplement if you request\nthem by calling (212) 5225-8010.

You may also obtain:

🞂

The\n Stock-Linked Underlying Supplement at: https://www.sec.gov/Archives/edgar/data/83246/000110465924025892/tm244959d5_424b2.htm

🞂

The\n prospectus supplement at: https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm

🞂

The\n prospectus at: https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm

PS - 4

PAYMENT ON THE NOTES

Call Feature

If the Official Closing Price of each Underlying is at or above its\nCall Threshold on the Call Observation Date, the Notes will be automatically called, and you will receive a cash payment, per $1,000 Principal\nAmount, equal to the Principal Amount plus the Call Premium on the Call Payment Date.

Call Premium

If the Notes are called on the Call Observation Date, we will pay the\nCall Premium on the Call Payment Date, which is 23.50% (or $235.00 for each $1,000 Principal Amount). For information regarding the record\ndates applicable to the Call Premiums payable on the Notes, please see the section entitled “Description of Notes—Interest\nand Principal Payments—Recipients of Interest Payments” beginning on page S-17 in the accompanying prospectus supplement.

Payment at Maturity

Unless the Notes are automatically called, on the Maturity Date, for\neach Note you hold, we will pay you the Final Settlement Value, which is an amount in cash, as described below:

If the Reference Return of the Least Performing\nUnderlying is greater than zero, you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount, calculated as\nfollows:

$1,000 + ($1,000 ×\nReference Return of the Least Performing Underlying × Upside Participation Rate).

If the Reference Return of the Least Performing\nUnderlying is less than or equal to zero but greater than or equal to the Barrier Percentage, you will receive:

$1,000 per $1,000 Principal\nAmount (zero return).

If the Reference Return of the Least Performing\nUnderlying is less than the Barrier Percentage, you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount,\ncalculated as follows:

$1,000 + ($1,000 ×\nReference Return of the Least Performing Underlying).

Under these circumstances, you will lose 1% of\nthe Principal Amount of your Notes for each percentage point that the Reference Return of the Least Performing Underlying is below zero.\nFor example, if the Reference Return of the Least Performing Underlying is -60.00%, you will suffer a 60.00% loss and receive 40.00% of\nthe Principal Amount, subject to the credit risk of HSBC. You should be aware that if the Reference Return of the Least Performing\nUnderlying is less than the Barrier Percentage, you will lose some or all of your investment.

Interest

The Notes will not pay interest.

Calculation Agent

We or one of our affiliates will act as calculation\nagent with respect to the Notes.

PS - 5

INVESTOR SUITABILITY

The Notes may be suitable for you if:

►

You seek (i) a Call Premium based on the performance of the Underlyings, that will be payable if the Official Closing Price of each\nUnderlying is greater than or equal to the Call Threshold on the Call Observation Date; and /or (ii) an investment with an enhanced return\nlinked to the potential positive performance of the Least Performing Underlying and you believe the Reference Return of the Least Performing\nUnderlying will be positive or will not decline below the Barrier Percentage of -50.00%.

►

You are willing to make an investment that is exposed to the negative Reference Return of the Least Performing Underlying on a 1-to-1\nbasis from the Initial Value if the Reference Return of the Least Performing Underlying is less than the Barrier Percentage.

►

You understand and accept that you may lose 100.00% of your investment.

►

You are willing to accept the risk and return profile of the Notes versus a conventional debt security with a comparable maturity\nissued by HSBC or another issuer with a similar credit rating.

►

You are willing to forgo dividends or other distributions paid to holders of any Underlying.

►

You do not seek current income from your investment.

►

You do not seek an investment for which there is an active secondary market.

►

You are willing to hold the Notes to maturity.

►

You are comfortable with the creditworthiness of HSBC, as Issuer of the Notes.

The Notes may not be suitable for you if:

►

You believe the Reference Return of the Least Performing Underlying will be (i) less than the Call\nThreshold on the Call Observation Date; and/or (ii) less than the Barrier Percentage or that the Reference Return of the Least Performing\nUnderlying will not be sufficiently positive to provide you with your desired return.

►

You are unwilling to make an investment that is exposed to the negative Reference Return of the Least Performing Underlying on a 1-to-1\nbasis from the Initial Value if the Reference Return of the Least Performing Underlying is less than the Barrier Percentage.

►

You seek an investment that provides full return of principal.

