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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.