HSBC has named its Hong Kong stablecoin HSBC RedCoin, according to a news brief cited by HK01. The bank said the first phase will focus on person-to-person (P2P) payments and person-to-merchant (P2M) payments. The scope is set to expand later to commercial finance and enterprise use cases.
Margaret Kwan, Chief Executive Officer, Hong Kong at HSBC, and Head of Retail Banking and Wealth Management, said the launch of the stablecoin is a starting point for supporting financial innovation in Hong Kong. The update was published by Odaily as a 7x24 newsflash and did not disclose additional rollout details in the brief.
HSBC has named its Hong Kong stablecoin HSBC RedCoin, according to an Odaily news brief that cited HK01.
In the first phase, the stablecoin will focus on person-to-person (P2P) payments and person-to-merchant (P2M) payments. It will later expand to commercial finance and enterprise-level use cases.
Margaret Kwan, Chief Executive Officer, Hong Kong at HSBC, and Head of Retail Banking and Wealth Management, said the launch of the stablecoin is a starting point for supporting financial innovation in Hong Kong.
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