HSBC names its Hong Kong dollar stablecoin RedCoin
- —HSBC confirmed the stablecoin's name as HSBC RedCoin
- —First phase covers P2P transfers and P2M payments
- —Corporate clients and corporate finance to follow
- —HKMA granted HSBC the issuer license in April
Why it matters: A major global bank entering the stablecoin market intensifies competition with USDT and USDC across Asia.
Source: Bloomingbit