HSBC launches RedCoin stablecoin, plans HK$100 tokenized fund investments

HSBC has begun rolling out its Hong Kong dollar-backed RedCoin stablecoin to more than 3.3 million PayMe users, bringing regulated digital currency payments to the bank’s existing retail payment platform. Summary HSBC has begun rolling out its Hong Kong dollar-backed RedCoin stablecoin to more than 3.3 million PayMe users. Customers can activate RedCoin wallets without opening another account or maintaining a minimum balance. HSBC’s October 23 disclosure shows HK$80.58 million in circulating RedCoin against HK$81.58 million in reserves. The bank plans to introduce tokenized money market fund subscriptions starting at HK$100 before year-end. HSBC’s launch follows its April stablecoin license approval, with rival Anchorpoint already serving institutional customers. According to an October 23 report by the South China Morning Post, the phased launch allows customers to send money to other users and pay merchants using RedCoin. HSBC expects to complete the initial rollout before the weekend, with tokenized investment services planned for later this year. HSBC RedCoin launches through PayMe in Hong Kong The first phase allows existing PayMe users to activate a RedCoin wallet after updat...