3.3M users gain HSBC RedCoin, yet 1 strict rule blocks them

HSBC began rolling out RedCoin (RCHKD), its Hong Kong dollar stablecoin, on Oct. 23 through its PayMe payments app, letting eligible users send tokens to other users and pay merchants.The bank’s launch announcement puts PayMe’s reach at more than 3.3 million users and over 100,000 merchants. Wallet activation will continue over the coming days, so these figures reflect the network’s potential reach.Payments are the initial use case, while tokenized investment subscriptions through the separate HSBC HK App remain planned for later this year.PayMe users must meet the wallet’s eligibility requirements and activate a stablecoin wallet before converting Hong Kong dollars into RedCoin. HSBC’s terms describe buying one token by deducting HK$1 from the user’s HKD balance in the same channel.Once activated, the wallet supports transfers to other PayMe stablecoin-wallet holders. For shopping, HSBC’s product FAQ says users can pay with their RedCoin balance wherever a business accepts PayMe, without checking separately whether that merchant accepts the stablecoin.HSBC restricts RedCoin distribution to its official channels, with PayMe live and the HSBC HK App forthcoming. The bank says the to...