HSBC Launches RedCoin Stablecoin and Plans to Let Customers Buy Tokenized Funds With It

The bank’s payments app will let customers switch on stablecoin wallets for transfers and payments at more than 100,000 merchants, with a tokenized money market fund share class planned later this year. HSBC put its first stablecoin, a Hong Kong dollar token called HSBC RedCoin (ticker RCHKD), on its PayMe payments app on Oct. 23, the bank announced . The Hong Kong Monetary Authority (HKMA) oversees the token and licensed The Hongkong and Shanghai Banking Corporation as a stablecoin issuer in April. Access is arriving in stages.