HSBC Launches Regulated HKD Stablecoin RedCoin on PayMe for 3.3M Users and 100K Merchants
On October 23, HSBC launched RedCoin, a Hong Kong dollar stablecoin regulated by the HKMA under Hong Kong's Stablecoin Ordinance. Integrated into PayMe, it lets 3.3 million existing users transfer the token and pay 100,000 merchants. HSBC received one of Hong Kong's first stablecoin licenses in April. The token is backed one to one by segregated reserves.
