According to CoinMeta, as reported by Cailian News on October 23rd, HSBC launched its first stablecoin, "HSBC redcoin" (referred to as rchkd), today on payme, by, and hsbc. Within a few days of its launch, over 3.3 million payme users were able to set up stablecoin wallets within the application, which supports person-to-person transfers and payments from individuals to merchants. HSBC also plans to add stablecoin wallet functionality to its Hong Kong mobile financial management app hsbchk, mobile, banking, and app later this year. Subsequently, customers will be able to use HSBC redcoin to subscribe to tokenized investment products, including a new class of HSBC Hong Kong dollar money market funds. This is also one of the first two stablecoin licenses approved by the Hong Kong Monetary Authority; the other license is held by Dockpoint Finance, a joint venture led by Standard Chartered. The Hong Kong dollar stablecoin hkdap issued by this institution was launched in August of this year.