HSBC USA Inc. Trigger Autocallable Notes
$20,138,140 Notes Linked to the S&P 500^® Index due on August 10, 2027 

The Notes are significantlyriskier than conventional debt INSTRUMENTS. the terms of the Notes may not obligate HSBC TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES.the Notes CAN have downside MARKET risk SIMILAR TO the UNDERLYING INDEX, WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF The principal amountat maturity. This MARKET risk is in addition to the CREDIT risk INHERENT IN PURCHASING a DEBT OBLIGATION OF hsbc. You should notPURCHASE the Notes if you do not understand or are not comfortable with the significant risks INVOLVED in INVESTING IN the Notes.

YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ‘‘KEYRISKS’’ BEGINNING ON PAGE 7 OF THIS PRICING SUPPLEMENT AND THE MORE DETAILED ‘‘RISK FACTORS’’ BEGINNINGON PAGE S-1 OF THE ACCOMPANYING EQUITY INDEX UNDERLYING SUPPLEMENT AND BEGINNING ON PAGE S-1 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENTBEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKETVALUE OF, AND THE RETURN ON, YOUR NOTES.  

These terms relate to an offering of Notes Linked to the S&P 500^®Index. The Notes are offered at a minimum investment of $1,000 in denominations of $10 and integral multiples thereof.

See “Additional Information about HSBC USA Inc. and the Notes”on page 2 of this pricing supplement. The Notes offered will have the terms specified in the accompanying prospectus dated February 23,2021, the accompanying prospectus supplement dated February 23, 2021, the accompanying equity index underlying supplement dated February 23,2021 and the terms set forth herein.

Neither the U.S. Securities and Exchange Commission (the “SEC”)nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this document,the accompanying prospectus, prospectus supplement or Equity Index Underlying Supplement. Any representation to the contrary is a criminaloffense. The Notes are not deposit liabilities or other obligations of a bank and are not insured or guaranteed by the Federal DepositInsurance Corporation or any other governmental agency of the United States or any other jurisdiction.

The Notes will not be listed on any U.S. securities exchange or quotationsystem. HSBC Securities (USA) Inc., an affiliate of HSBC USA Inc., will purchase the Notes from HSBC USA Inc. for distribution to UBSFinancial Services Inc., acting as agent. See “Supplemental Plan of Distribution (Conflicts of Interest)” on the last page ofthis pricing supplement for a description of the distribution arrangements.

The Estimated Initial Value of the Notes on the Trade Date is $9.688per 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 predictedwith accuracy. See “Estimated Initial Value” on page 5 and “Key Risks” beginning on page 7 of this documentfor additional information.

⁽¹⁾ See “Supplemental Plan of Distribution (Conflicts of Interest)” on the last page of this pricing supplement.

The Notes: 

This pricing supplement relates to the offering of Notes identifiedon the cover page. As a purchaser of a Note, you will acquire a senior unsecured debt instrument linked to the Underlying Index, whichwill rank equally with all of our other unsecured and unsubordinated debt obligations. Although the offering of Notes relates to the UnderlyingIndex, you should not construe that fact as a recommendation of the merits of acquiring an investment linked to the Underlying Index,or as to the suitability of an investment in the Notes.

You should read this document together with the prospectus dated February 23,2021, the prospectus supplement dated February 23, 2021 and the Equity Index Underlying Supplement dated February 23, 2021.If the terms of the Notes offered hereby are inconsistent with those described in the accompanying Equity Index Underlying Supplement,prospectus supplement or prospectus, the terms described in this pricing supplement shall control. You should carefully consider, amongother things, the matters set forth in “Key Risks” beginning on page 7 of this pricing supplement and in “RiskFactors” beginning on page S-1 of the Equity Index Underlying Supplement and beginning on page S-1 of the prospectus supplement,as the Notes involve risks not associated with conventional debt securities. You are urged to consult your investment, legal, tax, accountingand other advisors before you invest in the Notes.

HSBC USA Inc. has filed a registration statement (including the EquityIndex Underlying Supplement, prospectus and prospectus supplement) with the SEC for the offering to which this pricing supplement relates.Before you invest, you should read the Equity Index Underlying Supplement, prospectus and prospectus supplement in that registration statementand other documents HSBC USA Inc. has filed with the SEC for more complete information about HSBC USA Inc. and this offering. You mayget these documents for free by visiting EDGAR on the SEC’s web site at www.sec.gov. Alternatively, HSBC Securities (USA) Inc. orany dealer participating in this offering will arrange to send you the Equity Index Underlying Supplement, prospectus and prospectus supplementif you request them by calling toll-free 1-866-811-8049.

