HSBC rolls out its first stablecoin to PayMe users

SoFi launched SOFIE, a tokenized deposit at SoFi Bank, offering FDIC insurance and a variable 4.40 percent annual percentage yield, directly competing with stablecoins for customer deposits. This comes as HSBC rolled out its RedCoin stablecoin to over three million PayMe app users in Hong Kong, while the US OCC issued a final rule for payment stablecoins without an announced application window. The episode explores which of these developments actually puts a new asset in a user's hand. Key Highlights: • HSBC launched its RedCoin stablecoin to retail users through its PayMe app in Hong Kong, reaching over three million users for peer-to-peer and merchant payments. • The US Office of the Comptroller of the Currency (OCC) published its final rule for national banks issuing payment stablecoins, setting standards but not yet opening applications. • SoFi introduced SOFIE, a tokenized deposit at SoFi Bank, providing FDIC insurance and a variable 4.40 percent annual percentage yield. • The 4.40 percent APY on SoFi's tokenized deposit signifies a regulated bank's competitive bid against stablecoins for customer funds. Topics: HSBC, SoFi, OCC, Stablecoins, Tokenized deposits, Real World Assets, RWA, Hong Kong, United States, FDIC insurance, Digital assets, Banking regulation --- Follow Ceres Quinn on Instagram: @ceresquinn Newsletter: https://cryptorwabrief.beehiiv.com