HSBC announced that its Hong Kong dollar-backed stablecoin, RedCoin (RCHKD), is launching through its PayMe app. The rollout gives more than 3.3 million users access, but customers will be able to activate wallets only over the coming days. The wallets are intended to support instant transfers and payments at more than 100,000 merchants.
HSBC says RedCoin is designed to hold a one-to-one value with the Hong Kong dollar and is backed by highly liquid, segregated assets. The bank plans to add wallets to its HSBC HK Mobile Banking App later this year and to expand RedCoin to tokenized investments and corporate and institutional uses.
