HSBC has launched its first Hong Kong dollar stablecoin, RedCoin (RCHKD), for transfers and merchant payments through its PayMe app. More than 3.3 million PayMe users will be able to activate stablecoin wallets in the coming days, the bank announced on Friday. The stablecoin is redeemable one-for-one for Hong Kong dollars and is custodied by HSBC Digital Assets Custody.
company
HSBC
British multinational banking group