According to CoinMeta, HSBC, Hong Kong’s largest bank, launched a stablecoin on Friday. Over 3.3 million users will activate this stablecoin in the coming days to make payments to friends or shop at more than 100,000 merchants. HSBC’s Managing Director for Digital Assets and Payments, John O, stated, “We are excited about the market’s interest in HSBC’s stablecoin. This is just the beginning; we will soon introduce more products, including expanding its use cases for wholesale businesses and institutions.” The stablecoin (codenamed RCHKD) is designed to always be equivalent to one Hong Kong dollar. In April 2025, HSBC obtained a licensing permit from the Hong Kong Monetary Authority, enabling it to stand out in this highly competitive market.