Update
HSBC Opens Stablecoin Access to 3.3 Million Users
HSBC Holdings plc launched its Hong Kong dollar-backed stablecoin, RedCoin (RCHKD), allowing access to 3.3 million users and more than 100,000 merchants. However, an analysis highlights that the users represent potential distribution, not activated wallets, questioning RedCoin's actual adoption and competition with established stablecoins like USDT and USDC. The stablecoin is initially available through HSBC-controlled channels and not yet supported on open cryptocurrency exchanges.