►

You prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities with comparable maturities\nissued by HSBC or another issuer with a similar credit rating.

►

You prefer to receive the dividends or other distributions paid to holders of any Underlying.

►

You seek current income from your investment.

►

You seek an investment for which there will be an active secondary market.

►

You are unable or unwilling to hold the Notes to maturity.

►

You are not willing or are unable to assume the credit risk associated with HSBC, as Issuer of the Notes.

PS - 6

RISK FACTORS

We urge you to read the section “Risk Factors”\nbeginning on page S-1 of the accompanying prospectus supplement and on page S-1 of the accompanying Stock-Linked Underlying\nSupplement. You should understand the risks of investing in the Notes and should reach an investment decision only after careful consideration,\nwith your advisors, of the suitability of the Notes in light of your particular financial circumstances and the information set forth\nin this document and the accompanying, prospectus, prospectus supplement and Stock-Linked Underlying Supplement.

In addition to the risks discussed below, you\nshould review “Risk Factors” in the accompanying prospectus supplement and Stock-Linked Underlying Supplement including the\nexplanation of risks relating to the Notes described in the following sections:

►

“— Risks Relating to All Note Issuances” in the prospectus supplement; and

►

“— General Risks Related to Indices” in the Stock-Linked Underlying Supplement.

You will be subject to significant risks not associated\nwith conventional fixed-rate or floating-rate debt securities.

Risks Relating to the Structure or Features\nof the Notes

Your investment in the Notes may result in\na loss.

You will be exposed to the decline in the Final\nValue from the Initial Value if the Reference Return of the Least Performing Underlying is beyond the Barrier Percentage of -50.00%. Accordingly,\nif the Reference Return of the Least Performing Underlying is less than the Barrier Percentage of -50.00%, your Payment at Maturity will\nbe less than the Principal Amount of your Notes. You will lose some or all of your investment at maturity if the Reference Return of the\nLeast Performing Underlying is less than the Barrier Percentage.

You may not receive the Call Premium.

The Notes may not be called, and in such a case\nyou will not receive the Call Premium.

The amount payable on the Notes is not linked\nto the values of the Underlyings at any time other than the Call Observation Date and the Final Valuation Date.

The payments on the Notes will be based on the\nOfficial Closing Prices of the Underlyings on the Call Observation Date and, if the Notes are not called, the Final Valuation Date, subject\nto postponement for non-trading days and certain Market Disruption Events. Even if the value of each Underlying is greater than or equal\nto its Call Threshold during the term of the Notes other than on the Call Observation Date but then decreases on the Call Observation\nDate to a value that is less than its Call Threshold, the Call Premium will not be payable for the relevant Call Payment Date. Similarly,\nif the Notes are not called, even if the value of the Least Performing Underlying appreciates during the term of the Notes other than\non the Final Valuation Date but then decreases on the Final Valuation Date to a value that reflects a Reference Return that is less than\nthe Barrier Percentage, the Payment at Maturity may be less, and may be significantly less, than it would have been had the Payment at\nMaturity been linked to the value of the Least Performing Underlying prior to such decrease. Although the actual values of the Underlyings\non the Maturity Date or at other times during the term of the Notes may be higher than their respective values on the Call Observation\nDate or the Final Valuation Date, the Call Premium will be based solely on the Official Closing Prices of the Underlyings on the Call\nObservation Date, and the Payment at Maturity will be based solely on the Official Closing Price of the Least Performing Underlying on\nthe Final Valuation Date.

The Notes will not bear interest.

As a holder of the Notes, you will not receive\ninterest payments.

Since the Notes are linked to the performance\nof more than one Underlying, you will be fully exposed to the risk of fluctuations in the value of each Underlying.

Since the Notes are linked to the performance\nof more than one Underlying, the Notes will be linked to the individual performance of each Underlying. Because the Notes are not linked\nto a basket, in which the risk is mitigated and diversified among all of the components of a basket, you will be exposed to the risk of\nfluctuations in the value of each Underlying. For example, in the case of notes linked to a basket, the return would depend on the aggregate\nperformance of the basket components reflected as the basket return. Thus, the depreciation of any basket component could be mitigated\nby the appreciation of another basket component. However, in the case of these Notes, the individual performance of each of the Underlyings\nwould not be combined to calculate your return and the depreciation of either Underlying would not be mitigated by the appreciation of\nthe other Underlying. Instead, your return would depend on the Least Performing Underlying.

