HSBC, Europe's biggest bank, plunged as slowing wealth growth and a revenue miss outweighed a 32% jump in profit, dragging UK lenders lower ahead of a crucial week of bank earnings and central-bank decisions.
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- HSBC rolls out its first stablecoin to over 3 million everyday app users
HSBC has launched RedCoin (RCHKD), its first stablecoin, on its PayMe app, letting more than 3.3 million users send money to friends and family and pay at over 100,000 merchants. Users will be able to activate a stablecoin wallet in the app over the coming days. RedCoin will be fully backed by high-quality liquid assets held in separate accounts. The rollout follows the Hong Kong Monetary Authority's April decision to grant its first stablecoin issuer licenses to HSBC and Anchorpoint Financial, a Standard Chartered-led venture. HSBC plans to add a RedCoin wallet to its Hong Kong mobile banking app later this year, allowing customers to buy tokenized investment products, including a new share class of its existing Hong Kong dollar money market fund.
- HSBC launches Hong Kong dollar stablecoin for retail payments
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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