HSBC launches Hong Kong dollar stablecoin RedCoin for 3.3 million PayMe users
Briefing by News4U · First published
HSBC is rolling out its first Hong Kong dollar stablecoin, RedCoin, to more than 3.3 million PayMe users for peer-to-peer transfers and merchant payments.
HSBC is launching its Hong Kong dollar-backed stablecoin RedCoin (RCHKD) in stages from Friday for more than 3.3 million PayMe users, initially supporting peer-to-peer transfers and peer-to-merchant payments. [1] [2] [3]
RedCoin is redeemable one-for-one for Hong Kong dollars and is fully backed by high-quality liquid assets held in separate accounts. HSBC Digital Assets Custody provides safekeeping services. [2] [3]
HSBC plans to add RedCoin wallets to its Hong Kong mobile banking app later this year, allowing customers to subscribe to tokenized investment products, including a new share class of its Hong Kong dollar money market fund, and to expand into wholesale corporate and institutional uses. [2] [3]
Sources
- HSBC RedCoin stablecoin launches for 3.3 million PayMe users in Hong Kong
SCMP Business · · Summary only
- HSBC launches Hong Kong dollar stablecoin for retail payments
Cointelegraph · · Full text
- HSBC rolls out its first stablecoin to over 3 million everyday app users
CoinDesk · · Full text