HSBC Launches Stablecoin RedCoin, Available to Over 3.3 Million PayMe Users

Odaily reports: Banking group HSBC has launched the stablecoin RedCoin, which will be available to over 3.3 million PayMe users for payments to 100,000 merchants before the weekend. Maggie Ng, CEO of HSBC Hong Kong and General Manager of Retail Banking and Wealth Management, stated that funds, assets, and information are shifting from traditional infrastructure to always-on, data-rich, and increasingly programmable digital networks.

Li Guankang, Head of Retail Banking Products at HSBC and CEO of PayMe, stated that RedCoin will match the existing PayMe wallet in terms of transaction speed and other aspects, while offering additional benefits for merchant payments. To celebrate the launch of RedCoin, users can receive transaction coupons and "reward money" and other rewards.

John O'Neill, Managing Director of Digital Assets and Currencies at HSBC, stated that within the year, a stablecoin wallet function will be added to the HSBC Hong Kong mobile banking app, and users will be able to subscribe to tokenized investment products using RedCoin, including the HSBC Hong Kong Dollar Money Market Fund, with a minimum subscription amount of HKD 100.

Over the past months, HSBC has worked with regulators and potential users to advance the launch of RedCoin, with nearly 100 employees participating in the pilot, testing the complete process from minting to wallet activation to actual transfers. HSBC will subsequently expand use cases for corporate and institutional clients and launch more products. (HK01 NFT)