HSBC launched RedCoin on Friday, with more than 3.3 million PayMe users able to activate stablecoin wallets in the coming days, the bank announced. Users can send the Hong Kong dollar stablecoin to friends or make payments at more than 100,000 PayMe merchants. HSBC's reserve tracker showed roughly $10.2 million in circulation shortly after launch, backed by $10.4 million entirely in cash. RedCoin uses HSBC's private ledger and does not qualify for Hong Kong's deposit insurance. HSBC plans to introduce RedCoin in its HK Mobile Banking app later this year.