Odaily Planet Daily reports that HSBC, a banking group, has launched the stablecoin RedCoin, enabling over 3.3 million PayMe users to use it for payments to 100,000 merchants before the weekend. Wilson Ng, Chief Executive Officer of HSBC Hong Kong and Head of Retail Banking and Wealth Management, stated that funds, assets, and information are transitioning from traditional infrastructure to always-on, data-rich, and increasingly programmable digital networks.
Lee Kwan-kong, Head of Retail Banking Products at HSBC and CEO of PayMe, said that RedCoin’s transaction speed and other features will align with PayMe’s existing wallet, while offering additional incentives for merchant payments. To celebrate the launch of RedCoin, users will receive transaction vouchers, “reward money,” and other bonuses.
John O'Neill, Managing Director of HSBC Digital Assets and Currencies, said that a stablecoin wallet feature will be added to the HSBC Hong Kong mobile banking app this year, enabling users to purchase tokenized investment products using RedCoin, including the HSBC Hong Kong dollar money market fund, with a minimum investment of HK$100.
Over the past several months, HSBC has collaborated with regulators and potential users to advance the launch of RedCoin, with nearly 100 employees participating in the pilot to test the full process—from minting coins and launching wallets to executing actual transfers. HSBC will subsequently expand use cases for corporate and institutional clients and introduce additional products. (HK01 NFT)