PS - 7

Because the Notes are linked to the performance\nof the Least Performing Underlying, you are exposed to greater risks of sustaining a significant loss on your investment than if the Notes\nwere linked to just one Underlying.

The risk that you will suffer a significant loss\non your investment, is greater if you invest in the Notes as opposed to substantially similar securities that are linked to the performance\nof just one Underlying. With multiple Underlyings, it is more likely that the Reference Return of one of the Underlyings will be below\nthe Barrier Percentage on the Final Valuation Date, than if the Notes were linked to only one Underlying. Therefore, it is more likely\nthat you will suffer a significant loss on your investment.

Risks Relating to the Reference Asset

Concentration of investment in one sector.

Each of the Reference Stocks are concentrated\nin the technology sector. Consequently, the value of the Notes may be subject to greater volatility and be more adversely affected by\na single economic, environmental, political or regulatory occurrence affecting such industries than an investment linked to a more broadly\ndiversified group of issuers.

General Risk Factors

The Notes are subject to the credit risk of\nHSBC USA Inc.

The Notes are senior unsecured debt obligations\nof the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party. As further described in the accompanying\nprospectus supplement and prospectus, the Notes will rank on par with all of the other unsecured and unsubordinated debt obligations of\nHSBC, except such obligations as may be preferred by operation of law. Any payment to be made on the Notes, including any return of principal\nat maturity, depends on the ability of HSBC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness\nof HSBC may affect the market value of the Notes and, in the event HSBC were to default on its obligations, you may not receive the amounts\nowed to you under the terms of the Notes.

The Notes are not insured or guaranteed by\nany governmental agency of the United States or any other jurisdiction.

The Notes are not deposit liabilities or other\nobligations of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency\nor program of the United States or any other jurisdiction. An investment in the Notes is subject to the credit risk of HSBC, and in the\nevent that HSBC is unable to pay its obligations as they become due, you may not receive the full payments due on the Notes.

The Estimated Initial Value of the Notes, which\nwas determined by us on the Trade Date, is less than the price to public and may differ from the market value of the Notes in the secondary\nmarket, if any.

The Estimated Initial Value of the Notes was calculated\nby us on the Trade Date and is less than the price to public. The Estimated Initial Value reflects our internal funding rate, which is\nthe borrowing rate we pay to issue market-linked securities, as well as the mid-market value of the embedded derivatives in the Notes.\nThis internal funding rate is typically lower than the rate we would use when we issue conventional fixed or floating rate debt securities.\nAs a result of the difference between our internal funding rate and the rate we would use when we issue conventional fixed or floating\nrate debt securities, the Estimated Initial Value of the Notes may be lower if it were based on the prices at which our fixed or floating\nrate debt securities trade in the secondary market. In addition, if we were to use the rate we use for our conventional fixed or floating\nrate debt issuances, we would expect the economic terms of the Notes to be more favorable to you. We determined the value of the embedded\nderivatives in the Notes by reference to our or our affiliates’ internal pricing models. These pricing models consider certain assumptions\nand variables, which can include volatility and interest rates. Different pricing models and assumptions could provide valuations for\nthe Notes that are different from our Estimated Initial Value. These pricing models rely in part on certain forecasts about future events,\nwhich may prove to be incorrect. The Estimated Initial Value does not represent a minimum price at which we or any of our affiliates would\nbe willing to purchase your Notes in the secondary market (if any exists) at any time.

The price of your Notes in the secondary market, if any, immediately\nafter the Trade Date is expected to be less than the price to public.

The price to public takes into account certain\ncosts. These costs include our affiliates’ projected hedging profits (which may or may not be realized) for assuming risks inherent\nin hedging our obligations under the Notes, the underwriting discount and the costs associated with structuring and hedging our obligations\nunder the Notes. These costs will be used or retained by us or one of our affiliates, except for underwriting discounts paid to unaffiliated\ndistributors. If you were to sell your Notes in the secondary market, if any, the price you would receive for your Notes may be less than\nthe price you paid for them because secondary market prices will not take into account these costs. The price of your Notes in the secondary\nmarket, if any, at any time after issuance will vary based on many factors, including the values of the Underlyings and changes in market\nconditions, and cannot be predicted with accuracy. The Notes are not

PS - 8

designed to be short-term trading instruments, and you should, therefore,\nbe able and willing to hold the Notes to maturity. Any sale of the Notes prior to maturity could result in a loss to you.

