HSBC's new Hong Kong dollar coin, HSBC RedCoin, lets PayMe app users send money to friends and pay at more than 100,000 merchants.
HSBC has launched its first stablecoin in Hong Kong, and people can use it inside a payment app they may already have. The coin is called HSBC RedCoin (RCHKD). HSBC announced it on Friday, Oct. 23, and said it is built for everyday payments.
A stablecoin is a digital coin meant to stay tied to a regular currency. This one is priced in Hong Kong dollars. It is licensed and regulated by the Hong Kong Monetary Authority, the city's financial regulator.
It is available in PayMe, HSBC's digital wallet. Users first activate a stablecoin wallet in the app. After that, they can:
HSBC says more is coming. A senior digital assets executive said the bank will soon add products, including ones for corporate and institutional customers.
The material does not say whether there are fees, how the coin is backed, or if it will reach customers outside Hong Kong. It also gives no date for the next products. HSBC has been testing similar ideas for businesses, including a service that turns corporate deposits into digital tokens.
HSBC RedCoin puts a regulated stablecoin inside an everyday payment app, but fees and plans beyond Hong Kong have not been shared.
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