HSBC launches a Hong Kong dollar stablecoin for payments

PayMe users who can activate RedCoin

3.3 million

RedCoin is redeemable one-for-one for Hong Kong dollars. More than 3.3 million PayMe users can activate wallets to send money and pay merchants.

Worth knowing

RedCoin wallets are not ordinary deposit accounts and are not covered by Hong Kong's Deposit Protection Scheme.

Later this year HSBC plans to let customers subscribe to tokenized investment products, starting with a Hong Kong dollar money market fund from HK$100.