HSBC is rolling out RedCoin (RCHKD), its first stablecoin pegged to the Hong Kong dollar, within the PayMe app for transfers and merchant payments. More than 3.3 million PayMe users will be able to activate a RedCoin wallet in the coming days. The stablecoin will be redeemable one-for-one for Hong Kong dollars, with HSBC Digital Assets Custody providing safekeeping services. HSBC plans to add RedCoin to its mobile banking app, including for subscriptions to tokenized investment products, before expanding it to corporate and institutional use.
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