HSBC launched RedCoin, a Hong Kong dollar stablecoin licensed by the Hong Kong Monetary Authority, through its PayMe app. More than 3.3 million users will be able to activate wallets in the coming days to send money to friends or pay more than 100,000 merchants. Each RedCoin, identified by the ticker RCHKD, is designed to equal one Hong Kong dollar and is backed by reserves held entirely in cash. HSBC also plans to add the token to its HK Mobile Banking app later this year and expand its use by businesses and institutions.
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