HSBC launches first stablecoin for 3.3 million PayMe users in Hong Kong

HSBC has launched its first stablecoin, RedCoin (RCHKD), through its PayMe payments app in Hong Kong, bringing bank-issued digital money within reach of more than 3.3 million existing users. According to the bank’s October 23 announcement , customers will be able to activate a stablecoin wallet directly within PayMe, allowing them to send Hong Kong dollar-denominated tokens to friends and family and make payments at more than 100,000 merchants. The rollout will take place in stages, making RedCoin one of the first regulated stablecoins issued by a major international bank for everyday consumer transactions.