HSBC Launches RedCoin for PayMe Users in Hong Kong

HSBC has introduced RedCoin, a Hong Kong dollar token with the ticker RCHKD, and has begun integrating it into the PayMe app, which is used by over 3.3 million people. The new stablecoin will allow PayMe users to transfer money and make purchases at more than 100,000 merchants. In the coming days, customers will be able to activate a special wallet for working with the stablecoin. The launch of RedCoin is a way to embed stablecoin payments into the familiar payment service without the need to switch to a separate crypto platform. The bank stated that RedCoin will be fully backed by high-quality liquid assets. The launch followed the Hong Kong Monetary Authority's decision in April to issue licenses to stablecoin issuers, including HSBC and Anchorpoint Financial. Later this year, HSBC plans to add the RedCoin wallet to its mobile banking app and provide customers with the ability to use the token for subscribing to tokenized investment products.

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