HSBC launches Hong Kong dollar stablecoin RedCoin for retail payments
HSBC launches RedCoin stablecoin for retail payments
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HSBC has launched the Hong Kong dollar-backed stablecoin RedCoin and is promoting it to more than 3.3 million users through PayMe. RedCoin became available on 23 October, allowing users to activate a stablecoin wallet on PayMe, make instant transfers, and pay more than 100,000 merchants. HSBC plans to expand it to mobile banking, tokenized investments, and corporate and institutional applications; the bank obtained a stablecoin issuance license from the Hong Kong Monetary Authority in April.
RedCoin is embedded in PayMe’s existing payment network, while the material also sets out its licensing background, retail reach, and path toward connecting with tokenized investments.
Source:Payments Cards & Mobile · paymentsindustryintelligence.com