HSBC Introduces Hong Kong Dollar Stablecoin Through PayMe
Edited by Steinar Vigdel Kolnes, Editor, Oslo
HSBC has announced RedCoin, a Hong Kong dollar-backed stablecoin for everyday payments, with a rollout through its PayMe mobile platform.
HSBC announced Friday the launch of RedCoin (RCHKD), its first stablecoin. The digital currency is backed by the Hong Kong dollar and intended for everyday payments, according to Bitcoin.com News.
The bank is introducing the token through PayMe, its mobile payments platform. The rollout brings the stablecoin to a service with more than 3.3 million users.
The launch connects HSBC’s blockchain-based payment offering with an established consumer app in Hong Kong. The source excerpt did not specify reserve arrangements or redemption terms.
Source: Bitcoin.com News
