HSBC began rolling out RedCoin, its Hong Kong dollar stablecoin, on October 23 through the PayMe payments app. The network could reach more than 3.3 million users and over 100,000 merchants, subject to wallet activation and eligibility requirements. Holders can convert Hong Kong dollars into RedCoin, transfer tokens to other PayMe wallets, and pay merchants that accept PayMe. Each token is redeemable at face value in Hong Kong dollars within one business day, subject to HSBC’s conditions. Transfers between PayMe and the HSBC HK app are not yet supported, while access to tokenized investment products is planned for later in 2026.
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