Saw this on the South China Morning Post / Odaily: HSBC’s Hong Kong dollar stablecoin, RedCoin, begins rolling out in phases today—starting with PayMe’s more than 3.3 million users, who can use it for P2P transfers and payments at around 100,000 merchants.
Key details: It will only be issued through PayMe and the HSBC HK mobile banking app. There’s no minimum balance to open a wallet, and no need to open a separate account. The interface will look much like the existing PayMe app. It is licensed under the HKMA’s stablecoin issuer regime (license FRS02), and backed 1:1 by highly liquid, segregated Hong Kong dollar assets. HSBC also says it will add a stablecoin wallet to its Hong Kong wealth management app later this year, with RedCoin available to subscribe to tokenized products, including Hong Kong dollar money market funds (minimum investment around HK$100). Around 100 employees took part in an earlier pilot covering the full process, from minting to transfers.
At the start of October, RedCoin had only been named and had not yet been issued. Today, it’s actually open to retail users. Hong Kong is bringing bank-issued stablecoins into everyday payments—this is a more concrete step than a white paper.
#汇丰 #RedCoin #稳定币 #Hong Kong
Key details: It will only be issued through PayMe and the HSBC HK mobile banking app. There’s no minimum balance to open a wallet, and no need to open a separate account. The interface will look much like the existing PayMe app. It is licensed under the HKMA’s stablecoin issuer regime (license FRS02), and backed 1:1 by highly liquid, segregated Hong Kong dollar assets. HSBC also says it will add a stablecoin wallet to its Hong Kong wealth management app later this year, with RedCoin available to subscribe to tokenized products, including Hong Kong dollar money market funds (minimum investment around HK$100). Around 100 employees took part in an earlier pilot covering the full process, from minting to transfers.
At the start of October, RedCoin had only been named and had not yet been issued. Today, it’s actually open to retail users. Hong Kong is bringing bank-issued stablecoins into everyday payments—this is a more concrete step than a white paper.
#汇丰 #RedCoin #稳定币 #Hong Kong
