HSBC debuts Hong Kong dollar stablecoin for 3.3M PayMe users

HSBC has launched its first stablecoin, HSBC RedCoin (RCHKD), a Hong Kong dollar-backed digital currency for everyday payments. It will roll out through the bank's PayMe mobile payments platform, reaching more than 3.3 million users. A major global bank issuing a tokenized deposit-style stablecoin is a meaningful step toward mainstream blockchain payments in Hong Kong and could support confidence in regulated stablecoin adoption.