At a glance
- The token, ticker RCHKD, lets customers send money to friends and family and pay at more than 100,000 merchants.
- HSBC plans to add a RedCoin wallet to its Hong Kong mobile banking app later this year, allowing customers to subscribe to a new tokenized share class of its Hong Kong dollar money market fund.
- CoinDesk did not report the share class's fee, minimum or launch date.
HSBC began rolling out RedCoin, its Hong Kong dollar stablecoin, inside PayMe, a payment app with more than 3.3 million users, CoinDesk reported on Oct. 23.
The token, ticker RCHKD, lets customers send money to friends and family and pay at more than 100,000 merchants. HSBC says RedCoin is fully backed by high-quality liquid assets held in separate accounts; PayMe users will be able to activate a stablecoin wallet in the app over the coming days.
HSBC plans to add a RedCoin wallet to its Hong Kong mobile banking app later this year, allowing customers to subscribe to a new tokenized share class of its Hong Kong dollar money market fund.
That would place a tokenized cash fund share class in front of retail customers through a bank app rather than through an exchange or a brokerage's tokenized menu. CoinDesk did not report the share class's fee, minimum or launch date.
RedCoin arrives under a licence HSBC has held since April, when the Hong Kong Monetary Authority granted the territory's first stablecoin issuer licences to HSBC and Anchorpoint Financial. Anchorpoint, a Standard Chartered-led venture, began a limited rollout of its HKDAP token in August focused on institutional payments and settlement.
John O'Neill, HSBC's managing director for digital assets and currencies, said the bank "will soon add more products, including expanding into wholesale corporate and institutional use cases." The banking-app wallet and the tokenized money market fund share class are promised for later this year.
Reported by the Tokenization desk from CoinDesk — Policy & Institutions. Published . Corrections