According to CoinMeta, HSBC has launched the Hong Kong dollar stablecoin Redcoin through the PayMe application, allowing 3.3 million users to exchange their HK $1 balances for 1 Redcoin token at a 1:1 ratio. This token operates on HSBC's distributed ledger network and is only available for transfers and transactions within the PayMe ecosystem; cross-application transfers are not supported. It is backed by high-quality assets and does not accrue interest.