If we were to repurchase your Notes immediately\nafter the Original Issue Date, the price you receive may be higher than the Estimated Initial Value of the Notes.

Assuming that all relevant factors remain constant\nafter the Original Issue Date, the price at which HSBC Securities (USA) Inc. may initially buy or sell the Notes in the secondary market,\nif any, and the value that may initially be used for customer account statements, if any, may exceed the Estimated Initial Value on the\nTrade Date for a temporary period expected to be approximately 6 months after the Original Issue Date. This temporary price difference\nmay exist because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our\nobligations under the Notes and other costs in connection with the Notes that we will no longer expect to incur over the term of the Notes.\nWe will make such discretionary election and determine this temporary reimbursement period on the basis of a number of factors, including\nthe tenor of the Notes and any agreement we may have with the distributors of the Notes. The amount of our estimated costs which we effectively\nreimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement\nat any time or revise the duration of the reimbursement period after the Original Issue Date of the Notes based on changes in market conditions\nand other factors that cannot be predicted.

You will not have any ownership interest in\nany Underlying.

As a holder of the Notes, you will not have any\nownership interest in any Underlying, such as rights to vote, dividend payments or other distributions. Because the return on the Notes\nwill not reflect any dividends on the Underlyings, the Notes may underperform an investment in the Underlyings.

The Notes lack liquidity.

The Notes will not be listed on any securities\nexchange or automated quotation system. HSBC Securities (USA) Inc. is not required to offer to purchase the Notes in the secondary market,\nif any exists. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily.\nBecause other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes\nis likely to depend on the price, if any, at which HSBC Securities (USA) Inc. is willing to buy the Notes.

Potential conflicts of interest may exist.

An affiliate of HSBC has a minority equity interest\nin the owner of an electronic platform, through which we may make available certain structured investments offering materials. HSBC and\nits affiliates play a variety of roles in connection with the issuance of the Notes, including acting as calculation agent and hedging\nour obligations under the Notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours\nare potentially adverse to your interests as an investor in the Notes. We will not have any obligation to consider your interests as a\nholder of the Notes in taking any action that might affect the value of your Notes.

Uncertain tax treatment.

For a discussion of the U.S. federal income tax\nconsequences of your investment in a Note, please see the discussion under “U.S. Federal Income Tax Considerations” herein\nand the discussion under “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement.

PS - 9

ILLUSTRATIVE EXAMPLES

The following table and examples are provided\nfor illustrative purposes only and are hypothetical. They do not purport to be representative of every possible scenario concerning increases\nor decreases in the value of any Underlying relative to its Initial Value. We cannot predict the Final Value of an Underlying. The assumptions\nwe have made in connection with the illustrations set forth below may not reflect actual events. You should not take this illustration\nor these examples as an indication or assurance of the expected performance of the Underlyings or the return on your Notes. The Final\nSettlement Value may be less than the amount that you would have received from a conventional debt security with the same stated maturity,\nincluding such a security issued by HSBC. The numbers appearing in the table below and following examples have been rounded for ease of\nanalysis.

The table below illustrates the Payment at Maturity\nif the Notes are not called on a $1,000 investment in the Notes for a hypothetical range of Reference Returns of the Least Performing\nUnderlying from -100% to +100%. The following results are based solely on the assumptions outlined below. The “Hypothetical Return\non the Notes” as used below is the number, expressed as a percentage, that results from comparing the Final Settlement Value per\n$1,000 Principal Amount to $1,000. The potential returns described here assume that your Notes are held to maturity. You should consider\ncarefully whether the Notes are suitable to your investment goals. The following table and examples assume the following,:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

🞂	Principal Amount:	$1,000
🞂	Hypothetical Initial Value for each Underlying:	$100.00
🞂	Call Threshold:	80.00%
🞂	Call Premium:	23.50%
🞂	Maximum Cap:	None
🞂	Upside Participation Rate:	200.00%
🞂	Barrier Percentage:	-50.00%

The hypothetical Initial Value of $100.00 used\nin the examples below has been chosen for illustrative purposes only and does not represent the actual Initial Value of any Underlying.\nThe actual Initial Value of each Underlying is set forth on page PS-3 of this document. The table below assumes that the Notes have\nnot been called and are held to maturity.

