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HSBC launches HSBC RedCoin stablecoin for PayMe users in Hong Kong

HSBC said the coin would roll out before year end and be available only through its PayMe app and Hong Kong mobile banking.

Reported · Written up by our desk · Regulation

HSBC has named its stablecoin offering HSBC RedCoin, with the bank planning to make it available to more than 3.3 million PayMe users in Hong Kong for money transfers and everyday spending, including shopping and dining, according to SCMP Economy.

The bank said the stablecoin is set to be launched before the end of the year and will be distributed only through the PayMe app and HSBC’s Hong Kong mobile banking app.

HSBC also pointed to survey results from more than 1,000 customers, saying 74% recognised at least one stablecoin use case, with the top response being digital asset trading and tokenised investments.

In the same survey, person-to-person money transfers were cited by 53% of respondents, while cross-border remittances and merchant payments each were chosen by 52%.

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