Switch to seedless. Get 30% off with SWITCH30 till Oct 26HSBC unveils RedCoin stablecoin for PayMe users
6.6 Stablecoins HSBC launches RedCoin, a HKD-backed stablecoin, for 3.3M PayMe users, enabling seamless payments. Expansion to HSBC's mobile banking app and investment products is planned by year-end.
HSBC has introduced RedCoin, a Hong Kong dollar-backed stablecoin, in a phased rollout beginning October 23. Targeting over 3.3 million PayMe users, RedCoin is pegged 1:1 to the Hong Kong dollar and can be activated within the PayMe app without a minimum balance or new account requirement. RedCoin enables peer-to-peer and peer-to-merchant payments at more than 100,000 merchants, all while maintaining the familiar PayMe interface. HSBC plans to integrate RedCoin into its Hong Kong mobile banking app by the end of the year, allowing instant access to tokenized investment products, such as money-market funds. The launch follows an internal pilot involving nearly 100 staff and features exclusive transaction discounts and RewardCash offers. HSBC aims to expand RedCoin's use to wholesale and institutional clients, working closely with regulators. However, details about the underlying blockchain and external wallet access have not yet been disclosed.
