HSBC RedCoin is a Hong Kong dollar-backed stablecoin. HSBC is rolling it out in stages from October 23 to more than 3.3 million PayMe users; the initial uses are person-to-person transfers and payments to merchants. Users can activate a wallet without opening an additional account or keeping a minimum balance, according to PayMe head Lawrence Li in the South China Morning Post report.

HSBC RedCoin is a Hong Kong dollar-backed stablecoin. HSBC is rolling it out in stages from October 23 to more than 3.3 million PayMe users; the initial uses are person-to-person transfers and payments to merchants. Users can activate a wallet without opening an additional account or keeping a minimum balance, according to PayMe head Lawrence Li in the South China Morning Post report.

The initial rollout is through PayMe, with RedCoin also available through HSBC’s Hong Kong mobile banking app. HSBC plans to integrate it further into that app by year-end for subscriptions to tokenized money market funds from HK$100, with tokenized gold and third-party funds to follow, according to the SCMP report.

The supplied reports say the coin is issued under an HKMA license and is intended to be fully backed by reserves and redeemable one-for-one in Hong Kong dollars. The sources do not specify its reserve composition or publish independent reserve attestations.