HSBC group CEO Georges Elhedery said its Hong Kong dollar stablecoin, Redcoin, reached 50,000 users just over a week after launch, according to SCMP. Redcoin is available through HSBC’s Payme app for merchant payments and peer-to-peer transfers in Hong Kong; the app’s 3.3 million users are a potential user base, not reported Redcoin users.
HSBC aims to reach millions of users and later offer Redcoin through its banking app alongside tokenized investment products. Rival Anchorpoint has partnered with the Solana Foundation to support an eventual launch of its HKDAP stablecoin on Solana.
