HSBC has launched RedCoin (RCHKD), its first Hong Kong-dollar stablecoin, for transfers and merchant payments through PayMe. The bank said more than 3.3 million PayMe users would be able to activate stablecoin wallets in the app in the coming days. RedCoin is designed to be redeemable one-for-one for Hong Kong dollars.
HSBC said it plans to add RedCoin wallets to its Hong Kong mobile banking app later this year, allowing customers to subscribe to tokenized investment products. It also plans to expand RedCoin to corporate and institutional uses.
