Hong Kong has two licensed stablecoin issuers. Their retail plans are taking different paths

Hong Kong’s first two licensed issuers are no longer waiting to launch. HSBC began rolling out RedCoin through PayMe on October 23, while Anchorpoint’s HKDAP has been in a restricted institutional phase since August. Their next challenge is getting regulated Hong Kong dollar tokens into ordinary payments without losing control of who can hold and redeem them. A PayMe customer may see RedCoin inside a familiar payment app and never need to learn how to copy a blockchain address. An HKDAP user in the present phase goes through an authorised distributor, meets institutional eligibility rules and uses verified wallets. The two routes can eventually serve some of the same merchants and cross-border corridors, but their starting points are far apart.

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