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HSBC has launched the HKD stablecoin HSBC RedCoin in Hong Kong.
HSBC announced it will progressively roll out its HKD stablecoin, HSBC RedCoin, to over 3.3 million PayMe users in Hong Kong starting this Friday. Initially, the stablecoin will support peer-to-peer transfers and merchant payments on PayMe. HSBC plans to fully integrate RedCoin into its Hong Kong mobile banking app by year-end, which will enable customers to instantly subscribe to tokenized asset products, such as money market funds, with a minimum investment of HKD 100 via the stablecoin. HSBC stated that this initiative aims to introduce digital currencies into Hong Kong's mainstream retail and investment markets. Hong Kong's stablecoin regulations came into effect on August 1 last year, and HSBC obtained a license from the HKMA in April this year.
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