HSBC's RedCoin Stablecoin Tops 50,000 Users More Than a Week After Launch

HSBC's Hong Kong dollar stablecoin RedCoin has attracted 50,000 users since launching in October, according to HSBC Group CEO Georges Elhedery. According to Foresight News, citing the South China Morning Post, Elhedery shared the figure at Hong Kong FinTech Week and attributed the user growth to the regulatory environment provided by the Hong Kong Monetary Authority. HSBC is targeting millions of users for RedCoin. RedCoin is currently available to more than 3.3 million users of HSBC's PayMe app. The bank plans to make it available to all HSBC and Hang Seng Bank customers, though Elhedery did not provide a timeline. HSBC said merchant payments and wallet top-ups using RedCoin had gone live that day. It also plans to offer the stablecoin through its Hong Kong mobile banking app and support customer subscriptions to money market funds and other tokenized asset products.