HSBC has launched RedCoin, a Hong Kong dollar-denominated stablecoin with the ticker RCHKD, for payments through the PayMe app. The bank says the token is licensed and regulated by the Hong Kong Monetary Authority under the city’s Stablecoins Ordinance. Wallet activation will take place in stages, allowing more than 3.3 million PayMe users to send RCHKD to friends and family or pay merchants across a network of over 100,000 businesses. HSBC also plans to offer tokenized investment products at a later stage, while questions remain about redemption times, consumer protections and the stablecoin’s advantages over instant bank transfers.
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