HSBC unveiled HSBC RedCoin on September 20 as the official name of its planned Hong Kong stablecoin. The digital currency will first support peer-to-peer and person-to-merchant transactions, with corporate and institutional use cases to follow. A survey of more than 1,000 Hong Kong customers found that 74% recognized at least one stablecoin use case. Meanwhile, HSBC UK and six other major UK banks are currently testing tokenized sterling deposits in live customer transactions through UK Finance’s Great British Tokenised Deposit initiative.
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