[HSBC launches its first stable currency RedCoin this year and can be used to subscribe for tokenized investment products] On October 23, reporters learned from HSBC that HSBC launched its first stable currency “HSBC RedCoin” (RCHKD) on PayMe by HSBC today. Within a few days after going online, more than 3.3 million PayMe users can open a stablecoin wallet within the app, which supports two types of payment scenarios: person-to-person transfers, where users can instantly transfer stablecoins to relatives and friends through PayMe; person-to-merchant payments, which can be directly settled at over 100,000 partner merchants. HSBC also plans to add a stablecoin wallet function to the HSBC Hong Kong Mobile Banking App later this year. Customers can subsequently use HSBC RedCoin to subscribe for tokenized investment products, including the new share class of the HSBC Hong Kong Dollar Money Market Fund. This is also one of the first two products corresponding to the stable currency licenses approved by the Hong Kong Monetary Authority. The other license is held by Dingdian Financial, a joint venture company led by Standard Chartered. The Hong Kong dollar stable currency HKDAP issued by this institution was first launched in August this year. (Reporter Guo Zishuo)