HSBC Launches RedCoin Stablecoin on PayMe for Over 3.3 Million Users

HSBC debuted RedCoin (RCHKD), its first stablecoin pegged to the Hong Kong dollar, on its PayMe app, enabling over 3.3 million users to send money and pay at more than 100,000 merchants. HSBC and Anchorpoint Financial, a Standard Chartered-led venture, received Hong Kong’s first stablecoin issuer licenses in April. Later this year, HSBC plans to integrate RedCoin into its banking app, allowing customers to use it for tokenized investments, such as a new share class of its Hong Kong dollar money market fund.