We learned from HSBC that today HSBC launched its first stablecoin “HSBC RedCoin” on PayMe by HSBC. Within a few days after launch, more than 3.3 million PayMe users can open stablecoin wallets within the app, which supports two types of payment scenarios: person-to-person transfers, where users can instantly transfer stablecoins to family and friends through PayMe; and person-to-merchant payments, which can be directly spent and settled at over 100,000 partner merchants. HSBC also plans to add a stablecoin wallet feature to the HSBC Hong Kong mobile banking app later this year. Customers can later use HSBC RedCoin to subscribe to tokenized investment products, including the new share category of HSBC Hong Kong dollar money market funds. This is also one of the first products corresponding to two stablecoin licenses granted by the Hong Kong Monetary Authority. The other license is held by Anchorage Finance, a joint venture led by Standard Chartered. The Hong Kong dollar stablecoin HKDAP issued by this institution was first launched in August of this year.

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