HSBC has launched its first Hong Kong-dollar stablecoin, RedCoin (RCHKD), for transfers and service provider funds by way of its PayMe app.
More than 3.3 million PayMe customers will have the ability to activate stablecoin wallets within the app within the coming days, the financial institution introduced Friday.
RedCoin is designed to be redeemable one-for-one for Hong Kong {dollars}. HSBC Digital Assets Custody gives safekeeping companies for the stablecoin.
The client rollout follows Anchorpoint’s rollout of its HKDAP stablecoin by way of HashKey Exchange in August, which initially focused eligible establishments {and professional} traders.
HSBC obtained its stablecoin issuer license in April, alongside Anchorpoint Financial, a three way partnership backed by Standard Chartered, Animoca Brands and HKT. The two have been the primary corporations permitted beneath Hong Kong’s stablecoin regulatory framework.
The financial institution stated it plans to introduce RedCoin wallets to its HSBC HK Mobile Banking App later this yr, permitting clients to subscribe to tokenized funding merchandise, together with a brand new share class of its Hong Kong greenback cash market fund.
HSBC additionally plans to increase RedCoin into wholesale company and institutional purposes.
Related: Malaysia, Thailand be a part of Singapore’s cross-border stablecoin push
Content Source: cointelegraph.com
