According to CoinWorld, HSBC has launched the stablecoin Redcoin, which more than 3.3 million PayMe users can use to make payments at 100,000 merchants. HSBC Hong Kong CEO Wu Yang Yuru said that funds, assets and information are shifting from traditional infrastructure to digital networks. Li Guangkang, head of retail banking products at HSBC, said Redcoin transactions are as fast as those made with PayMe’s existing wallet and that it also offers payment discounts. In addition, John O’Neill, managing director of digital assets and currencies at HSBC, said a stablecoin wallet feature will be added to the HSBC Hong Kong mobile banking app later this year. It will allow users to subscribe to tokenized investment products using Redcoin, including the HSBC HKD Money Market Fund, with a minimum subscription of HK$100. HSBC has completed pilot testing and will subsequently expand use cases for corporate and institutional clients.