HSBC rolls out its first stablecoin to over 3 million everyday app users

HSBC debuted its first stablecoin, RedCoin, a Hong Kong dollar token that’s being rolled out onto its PayMe app. The token, which uses the ticker RCHKD, will let customers send money to friends and family and pay at more than 100,000 merchants. PayMe users, of which there are more than 3.3 million, will be able to activate a stablecoin wallet in the app over the coming days, according to the bank . RedCoin gives HSBC a way to bring stablecoin payments into an app that customers already use. HSBC has said RedCoin will be fully backed by high-quality liquid assets held in separate accounts.

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