HSBC, Hong Kong’s Largest Bank, Names Stablecoin ‘RedCoin’HSBC, Hong Kong’s largest bank and one of...

HSBC, Hong Kong’s Largest Bank, Names Stablecoin ‘RedCoin’HSBC, Hong Kong’s largest bank and one of the city’s three note-issuing banks, has named its forthcoming stablecoin HSBC RedCoin, with an initial rollout focused on person-to-person (P2P) transfers and person-to-merchant (P2M) payments before expanding to corporate and institutional use cases.The bank also released a survey of more than 1,000 Hong Kong customers, finding that 74% could identify at least one stablecoin use case. Digital-asset trading and tokenized investments ranked first at 57%, followed by P2P transfers at 53%, while cross-border remittances and merchant payments each stood at 52%.

Source: Wu Blockchain