CONNECT WITH US
Fintech

Fintech

HSBC Launches Hong Kong Dollar Stablecoin for Everyday Payments

PYMNTS – Fintech logo

Published on

Add as a preferred source on Google
HSBC Launches Hong Kong Dollar Stablecoin for Everyday Payments

HSBC has launched its first stablecoin, HSBC RedCoin (RCHKD), in Hong Kong, saying in a Friday (Oct. 23) press release that it is built for everyday payments and transactions.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

HSBC RedCoin is licensed and regulated by the Hong Kong Monetary Authority (HKMA), is Hong Kong dollar (HKD) denominated and became available on the bank’s digital wallet, PayMe, on Friday, according to the release.

Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

Once they activate a stablecoin wallet in-app, PayMe users will be able to use it to send stablecoins instantly to friends and family and to pay directly with stablecoins at more than 100,000 merchants, the release said.

“Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks,” Maggie Ng, CEO, Hong Kong and head of retail banking and wealth, Hong Kong at HSBC, said in the release. “We have an opportunity to help customers in Hong Kong manage this shift with practical products and services that support the real economy, backed by the trust and security of a global bank.”

HSBC plans to expand these capabilities later this year to include stablecoin wallet functionality in the HSBC HK Mobile Banking App and the ability to subscribe to tokenized investment products via HSBC RedCoin, per the release.

“This is only the beginning,” John O’Neill , managing director, digital assets and currencies at HSBC, said in the release.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.