HSBC prepares HKD-pegged RedCoin stablecoin for 3.3M PayMe users in Hong Kong
- —RedCoin will be offered to more than 3.3 million PayMe users in Hong Kong
- —Phase one covers P2P transfers and merchant payments inside PayMe
- —Activating the wallet requires no minimum balance or account opening
- —HSBC will issue the coin under its own stablecoin issuer licence; it is not yet live
Why it matters: A major Hong Kong bank is bringing a stablecoin into a mass retail channel, raising competition with Tether and USDC in payments.
Source: DiarioBitcoin