You may access these documents on the SEC web site at www.sec.govas follows:

As used herein, references tothe “Issuer,” “HSBC,” “we,” “us” and “our” are to HSBC USA Inc. Referencesto the “prospectus supplement” mean the prospectus supplement dated February 23, 2021, references to “accompanyingprospectus” mean the HSBC USA Inc. prospectus, dated February 23, 2021 and references to the “Equity Index UnderlyingSupplement” mean the Equity Index Underlying Supplement dated February 23, 2021.

The suitability considerations identified aboveare not exhaustive. Whether or not the Notes are a suitable investment for you will depend on your individual circumstances, and you shouldreach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered thesuitability of an investment in the Notes in light of your particular circumstances. For more information about the Underlying Index,see page 13 of this pricing supplement and page S-55 of the accompanying Equity Index Underlying Supplement. You should alsocarefully review “Key Risks” beginning on page 7 of this pricing supplement and “Risk Factors” beginningon page S-1 of the Equity Index Underlying Supplement and beginning on page S-1 of the prospectus supplement.

¹Contingent repayment of principal is dependent on the ability of HSBC USA Inc. to satisfy its obligations when they come due. 

²The Observation Dates are subject to postponement if a Market Disruption Event occurs.

Investing in the NOTES involvessignificant risks. You may lose some or all of your principal amount. Any payment on the NOTES, including any repayment of principal ATMATURITY, is subject to the creditworthiness of HSBC. If HSBC were to default on its payment obligations, you may not receive any amountsowed to you under the NOTES and you could lose your entire investment.

An investment in the Notes involves significant risks. Some of therisks that apply to the Notes are summarized here. However, HSBC urges you to read the more detailed explanation of risks relating tothe Notes generally in the “Risk Factors” section of the accompanying Equity Index Underlying Supplement and the accompanyingprospectus supplement. HSBC also urges you to consult your investment, legal, tax, accounting and other advisors before you invest inthe Notes.

Risks Relating to the Structure or Features of the Notes

Risks Relating to the Underlying Index

General Risk Factors

The scenario analysis and examples below are hypothetical and providedfor illustrative purposes only. The hypothetical terms used below are not the actual terms that will apply to the Notes. The actualterms are indicated on the cover of this pricing supplement. They do not purport to be representative of every possible scenario concerningincreases or decreases in the level of the Underlying Index relative to the Initial Level. We cannot predict the Final Level or the OfficialClosing Level of the Underlying Index on any Observation Date. You should not take the scenario analysis and these examples as an indicationor assurance of the expected performance of the Underlying Index. The numbers appearing in the examples below have been rounded for easeof analysis. The following scenario analysis and examples illustrate the payment at maturity or upon an automatic call per $10.00 Noteon a hypothetical offering of the Notes, based on the following assumptions (the actual Initial Level of the Underlying Index for theNotes will be determined on the Trade Date):

  Observation Dates, Call Return Rates and Call Prices on ObservationDates:

¹ The actual Initial Level of the Underlying Indexwill be determined on the Trade Date.

Example 1— The Index closes at 110.00%of the Initial Level on the first Observation Date – the Notes are called.

Because the Official Closing Level ofthe Index on the first Observation Date is at or above the Initial Level, the Notes are automatically called at the applicable Call Priceof $11.074 per Note, representing a 10.74% return on the Notes.As long as the Index closes at or above the Initial Level on any Observation Date, HSBC will pay you the applicable Call Price.

Example 2— The Index closesbelow the Initial Level on each of the first sixteen Observation Dates and closes at 110.00% of the Initial Level on the FinalValuation Date – the Notes are called.

Because (i) the Official ClosingLevel of the Index on each of the first sixteen Observation Dates is below the Initial Level and (ii) the Official Closing Levelof the Index on the final Observation Date (which is also the Final Valuation Date) is at or above the Initial Level, the Notes are automaticallycalled at the applicable Call Price of $15.37 per Note, representing an 53.70% returnon the Notes.

Example 3— The Index closesbelow the Initial Level on each of the first sixteen Observation Dates and closes at 75.00% of the Initial Level on the FinalValuation Date – the Notes are not called.

Because (i) the Official Closing Level of theIndex on each of the first sixteen Observation Dates is below the Initial Level and (ii) the Official Closing Level of the Indexon the final Observation Date (which is also the Final Valuation Date) is below the Initial Level but at or above the Downside Threshold,the Notes are not automatically called, and HSBC will repay the Principal Amount of $10.00 per Note, representing a 0.00% return on theNotes.

Example 4— The Index closes below theInitial Level on each of the first sixteen Observation Dates. In addition, the Index closes at 59.00% of the Initial Level on the FinalValuation Date – the Notes are NOT called.

