HSBC launches HKD stablecoin RedCoin on PayMe for payments at 100,000+ merchants
HSBC RedCoin (RCHKD), licensed by the Hong Kong Monetary Authority, is the bank's first stablecoin and went live in the PayMe wallet on October 23.
STABLECOINS & CBDC
Hana Kimura
10/23/20261 min read
HSBC launched its first stablecoin, HSBC RedCoin (RCHKD), in Hong Kong on October 23. The token is denominated in Hong Kong dollars and is licensed and regulated by the Hong Kong Monetary Authority. It became available the same day in HSBC's PayMe digital wallet and is aimed at everyday payments.
After activating a stablecoin wallet in the app, PayMe users can send the token instantly to friends and family and pay at more than 100,000 merchants. HSBC plans to add stablecoin wallet functions to its HSBC HK Mobile Banking app later this year, together with the option to subscribe to tokenized investment products using RedCoin.
John O'Neill, HSBC's managing director for digital assets and currencies, said “This is only the beginning” and that the bank will expand into wholesale corporate and institutional use cases. HSBC already offers a Tokenized Deposit Service for corporate clients, and in August it completed the first interbank transaction on Swift's blockchain-based ledger together with Standard Chartered.
Source: PYMNTS.