\n Hypothetical \n Final Value of the \n Least Performing \n Underlying	Hypothetical \nReference Return of \nthe Least Performing \nUnderlying	\n Hypothetical \n Payment at Maturity	\n Hypothetical \n Return on the Notes
$200.00	100.00%	$3,000.00	200.00%
$180.00	80.00%	$2,600.00	160.00%
$160.00	60.00%	$2,200.00	120.00%
$140.00	40.00%	$1,800.00	80.00%
$130.00	30.00%	$1,600.00	60.00%
$120.00	20.00%	$1,400.00	40.00%
$115.00	15.00%	$1,300.00	30.00%
$110.00	10.00%	$1,200.00	20.00%
$105.00	5.00%	$1,100.00	10.00%
$102.00	2.00%	$1,040.00	4.00%
$101.00	1.00%	$1,020.00	2.00%
$100.00	0.00%	$1,000.00	0.00%
$99.00	-1.00%	$1,000.00	0.00%
$98.00	-2.00%	$1,000.00	0.00%
$95.00	-5.00%	$1,000.00	0.00%
$80.00	-20.00%	$1,000.00	0.00%
$50.00	-50.00%	$1,000.00	0.00%
$40.00	-60.00%	$400.00	-60.00%
$30.00	-70.00%	$300.00	-70.00%
$20.00	-80.00%	$200.00	-80.00%
$10.00	-90.00%	$100.00	-90.00%
$10.00	-90.00%	$100.00	-90.00%
$0.00	-100.00%	$0.00	-100.00%

PS - 10

The following examples indicate how the Final\nSettlement Value would be calculated with respect to a hypothetical $1,000 investment in the Notes.

Example 1: The Official Closing Price of each\nUnderlying on the Call Observation Date is greater than or equal to its Call Threshold.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Underlying	Initial Value	Official Closing Price
META	$100.00	$125.00 (125.00% of Initial Value)
NVDA	$100.00	$95.00 (95.00% of Initial Value)

\n \n \n \n \n \n \n


Payment Upon a Call:	$1,205.00

Because the Official Closing Price of each Underlying\non the Call Observation Date is at or above its Call Threshold, the Notes will be called and you will receive $1,235.00 per Note, reflecting\nthe Principal Amount plus the Call Premium, resulting in a 23.50% return on the Notes. No extra payment will be made on account of each\nUnderlying closing above its respective Initial Value.

Example 2: The Notes are not called and the\nvalue of the Least Performing Underlying increases from the Initial Value of $100.00 to a Final Value of $110.00.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Underlying	Initial Value	Final Value
META	$100.00	$125.00 (125.00% of Initial Value)
NVDA	$100.00	$110.00 (110.00% of Initial Value)

NVDA is the\nLeast Performing Underlying.

\n \n \n \n \n \n \n \n \n \n


Reference Return of the Least Performing Underlying:	10.00%
Final Settlement Value:	$1,200.00

Because the Reference Return of the Least Performing\nUnderlying is positive, the Final Settlement Value would be $1,200.00 per $1,000 Principal Amount, calculated as follows:

$1,000 + ($1,000 × Reference\nReturn of the Least Performing Underlying × Upside Participation Rate)

= $1,000 + ($1,000 ×\n10.00% × 200.00%)

= $1,200.00

Example 2 shows that you will receive the return\nof your principal investment plus a return equal to the Reference Return of the Least Performing Underlying multiplied by the Upside Participation\nRate of 200.00% when the Reference Return of the Least Performing Underlying is positive.

PS - 11

Example 3: The Notes are not called and the\nvalue of the Least Performing Underlying decreases from the Initial Value of $100.00 to a Final Value of $80.00.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Underlying	Initial Value	Final Value
META	$100.00	$115.00 (115.00% of Initial Value)
NVDA	$100.00	$80.00 (80.00% of Initial Value)

NVDA is the\nLeast Performing Underlying.

\n \n \n \n \n \n \n \n \n \n


Reference Return of the Least Performing Underlying:	-20.00%
Final Settlement Value:	$1,000.00

Because the Reference Return of the Least Performing\nUnderlying is less than zero but greater than the Barrier Percentage of -50.00%, the Final Settlement Value would be $1,000.00 per $1,000\nPrincipal Amount (a zero return).

Example 4: The Notes are not called and the\nvalue of the Least Performing Underlying decreases from the Initial Value of $100.00 to a Final Value of $30.00.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Underlying	Initial Value	Final Value
META	$100.00	$110.00 (110.00% of Initial Value)
NVDA	$100.00	$30.00 (30.00% of Initial Value)

NVDA is the Least Performing Underlying.