Because the Official Closing Level of the Index oneach of the first sixteen Observation Dates is below the Initial Level, the Notes are not automatically called. Furthermore, because theFinal Level of the Index is below the Downside Threshold on the Final Valuation Date, your principal is fully exposed to any decreasein the Final Level of the Index relative to the Initial Level. Therefore you will suffer a loss on the Notes of 41.00%. Expressed as aformula:

Underlying Index Return = (1,180.00 – 2,000.00) / 2,000.00 = -41.00%

Payment at Maturity= $10 × (1 + -41%) = $5.90

In this example, you would lose some of your PrincipalAmount at maturity.

If the Final Level of the Index is below theDownside Threshold on the Final Valuation Date, you are fully exposed to the negative Underlying Index Return, resulting in a loss ofsome or all of your principal that is proportionate to the decrease in the Official Closing Level of the Index from the Trade Date tothe Final Valuation Date.

You should carefully consider, among other things, the matters setforth in the section “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement. The following discussionsummarizes the U.S. federal income tax consequences of the purchase, beneficial ownership, and disposition of each of the Notes. Thissummary supplements the section “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement and supersedesit to the extent inconsistent therewith.

There are no statutory provisions, regulations, published rulings orjudicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantiallythe same as those of the Notes. Under one reasonable approach, the Notes should be treated as pre-paid executory contracts with respectto the Underlying Index. HSBC intends to treat the Notes consistent with this approach, and pursuant to the terms of the Notes, you agreeto treat the Notes under this approach for all U.S. federal income tax purposes. Subject to certain limitations described in the accompanyingprospectus supplement, and based on certain factual representations received from HSBC, in the opinion of HSBC’s special U.S. taxcounsel, Mayer Brown LLP, it is reasonable to treat the Notes in accordance with this approach. Pursuant to this approach, HSBC does notintend to report any income or gain with respect to the Notes prior to their maturity or an earlier sale, exchange or call and HSBC intendsto treat any gain or loss upon maturity or an earlier sale, exchange or call as long-term capital gain or loss, provided you have heldthe Note for more than one year at such time for U.S. federal income tax purposes. See “U.S. Federal Income Tax Considerations —Tax Treatment of U.S. Holders — Certain Notes Treated as a Put Option and a Deposit or an Executory Contract — Certain NotesTreated as Executory Contracts” in the accompanying prospectus supplement for certain U.S. federal income tax considerations applicableto securities that are treated as pre-paid executory contracts.

Because there are no statutory provisions, regulations, published rulingsor judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantiallythe same as those of the Notes, other characterizations and treatments are possible and the timing and character of income in respectof the Notes might differ materially and adversely from the treatment described above. For example, the Notes could be treated as debtinstruments that are “contingent payment debt instruments” for U.S. federal income tax purposes, subject to the treatmentdescribed under the heading “U.S. Federal Income Tax Considerations — Tax Treatment of U.S. Holders — U.S. Federal IncomeTax Treatment of the Notes as Indebtedness for U.S. Federal Income Tax Purposes — Contingent Notes” in the accompanying prospectussupplement.

In Notice 2008-2, the Internal Revenue Service (“IRS”)and the Treasury Department requested comments as to whether the purchaser of an exchange traded note or pre-paid forward contract (whichmay include the Notes) should be required to accrue income during its term under a mark-to-market, accrual or other methodology, whetherincome and gain on such a note or contract should be ordinary or capital, and whether foreign holders should be subject to withholdingtax on any deemed income accrual. Accordingly, it is possible that regulations or other guidance could provide that a U.S. holder (asdefined in the accompanying prospectus supplement) of a Note is required to accrue income in respect of the Notes prior to the receiptof payments with respect to the Notes or their earlier sale. Moreover, it is possible that any such regulations or other guidance couldtreat all income and gain of a U.S. holder in respect of the Notes as ordinary income (including gain on a sale). Finally, it is possiblethat a non-U.S. holder (as defined in the accompanying prospectus supplement) of the Notes could be subject to U.S. withholding tax inrespect of the Notes. It is unclear whether any regulations or other guidance would apply to the Notes (possibly on a retroactive basis).Prospective investors are urged to consult with their tax advisors regarding Notice 2008-2 and the possible effect to them of the issuanceof regulations or other guidance that affects the U.S. federal income tax treatment of the Notes.

HSBC will not attempt to ascertain whether any of the entities whosestock is included in the Underlying Index would be treated as a passive foreign investment company (“PFIC”) or United Statesreal property holding corporation (“USRPHC”), both as defined for U.S. federal income tax purposes. If one or more of theentities whose stock is included in the Underlying Index were so treated, certain adverse U.S. federal income tax consequences might apply.You should refer to information filed with the SEC and other authorities by the entities whose stock is included in the Underlying Indexand consult your tax advisor regarding the possible consequences to you if one or more of the entities whose stock is included in theUnderlying Index is or becomes a PFIC or USRPHC.

