HSBC Hong Kong Dollar Stablecoin RedCoin attracted 50,000 users in its first week

According to the South China Morning Post, HSBC Group CEO Georges Elhedery stated at the Hong Kong FinTech Week that since the official launch of its Hong Kong dollar stablecoin RedCoin over a week ago, it has attracted 50,000 users, with a long-term goal of millions of users. RedCoin was launched in October to over 3.3 million users of the PayMe app and will gradually be opened to HSBC and Hang Seng Bank customers in the future.

Currently, RedCoin supports merchant payments and wallet top-ups. HSBC also plans to provide related services through HSBC HK Mobile Banking and support customers in purchasing tokenized money market funds and other asset products. In addition, HSBC announced that it will establish a global AI and emerging technology research institute in the northern metropolitan area of Hong Kong, expected to be operational by early 2027.