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HSBC launches first Hong Kong dollar stablecoin RedCoin for retail customers

HSBC has launched its first Hong Kong dollar-based stablecoin, RedCoin, for retail customers, The Block reported on Thursday. The stablecoin, RedCoin (RCHKD), can be used on HSBC’s PayMe payments app from Oct. 23. Users will be able to activate a stablecoin wallet within days and use it for person-to-person transfers and payments at more than 100,000 merchants. HSBC is one of three Hong Kong commercial banks authorised to issue Hong Kong dollar banknotes.

Crypto

HashKey starts beta distribution of Hong Kong dollar stablecoin HKDAP

HashKey exchange has joined as an authorised distributor of the Hong Kong dollar stablecoin HKDAP. Cointelegraph reported on Aug. 12 that Hong Kong-licensed stablecoin issuer Anchorpoint Financial added HashKey to HKDAP distribution channels as part of a beta launch. Eligible institutions and professional investors can access HKDAP through HashKey and other supported channels. HashKey completed its first HKDAP issuance and redemption transactions for eligible clients, including fiat deposits and withdrawals.

Crypto

Hong Kong dollar stablecoin HKDAP completes Ethereum mainnet test after regulatory approval

Anchorpoint Financial, which received a stablecoin issuance licence from the Hong Kong Monetary Authority, has completed a test transferring its Hong Kong dollar stablecoin HKDAP (HKD At Par) to the Ethereum mainnet. The test was conducted with OSL Group and LeopardTrade, a trading platform under Futu Holdings, and focused on verifying the process of converting fiat Hong Kong dollar funds into reserve assets. Standard Chartered Hong Kong provided infrastructure and institutional trust services.