HSBC has introduced RedCoin (RCHKD), the bank's first Hong Kong-dollar stablecoin, for transfers and merchant payments on PayMe. HSBC announced Friday that more than 3.3 million PayMe users can activate stablecoin wallets over the coming days. RedCoin is intended to be redeemable at a one-for-one rate for Hong Kong dollars. HSBC plans to add RedCoin wallets to the HSBC HK Mobile Banking App later this year for subscriptions to tokenized investment products.