HSBC Hong Kong launches HKD stablecoin RedCoin, initially covering 3.3 million PayMe users.

BlockBeats news, October 23 - According to the South China Morning Post, HSBC will launch its Hong Kong dollar stablecoin HSBC RedCoin in phases starting October 23, initially targeting over 3.3 million users of the Hong Kong payment app PayMe. RedCoin will initially be available only through PayMe and the HSBC Hong Kong mobile banking app, supporting peer-to-peer transfers between PayMe users and payments to merchants.

Users can activate a RedCoin wallet after updating the app, with no minimum balance requirement and no need to open an additional account. Lawrence Li, head of HSBC PayMe, said the first phase focuses on ensuring service stability, avoiding adding to users' operational burden, and building trust. HSBC previously conducted an internal pilot with nearly 100 employees to test the full user journey and system integration.

HSBC plans to fully integrate RedCoin into its Hong Kong mobile banking app by the end of the year and support users in subscribing to tokenized asset products instantly, including money market funds, with a minimum investment of HK$100. John O'Neill, Managing Director of Digital Assets and Currencies at HSBC, said stablecoins can enable instant settlement of tokenized funds, shortening the time required for traditional investment settlement and lowering investment thresholds. The launch comes as Hong Kong accelerates the development of its digital asset market.