Add as a preferred source on GoogleHSBC Says RedCoin Reached 50,000 Users After Hong Kong Launch
PayMe’s more than 3.3 million users are a potential audience, separate from the reported RedCoin user count.
HSBC said its Hong Kong dollar stablecoin, HSBC RedCoin, reached 50,000 users just over a week after launch, giving the bank its first reported measure of customer adoption.
HSBC Group CEO Georges Elhedery disclosed the figure Monday at Hong Kong FinTech Week. He said the bank aims to reach millions of users and credited Hong Kong’s regulatory environment for the early uptake.
The payment app has more than 3.3 million users, a potential customer base distinct from the reported 50,000 RedCoin users. RedCoin supports merchant payments and wallet top-ups.
The user figure offers a first measure of takeup for a bank-issued token designed for everyday payments.
HSBC plans to offer RedCoin in its Hong Kong mobile banking app and support subscriptions to tokenized investment products, including a money market fund. It also intends to extend access to HSBC and Hang Seng Bank customers, but Elhedery gave no timetable for that expansion.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.