HSBC rolls out its firststablecoin to over 3 million everyday app users
Summary
HSBC is rolling out RedCoin (RCHKD), its Hong Kong dollar stablecoin, through the PayMe app. More than 3.3 million PayMe users will be able to activate wallets and use the token for transfers and payments at over 100,000 merchants. HSBC says RedCoin is fully backed by high-quality liquid assets held in separate accounts. The launch follows Hong Kong’s first stablecoin issuer licenses, granted in April to HSBC and a Standard Chartered-led venture. HSBC plans to add RedCoin to its mobile banking app later this year and enable subscriptions to tokenized investment products, with corporate and institutional uses also planned.
