HSBC RedCoin stablecoin launches for 3.3 million PayMe users in Hong Kong

JUST IN: HSBC to launch its Hong Kong dollar-backed stablecoin, RedCoin, for more than 3.3 million PayMe users in Hong Kong, rolling out in stages from Friday.

HSBC just put a stablecoin in the pockets of 3.3 million people.

It's called RedCoin, it's backed by the Hong Kong dollar, and it rolls out in stages from Friday to everyone on the bank's PayMe app. That's not a crypto startup begging for users, that's one of the biggest banks on earth flipping a switch, and you can see their Hong Kong headquarters here.

The bank says phase one is all about stable service and winning trust, which is banker speak for please don't panic if the app hiccups. The bigger picture is Hong Kong itself, the city has been openly campaigning to become a digital assets hub, and handing a regulated stablecoin to millions of retail users overnight is the loudest move yet.

So while Washington argues about stablecoin rules, Hong Kong just shipped one through a high street bank. That's the headline worth remembering.

This is Sara White, reporting for HIT.