HSBC launched RedCoin (RCHKD), its first stablecoin, on PayMe in Hong Kong on October 23. The Hong Kong dollar-denominated token to support peer-to-peer transfers and merchant payments.

The bank said more than 3.3 million PayMe users will be able to activate an in-app wallet in the coming days and use RedCoin at more than 100,000 merchants. HSBC plans to add the wallet to its HSBC HK Mobile Banking App later this year.

HSBC was among the first recipients of Hong Kong stablecoin issuer licenses after authorities granted licenses to HSBC and a Standard Chartered-backed venture in April. The licenses were issued under a Hong Kong Monetary Authority framework that governs issuers of fiat-referenced stablecoins.

HSBC also plans to let customers subscribe to tokenized investment products using RedCoin later this year. Before the launch, staff pilots with nearly 100 users tested wallet activation, minting, and live transfers.

🔗 Source: HSBC

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