HSBC has launched RedCoin (RCHKD), its first Hong Kong dollar stablecoin, for transfers and merchant payments through its PayMe app, redeemable one-for-one for Hong Kong dollars. More than 3.3 million PayMe users will be able to activate stablecoin wallets in the coming days, with HSBC Digital Assets Custody providing safekeeping. The consumer rollout follows Anchorpoint's HKDAP stablecoin launch for institutions and professional investors via HashKey Exchange in August, after HSBC and Anchorpoint Financial (a joint venture backed by Standard Chartered, Animoca Brands and HKT) both received issuer licenses in April as the first companies approved under Hong Kong's framework. HSBC plans to add RedCoin wallets to its HSBC HK Mobile Banking App later this year for tokenized investment products, including a new share class of its Hong Kong dollar money market fund, and to expand RedCoin into wholesale corporate and institutional uses.
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