HSBC Finalizes ‘HSBC RedCoin’ as Name of Hong Kong Dollar Stablecoin
Uk Jin
Summary
- HSBC said it has finalized the official name of its Hong Kong dollar stablecoin as HSBC RedCoin.
- HSBC said it will roll out HSBC RedCoin in phases, with an initial focus on P2P transfers and P2M payments.
- The Hong Kong Monetary Authority (HKMA) previously granted HSBC the first Hong Kong dollar stablecoin issuer license.
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HSBC has finalized the official name of its planned Hong Kong dollar stablecoin as HSBC RedCoin.
Odaily reported on September 30 that HSBC plans a phased rollout of RedCoin. The first stage will focus on peer-to-peer transfers and person-to-merchant payments. It will then expand the stablecoin’s use to corporate finance and business clients.
The Hong Kong Monetary Authority in April granted HSBC and Anchorpoint Financial, a Standard Chartered unit, the first licenses to issue Hong Kong dollar stablecoins.
Uk Jin
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