\n \n \n \n \n \n \n \n \n \n


Reference Return of the Least Performing Underlying:	-70.00%
Final Settlement Value:	$300.00

Because the Reference Return of the Least Performing Underlying is\nless than the Barrier Percentage of -50.00%, the Final Settlement Value would be $300.00 per $1,000 Principal Amount, calculated as follows:

$1,000 + ($1,000 × Reference\nReturn of the Least Performing Underlying)

= $1,000 + ($1,000 ×\n-70.00%)

= $300.00

Example 4 shows that you are exposed on a 1-to-1\nbasis to declines in the value of the Least Performing Underlying if its Reference Return is beyond the Barrier Percentage of -50.00%.\nYou may lose some or all of your investment.

PS - 12

DESCRIPTION OF THE REFERENCE ASSET

\n \n \n \n \n \n \n

Description of META

\n \n

Meta Platforms, Inc. operates as a social\n technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses.\n Meta Platform is also involved in advertisements, augmented, and virtual reality. Information filed by the Company with the SEC under\n the Exchange Act can be located by reference to its SEC file number: 001-35551 or its CIK Code: 0001326801. The Class A common stock\n of the Company trades on the Nasdaq Global Select Market under the symbol 'META'.

Historical Performance of META

\n \n

The following graph sets forth the historical\n performance of META based on the daily historical closing values from September 30, 2016 through September 30, 2026. We obtained\n the closing values below from the Bloomberg Professional^® service. We have not undertaken any independent review of, or\n made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional^® service.

\n \n

$\"\"$

\n \n

The historical values of META should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Price of META on the Final Valuation Date.

\n \n \n \n \n \n \n

Description of NVDA

\n \n

NVIDIA Corporation designs, develops, and markets\n three dimensional (3D) graphics processors and related software. The Company's products provide interactive 3D graphics to the mainstream\n personal computer market.Information filed by the Company with the SEC under the Exchange Act can be located by reference to its SEC file\n number: 000-23985 or its CIK Code: 0001045810. The common stock of the Company trades on the Nasdaq Global Select Market under the symbol\n 'NVDA'.

Historical Performance of NVDA

\n \n

The following graph sets forth the historical\n performance of NVDA based on the daily historical closing values from September 30, 2016 through September 30, 2026. We obtained\n the closing values below from the Bloomberg Professional^® service. We have not undertaken any independent review of, or\n made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional^® service.

\n \n

$\"\"$

\n \n

The historical values of NVDA should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Price of NVDA on the Final Valuation Date.

PS - 13

EVENTS OF DEFAULT AND ACCELERATION

If the Notes have become immediately due and payable\nfollowing an Event of Default (as defined in the accompanying prospectus) with respect to the Notes, the calculation agent will determine\nthe accelerated payment due and payable in the same general manner as described in this document except that in such a case, the scheduled\ntrading day immediately preceding the date of acceleration will be used as the Final Valuation Date for purposes of determining the Reference\nReturn of the Reference Asset, and the accelerated Maturity Date will be three business days after the accelerated Final Valuation Date.\nIf a Market Disruption Event exists with respect to the Reference Asset on that scheduled trading day, then the accelerated Final Valuation\nDate for the Reference Asset will be postponed for up to five scheduled trading days (in the same manner used for postponing the originally\nscheduled Final Valuation Date). The accelerated Maturity Date will also be postponed by an equal number of business days. For the avoidance\nof doubt, if no Market Disruption Event exists with respect to an Underlying on the scheduled trading day preceding the date of acceleration,\nthe determination of such Underlying’s Reference Return will be made on such date, irrespective of the existence of a Market Disruption\nEvent with respect to any other Underlying occurring on such date.

If the Notes have become immediately due and payable\nfollowing an Event of Default, you will not be entitled to any additional payments with respect to the Notes. For more information, see\n“Description of Debt Securities — Senior Debt Securities — Events of Default” in the accompanying prospectus.

