HSBC has launched its first Hong Kong dollar-based stablecoin, RedCoin, for retail customers, The Block reported on Thursday.

RedCoin (RCHKD) will be available on HSBC’s PayMe payments app from Oct. 23, the report said.

Users will be able to activate a stablecoin wallet within days on the app. They can use it for person-to-person transfers and to pay at more than 100,000 merchants.

HSBC is one of three Hong Kong commercial banks authorised to issue Hong Kong dollar banknotes.

Maggie Ng (매기 응), HSBC’s CEO for Hong Kong, said money, assets and information are moving from existing infrastructure to digital networks that operate without stopping. She said these networks are data-rich and becoming increasingly programmable.

John O’Neill (존 오닐), HSBC’s head of digital assets and currencies, said the bank will roll out more products soon. He added it plans to expand use into the wholesale segment for corporates and institutions.

RedCoin is part of HSBC’s broader push to expand its virtual asset business. HSBC has participated in blockchain projects including the Hong Kong Monetary Authority’s digital Hong Kong dollar (e-HKD) pilot programme and Project Ensemble. It provides digital bonds to institutional investors through HSBC Orion. It also operates HSBC Gold Token for retail customers and an HSBC tokenised deposit service for wholesale payments.