Under current law, while the matter is not entirely clear, individualnon-U.S. holders, and entities whose property is potentially includible in those individuals’ gross estates for U.S. federal estatetax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained certain interestsor powers), should note that, absent an applicable treaty benefit, the Notes are likely to be treated as U.S. situs property, subjectto U.S. federal estate tax. These individuals and entities should consult their tax advisors regarding the U.S. federal estate tax consequencesof investing in the Notes.

A “dividend equivalent” payment is treated as a dividendfrom sources within the United States and such payments generally would be subject to a 30% U.S. withholding tax if paid to a non-U.S.holder. Under U.S. Treasury Department regulations, payments (including deemed payments) with respect to equity-linked instruments (“ELIs”)that are “specified ELIs” may be treated as dividend equivalents if such specified ELIs reference an interest in an “underlyingsecurity,” which is generally any interest in an entity taxable as a corporation for U.S. federal income tax purposes if a paymentwith respect to such interest could give rise to a U.S. source dividend. However, Internal Revenue Service guidance provides thatwithholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued beforeJanuary 1, 2023. Based on the Issuer’s determination that the Notes are not “delta-one” instruments, non-U.S. holdersshould not be subject to withholding on dividend equivalent payments, if any, under the Notes. However, it is possible that the Notescould be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting the UnderlyingIndex or the Notes, and following such occurrence the Notes could be treated as subject to withholding on dividend equivalent payments.Non-U.S. holders that enter, or have entered, into other transactions in respect of the Underlying Index or the Notes should consult theirtax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes and their other transactions.If any payments are treated as dividend equivalents subject to withholding, we (or the applicable paying agent) would be entitled to withholdtaxes without being required to pay any additional amounts with respect to amounts so withheld.

PROSPECTIVE PURCHASERS OF NOTES SHOULD CONSULT THEIR TAX ADVISORS ASTO THE U.S. FEDERAL, STATE, LOCAL, AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES.

Pursuant to the terms of a distribution agreement, HSBC Securities(USA) Inc., an affiliate of HSBC, will purchase the Notes from HSBC for distribution to UBS Financial Services Inc. (the “Agent”).HSBC Securities (USA) Inc. has agreed to sell to the Agent, and the Agent has agreed to purchase, all of the Notes at the price to publicless the underwriting discount indicated on the cover of the pricing supplement, the document that will be filed pursuant to Rule 424(b)(2) containingthe final pricing terms of the Notes. HSBC has agreed to indemnify the Agent against liabilities, including liabilities under the SecuritiesAct of 1933, as amended, or to contribute to payments that the Agent may be required to make relating to these liabilities as describedin the accompanying prospectus supplement and the prospectus. The Agent may allow a concession to its affiliates not in excess of theunderwriting discount set forth on the cover page of this pricing supplement.

Subject to regulatory constraints, HSBC USA Inc. (oran affiliate thereof) intends to offer to purchase the Notes in the secondary market, but is not required to do so and may cease makingsuch offers at any time. HSBC or HSBC’s affiliate will enter into swap agreements or related hedge transactions with one of HSBC’sother affiliates or unaffiliated counterparties, which may include the Agent, in connection with the sale of the Notes and the Agent and/oran affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions.

In addition, HSBCSecurities (USA) Inc. or another of its affiliates or agents may use this pricing supplement in market-making transactions after the initialsale of the Notes, but is under no obligation to make a market in the Notes and may discontinue any market-making activities at any timewithout notice.

Delivery of the Notes will be made against payment for the Notes on the Settlement Date set forth on the cover of thisdocument, which is more than two business days following the Trade Date. Under Rule 15c6-1 under the Securities Exchange Act of 1934,trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agreeotherwise. Accordingly, purchasers who wish to trade the Notes more than two business days prior to the Settlement Date will be requiredto specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors.

See “Supplemental Plan of Distribution (Conflicts of Interest)” on page S-83 in the accompanying prospectus supplement.  

In the opinion of Mayer Brown LLP, as counsel to the Issuer, when this pricing supplement has beenattached to, and duly notated on, the master note that represents the Notes pursuant to the Senior Indenture referred to in the prospectussupplement dated February 23, 2021, and issued and paid for as contemplated herein, the Notes offered by this pricing supplementwill be valid, binding and enforceable obligations of the Issuer, entitled to the benefits of the Senior Indenture, subject to applicablebankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principlesof general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith). This opinionis given as of the date hereof and is limited to the laws of the State of New York, the Maryland General Corporation Law (including thestatutory provisions, all applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting the foregoing)and the federal laws of the United States of America. This opinion is subject to customary assumptions about the trustee’s authorization,execution and delivery of the Senior Indenture and the genuineness of signatures and to such counsel’s reliance on the Issuer andother sources as to certain factual matters, all as stated in the legal opinion dated February 23, 2021, which has been filed asExhibit 5.3 to the Issuer’s registration statement on Form S-3 dated February 23, 2021.