HSBC launches stablecoin RedCoin, accessible to over 3.3 million PayMe users Odaily Planet Daily News: Banking group HSBC has launched the stablecoin RedCoin, which can be used by over 3.3 million PayMe users to pay 100000 merchants before the weekend. Wu Yangyu, CEO and General Manager of Retail Banking and Wealth Management at HSBC Hong Kong, stated that funds, assets, and information are shifting from traditional infrastructure to 24/7, data rich, and increasingly programmable digital networks. Li Guankang, Product Manager of HSBC Retail Banking and CEO of PayMe, stated that RedCoin will maintain consistency with PayMe's existing wallet in terms of transaction speed and provide additional discounts for merchant payments. To celebrate the launch of RedCoin, users can receive trading coupons and rewards such as "reward money". John O'Neill, Managing Director of Digital Assets and Currency at HSBC, stated that a stablecoin wallet feature will be added to the HSBC Hong Kong mobile wealth management application within the year, and users will be able to subscribe to tokenized investment products, including HSBC Hong Kong dollar money market funds, using RedCoin with a minimum subscription amount of HKD 100. In the past few months, HSBC has collaborated with regulatory agencies and potential users to promote the launch of RedCoin, with nearly a hundred employees participating in the pilot to test the complete process from coin minting, wallet activation to actual transfer. HSBC will expand its use cases for corporate and institutional clients and launch more products in the future. （HK01 NFT）