HSBC has started rolling out RedCoin, its Hong Kong dollar-backed stablecoin, to more than 3.3 million users of its PayMe payments app, according to the South China Morning Post.
The phased launch began on Friday, 23 October, starting with transfers between users and payments to merchants
Three weeks ago, investingLive flagged that RedCoin had a name but no launch date . That question now has an answer. Two others do not: which blockchain RedCoin runs on, and whether it can ever leave HSBC’s own apps.
What happened According to the SCMP, PayMe users can activate a RedCoin wallet with no minimum balance and no extra account-opening steps. Once they update the app, they can select the wallet and send money instantly, through an interface similar to the existing PayMe experience. Full availability is expected before the weekend.