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF\nINTEREST)

We have appointed HSBC Securities (USA) Inc.,\nan affiliate of HSBC, as the agent for the sale of the Notes. Pursuant to the terms of a distribution agreement, HSBC Securities (USA)\nInc. will purchase the Notes from HSBC at the price to public less the underwriting discount set forth on the cover page of this\ndocument, for distribution to other registered broker-dealers, or will offer the Notes directly to investors. HSBC Securities (USA) Inc.\nhas offered the Notes at the price to public set forth on the cover page of this document. HSBC USA Inc. or one of our affiliates\nmay pay varying underwriting discounts of up to 0.50% per $1,000 Principal Amount in connection with the distribution of the Notes to\nother registered broker-dealers.

An affiliate of HSBC has paid or may pay in the\nfuture an amount to broker-dealers in connection with the costs of the continuing implementation of systems to support the Notes. We or\none of our affiliates may pay a fee to one or more broker dealers for providing certain services with respect to this offering, which\nmay reduce the economic terms of the notes to you.

In addition, HSBC Securities (USA) Inc. or another of its affiliates\nor agents may use this pricing supplement in market-making transactions after the initial sale of the Notes, but is under no obligation\nto make a market in the Notes and may discontinue any market-making activities at any time without notice.

See “Supplemental Plan of Distribution (Conflicts\nof Interest)” on page S-87 in the prospectus supplement.

Delivery of the Notes will be made against payment\nfor the Notes on the Original Issue Date set forth on the inside cover page of this document, which is more than one business day\nfollowing the Trade Date. Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are\nrequired to settle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to\ntrade the Notes more than one business day prior to the Original Issue Date will be required to specify an alternate settlement cycle\nat the time of any such trade to prevent a failed settlement, and should consult their own advisors.

U.S. FEDERAL INCOME TAX CONSIDERATIONS

There is no direct legal authority as to the proper\ntax treatment of the Notes, and therefore significant aspects of the tax treatment of the Notes are uncertain as to both the timing and\ncharacter of any inclusion in income in respect of the Notes. Under one approach, a Note should be treated as a pre-paid executory contract\nwith respect to the Underlyings. We intend to treat the Notes consistent with this approach. Pursuant to the terms of the Notes, you agree\nto treat the Notes under this approach for all U.S. federal income tax purposes. Subject to the limitations described therein, and based\non certain factual representations received from us, in the opinion of our special U.S. tax counsel, Mayer Brown LLP, it is reasonable\nto treat a Note as a pre-paid executory contract with respect to the Underlyings. Pursuant to this approach, we do not intend to report\nany income or gain with respect to the Notes prior to their maturity or an earlier sale, call or exchange and we intend to treat any gain\nor loss upon maturity or an earlier sale, call or exchange as long-term capital gain or loss, provided you have held the Note for more\nthan one year at such time for U.S. federal income tax purposes. If the Notes are held by the same United States holder until maturity,\nthat holder’s holding period will generally include the maturity date.

We will not attempt to ascertain whether any Underlying\nwould be treated as a passive foreign investment company (“PFIC”) or United States real property holding corporation (“USRPHC”),\nboth as defined for U.S. federal income tax purposes. If any Underlying were so treated, certain adverse U.S. federal income tax consequences\nmight apply. You should refer to information filed with the SEC and other

PS - 14

authorities by the Underlyings and consult your tax advisor\nregarding the possible consequences to you if any Underlying is or becomes a PFIC or a USRPHC.

Under current law, while the matter is not entirely\nclear, individual non-U.S. holders, and entities whose property is potentially includible in those individuals’ gross estates for\nU.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained\ncertain interests or powers), should note that, absent an applicable treaty benefit, the Notes are likely to be treated as U.S. situs\nproperty, subject to U.S. federal estate tax. These individuals and entities should consult their own tax advisors regarding the U.S.\nfederal estate tax consequences of investing in the Notes.

A “dividend equivalent” payment is\ntreated as a dividend from sources within the United States and such payments generally would be subject to a 30% U.S. withholding tax\nif paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments (including deemed payments) with respect to equity-linked\ninstruments (“ELIs”) that are “specified ELIs” may be treated as dividend equivalents if such specified ELIs reference\nan interest in an “underlying security,” which is generally any interest in an entity taxable as a corporation for U.S. federal\nincome tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However, Internal Revenue\nService guidance provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments\nand that are issued before January 1, 2027. Based on the Issuer’s determination that the Notes are not “delta-one”\ninstruments, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if any, under the Notes. However,\nit is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain\nevents affecting an Underlying or the Notes, and following such occurrence the Notes could be treated as subject to withholding on dividend\nequivalent payments. Non-U.S. holders that enter, or have entered, into other transactions in respect of an Underlying or the Notes should\nconsult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes and their other\ntransactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable paying agent) would be\nentitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld.

