HSBC’s RedCoin stablecoin attracts 50,000 users in just over a week

HSBC's Hong Kong dollar-backed RedCoin stablecoin has attracted 50,000 users in just over a week since its October 23 launch, as the banking giant expands its digital payment services in Hong Kong. HSBC's Hong Kong dollar-backed RedCoin stablecoin has attracted 50,000 users since its October 23 launch. The stablecoin is being introduced through PayMe, which has more than 3.3 million users in Hong Kong. HSBC plans to expand RedCoin to its mobile banking app and introduce tokenized investment subscriptions. The bank reported HK$87.75 million in circulating RedCoin against HK$88.75 million in reserves on November 2.