According to CoinMeta, HSBC announced the launch of its Hong Kong stablecoin redcoin. In the initial phase, it will focus on peer-to-peer (p2p) and peer-to-business (p2m) payments, with subsequent expansion to corporate finance and enterprise levels. Wu Yangyuru, the CEO of HSBC Hong Kong and General Manager of Retail Banking and Wealth Management, stated that the launch of the stablecoin marks the beginning of support for financial innovation in Hong Kong.