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HSBC has launched its stablecoin RedCoin, a Hong Kong local media outlet reported. HSBC said more than 3.3 million users of its mobile payment service PayMe will be able to make payments with RedCoin at around 100,000 merchants by this weekend. John O’Neill, managing director of HSBC’s digital assets and currencies division, said the bank also plans to add a stablecoin wallet feature to its HSBC Hong Kong mobile banking app within the year.