HSBC launches HKD stablecoin for 3.3M users: Can RedCoin gain ground?

The Hongkong and Shanghai Banking Corporation Limited (HSBC) launched HSBC RedCoin [RCHKD], a Hong Kong dollar-backed stablecoin, on the 23rd of October. The bank operates under a Hong Kong Monetary Authority (HKMA) stablecoin issuer licence, following requirements under Hong Kong’s Stablecoins Ordinance. RedCoin began rolling out through PayMe, which serves more than 3.3 million users and over 100,000 merchants. Users could activate an in-app stablecoin wallet for transfers and merchant payments, giving RedCoin an existing distribution network. Maggie Ng, HSBC’s Hong Kong CEO and Head of Retail Banking and Wealth, described the launch as supporting changing payment habits. We have an opportunity to help customers in Hong Kong manage this shift with practical products and services that support the real economy, backed by the trust and security of a global…

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