HSBC launched RedCoin, a Hong Kong dollar-backed stablecoin, on October 23 under the Hong Kong Monetary Authority’s stablecoin issuer licence. The token is being rolled out through PayMe, an application with more than 3.3 million users and over 100,000 merchants that enables stablecoin transfers and merchant payments. HSBC found that 53% of respondents believe Hong Kong dollar stablecoins could strengthen the region’s economic competitiveness. RedCoin’s success will nevertheless depend on actual transaction activity, as dollar-linked stablecoins account for approximately 99.4% of the global market.
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