HSBC Launches Its First Stablecoin RedCoin, Usable Within the Year for Subscribing to Tokenized Investment Products

HSBC has launched its first stablecoin, "HSBC RedCoin," on PayMe by HSBC today, according to information from HSBC. Within days of launch, more than 3.3 million PayMe users will be able to open a stablecoin wallet within the app, supporting two types of payment scenarios: person-to-person transfers, allowing users to instantly transfer stablecoins to family and friends via PayMe; and person-to-merchant payments, enabling direct spending and settlement at more than 100,000 partner merchants. HSBC also plans to add stablecoin wallet functionality to the HSBC Hong Kong mobile banking app later this year, after which customers can use HSBC RedCoin to subscribe to tokenized investment products, including a new share class of the HSBC Hong Kong Dollar Money Market Fund. This is also one of the products corresponding to the first two stablecoin licenses granted by the Hong Kong Monetary Authority; the other license is held by Anchorpoint Financial, a joint venture led by Standard Chartered, whose Hong Kong dollar stablecoin HKDAP was launched ahead of the others in August this year.