HSBC plans to add the wallet for RedCoin, a Hong Kong dollar stablecoin, to its mobile banking app in Hong Kong and offer customers the option to subscribe to investment products using RedCoin.
According to CoinDesk, HSBC plans to add the RedCoin wallet to its mobile banking app in Hong Kong later this year. The bank aims to let customers use the token to subscribe to tokenized investment products as well.
RedCoin will begin rolling out on the PayMe app in the coming days. More than 3.3 million PayMe users will be able to activate the wallet in the app, send the token to friends and family, and make payments at more than 100,000 merchants.
Plan to subscribe to investment products with RedCoin
As an example of products that can be subscribed to with RedCoin, HSBC pointed to a new share class of its existing Hong Kong dollar money market fund.
First Digital CEO Vincent Chok said that adding stablecoins to apps customers already use could eliminate the need for a separate wallet or exchange account. According to Chok, this kind of use could increase familiarity with stablecoins over time.
John O’Neill, HSBC’s managing director for digital assets and currencies, said the bank plans to add more products and expand into institutional use cases in the future.
Not investment advice.