HSBC Starts RedCoin Rollout in Hong Kong With Payment Features

HSBC is beginning a phased rollout of its Hong Kong dollar stablecoin, HSBC RedCoin, on Oct. 23, bringing a major bank into Hong Kong's digital payments market. The first stage will allow users to transfer RedCoin to one another and make payments to merchants. Wallet access will be offered through PayMe and HSBC's mobile banking app in Hong Kong. Users can activate a RedCoin wallet without maintaining a minimum balance or opening another account.