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

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

A survey by the lender shows that 74 per cent of customers know at least one use case, but there are also misunderstandings

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 1,000 customers recognised at least one use case for stablecoins.

The most recognised case, chosen by 57 per cent of respondents, was stablecoins being used for digital asset trading and tokenised investments, the survey showed. Person-to-person money transfers ranked second at 53 per cent, while cross-border remittances and merchant payments each stood at 52 per cent.