HSBC unveils RedCoin as name of its Hong Kong stablecoin for 3.3 million PayMe users

HSBC on Wednesday named its stablecoin offering HSBC RedCoin, paving the way for Hong Kong’s biggest lender to make the coin available to the more than 3.3 million users of its PayMe app for money transfers, shopping and dining. When launched before the end of the year, the stablecoin would be offered only through PayMe and HSBC’s Hong Kong mobile banking app, HSBC said. The bank said it was optimistic about retail usage of HSBC RedCoin, as 74 per cent of respondents to a survey of more than...