HSBC has launched its first stablecoin, RedCoin (RCHKD), through its PayMe payments app in Hong Kong, bringing bank-issued digital money within reach of more than 3.3 million existing users. According to...
Summary
- According to thebank’s October 23 announcement, customers will be able to activate a stablecoin wallet directly within PayMe, allowing them to send Hong Kong dollar-denominated tokens to friends and family and make payments at more than 100,000 merchants.
- The rollout will take place in stages, making RedCoin one of the first regulated stablecoins issued by a major international bank for everyday consumer transactions.
- The licenses were the first granted under Hong Kong’s new stablecoin regulatory framework.
- RedCoin is backed by high-quality liquid assets held in segregated accounts, according to HSBC, with custody services provided by the bank’s digital assets division.
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