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banksStandard CharteredHong Kongtokenization
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Related tickers and likely impact
ONDO/USDT
▲ Likely positiveOndo
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $2.0B |
| Close on 11/01/2026 | 0.40470 |
| Change that session | -1.34% |
ETH/USDT
• NeutralEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $277.2B |
| Close on 11/01/2026 | 2,275.31 |
| Change that session | +0.87% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Standard Chartered-led Anchorpoint says it’s not rushing retail stablecoin
Anchorpoint, a joint venture of Standard Chartered and Animoca Brands, says it will take a cautious approach to opening its Hong Kong dollar-backed stablecoin to retail users and has not confirmed a launch date, despite earlier indicating a launch as early as the end of 2026. CEO Dominic Maffei said the company aims to build the market in a long-term, sustainable manner, and that rushing a launch “does not make sense.” The update follows HSBC's launch of its Hong Kong dollar-backed RedCoin for the 3.3 million users of its PayMe app. Anchorpoint released its institutional stablecoin product in August and grew out of a partnership between Standard Chartered, Animoca Brands and HKT announced in February 2025.
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- Hong Kong takes tokenized settlement to 24/7, plans stablecoin trials
The Hong Kong Monetary Authority said on Monday it has advanced Project Ensemble to allow 24/7 real-value settlement of tokenized transactions, which had been limited by the hours of the existing dollar settlement system. It plans to introduce tokenized central bank money as a foundation layer and to add regulated stablecoins to trials of tokenized Exchange Fund Bills, where recognized dealers have already completed secondary-market trades. Separately, HSBC CEO Georges Elhedery said its Hong Kong dollar stablecoin RedCoin, launched on Oct. 23, had reached 50,000 users about 10 days after debut, and that the bank is targeting 'multi-million users'. RedCoin is used for transfers and merchant payments through the PayMe app, which has more than 3.3 million customers able to activate stablecoin wallets.
- Hong Kong's Biggest Bank Puts a Stablecoin in 3 Million Wallets
HSBC has launched RedCoin, a Hong Kong dollar stablecoin licensed by the HKMA, on its PayMe app, letting more than 3.3 million users activate wallets in the coming days to send money to friends or pay at more than 100,000 merchants. HSBC's reserve tracker showed about $10.2 million of RedCoin in circulation shortly after launch, backed by $10.4 million held entirely in cash. The token runs on HSBC's private ledger rather than a public blockchain, and it is not a bank deposit, so Hong Kong's Deposit Protection Scheme does not cover it. HSBC plans to add the token to its HK Mobile Banking app later this year, while 21 lenders including Goldman Sachs and Bank of America have announced a joint dollar stablecoin targeting a first-half 2027 launch. The first independent reserve attestation is expected after the fourth quarter of 2026.
- 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.
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