HSBC Launches Hong Kong Dollar Stablecoin RedCoin in PayMe App
HSBC has switched on RedCoin, a Hong Kong dollar-backed stablecoin, inside its PayMe platform, targeting more than 3.3 million users for peer-to-peer transfers and merchant payments.
AfroEuropa Newsroom
AfroEuropa desk
HSBC has introduced its first Hong Kong dollar-backed stablecoin, called RedCoin, through its PayMe payments platform. According to BitKE, the bank is targeting more than 3.3 million users as it builds out its digital asset operations. Decrypt reported that HSBC activated the token inside PayMe on Friday, describing the move as a test of whether a bank-issued token can function as everyday money.
The stablecoin is licensed and regulated by the Hong Kong Monetary Authority (HKMA). At launch it will support peer-to-peer transfers and payments at more than 100,000 merchants through PayMe, BitKE reported, with users able to activate wallets in the app in the coming days.
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