HSBC on Wednesday named its stablecoin offering HSBC RedCoin, paving the way for Hong Kong’s biggest lender to make the coin available to the more than 3.3 million users of its PayMe app for money transfers, shopping and dining. The stablecoin would be offered only through PayMe and HSBC’s Hong Kong mobile banking app when launched before the end of the year. The bank expressed optimism about retail usage, citing a survey where 74 per cent of respondents recognised at least one use case for stablecoins.