Update
HSBC Launches Stablecoin for PayMe App Users
HSBC has launched RedCoin, a Hong Kong dollar stablecoin, as part of its PayMe app. The stablecoin, which uses the ticker RCHKD, will allow customers to send money to friends and family and pay at over 100,000 merchants. PayMe users, who number more than 3.3 million, will be able to activate a stablecoin wallet in the app over the coming days. HSBC plans to add a RedCoin wallet to its Hong Kong mobile banking app and let customers use the token to subscribe to tokenized investment products, including a new share class of its existing Hong Kong dollar money market fund.