HSBC launches Hong Kong dollar stablecoin for retail payments

HSBC is rolling out RedCoin wallets to PayMe users, with plans to support tokenized investment subscriptions and expand into institutional uses. HSBC has launched its first Hong Kong-dollar stablecoin, RedCoin (RCHKD), for transfers and merchant payments through its PayMe app. More than 3.3 million PayMe users will be able to activate stablecoin wallets in the app in the coming days, the bank announced Friday. RedCoin is designed to be redeemable one-for-one for Hong Kong dollars. HSBC Digital Assets Custody provides safekeeping services for the stablecoin.