HSBC RedCoin, a Hong Kong dollar stablecoin
Where it stands now. HSBC launched RedCoin on PayMe on 23 October, three weeks after naming it, and plans to bring it to its Hong Kong wealth apps later this year.
The record 2 developments
HSBC launches RedCoin, a Hong Kong dollar stablecoin
What happened. HSBC launched RedCoin (RCHKD), a stablecoin worth one Hong Kong dollar each, on its PayMe app on 23 October. PayMe's more than 3.3 million users can switch on a wallet over the coming days, to pay friends or more than 100,000 merchants. At launch about $10.2 million was in circulation, backed by about $10.4 million held in cash. (The source does not say whether these are US or Hong Kong dollars.)
Why it matters. It is licensed by the Hong Kong Monetary Authority and runs on HSBC's own private ledger, not a public blockchain. It is not a bank deposit, so Hong Kong's deposit protection does not cover it. HSBC plans to add it to its Hong Kong wealth apps later this year, including for buying tokenised shares of its Hong Kong dollar money-market funds.
- RedCoin is pegged one-to-one to the Hong Kong dollar.
- John O'Neill, who heads HSBC's digital assets and currency business, said uses for businesses and institutions will be added later.
Read the originals (6), usually in their own language
- HSBC launches first Hong Kong dollar stablecoin RedCoin for retail users · TechFlow
- HSBC launches HKD stablecoin RedCoin on PayMe, enabling over 3.3 million users to open wallets for use. · TechFlow
- HSBC RedCoin Debuts on PayMe with Wider Stablecoin Rollout Planned · Fintech News Hong Kong, headline translated by us
- HSBC HKD stablecoin RedCoin tops 80 million in two days: payable at 100,000 merchants, supports P2P transfers · BlockTempo, headline translated by us
- HSBC rolls out stablecoin for users in Hong Kong · Blogtienao, headline translated by us
- HSBC launches RedCoin stablecoin in Hong Kong · Liputan6, headline translated by us
HSBC names its planned Hong Kong dollar stablecoin HSBC RedCoin
What happened. On 30 September HSBC announced the name of its proposed Hong Kong dollar stablecoin, HSBC RedCoin. The bank plans to launch it in Hong Kong in the second half of this year, subject to regulatory approval, at first only through PayMe and the HSBC HK Mobile App. It will start with person-to-person transfers and merchant payments, then expand to institutional and wholesale use.
Why it matters. HSBC cited its own survey of over a thousand Hong Kong clients, in which 74% acknowledged practical uses of stablecoins, led by digital asset trading and tokenized investments (57%). The sources don't say more about why it matters.
Read the originals (2), usually in their own language
- HSBC announced the name of its Hong Kong dollar stablecoin as "HSBC RedCoin," aiming to launch it later this year. · TechFlow
- HSBC stablecoin named HSBC RedCoin, starting with transfers and merchant payments · BlockTempo, headline translated by us