For a discussion of the U.S. federal income tax\nconsequences of your investment in a Note, please see the discussion under “U.S. Federal Income Tax Considerations” in the\naccompanying prospectus supplement.

PROSPECTIVE PURCHASERS OF NOTES SHOULD CONSULT\nTHEIR TAX ADVISORS AS TO THE FEDERAL, STATE, LOCAL, AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES.

VALIDITY OF THE NOTES

In the opinion of Mayer Brown LLP, as counsel\nto the Issuer, when this pricing supplement has been attached to, and duly notated on, the master note that represents the Notes pursuant\nto the Senior Indenture referred to in the prospectus supplement dated February 21, 2024, and issued and paid for as contemplated\nherein, the Notes offered by this pricing supplement will be valid, binding and enforceable obligations of the Issuer, entitled to the\nbenefits of the Senior Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally,\nconcepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair\ndealing and the lack of bad faith). This opinion is given as of the date hereof and is limited to the laws of the State of New York, the\nMaryland General Corporation Law (including the statutory provisions, all applicable provisions of the Maryland Constitution and the reported\njudicial decisions interpreting the foregoing) and the federal laws of the United States of America. This opinion is subject to customary\nassumptions about the trustee’s authorization, execution and delivery of the Senior Indenture and the genuineness of signatures\nand to such counsel’s reliance on the Issuer and other sources as to certain factual matters, all as stated in the legal opinion\ndated February 23, 2014, which has been filed as Exhibit 5.3 to the Issuer’s registration statement on Form S-3 dated\nFebruary 21, 2024.

PS - 15

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

TABLE OF CONTENTS		You should only rely\non the information contained in this document, the accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus.\nWe have not authorized anyone to provide you with information or to make any representation to you that is not contained in this document,\nthe accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent\ninformation, you should not rely on it. This document, the accompanying Stock-Linked Underlying Supplement, prospectus supplement and\nprospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction\nwhere the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this document, the accompanying\nStock-Linked Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates. \n \n \n \n \n \n\n HSBC USA Inc. \n\n\n\n\n\n $25,000 \nBarrier Participation Notes with \nAutocall Feature Linked to the \nLeast Performing of the Equity \nSecurities of Meta Platforms, Inc. \nand\nNVIDIA Corporation \n\n\n\n\n\n\n\n September 30, 2026 \n\n\n\n\n Pricing Supplement \n
Pricing Supplement
General	PS-4
Payment at Maturity	PS-5
Investor Suitability	PS-6
Risk Factors	PS-7
Illustrative Examples	PS-10
Description of the Reference Asset	PS-13
Events of Default and Acceleration	PS-14
Supplemental Plan of Distribution (Conflicts of Interest)	PS-14
U.S. Federal Income Tax Considerations	PS-14
Validity of the Notes	PS-15
Stock-Linked Underlying Supplement
Risk Factors	S-1
Additional Terms of the Notes	S-7
Information Regarding the Reference Stocks and the Reference Stock Issuers	S-13
Prospectus Supplement
Risk Factors	S-1
Pricing Supplement	S-12
Description of Notes	S-14
Use of Proceeds and Hedging	S-58
Certain ERISA and Related Considerations	S-59
U.S. Federal Income Tax Considerations	S-61
Supplemental Plan of Distribution (Conflicts of Interest)	S-87
Prospectus
About this Prospectus	1
Risk Factors	2
Where You Can Find More Information	3
Special Note Regarding Forward-Looking Statements	4
HSBC USA Inc.	6
Use of Proceeds	7
Description of Debt Securities	8
Description of Preferred Stock	19
Description of Warrants	24
Description of Purchase Contracts	29
Description of Units	32
Book-Entry Procedures	35
Limitations on Issuances in Bearer Form	39
U.S. Federal Income Tax Considerations Relating to Debt Securities	40
Certain European Union Tax Considerations Relating to Debt Securities	48
Plan of Distribution (Conflicts of Interest)	49
Notice to Canadian Investors	52
Notice to EEA Investors	53
Notice to U.K. Investors	54
U.K. Financial Promotion	54
Certain ERISA and Related Matters	55
Legal Opinions	57
Experts	58

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