{"id":"1792761964012-money-segment","slug":"hsbc-hands-millions-a-bank-stablecoin","title":"HSBC hands millions a bank stablecoin","summary":"Cointelegraph reports, citing SCMP, that HSBC is rolling out its Hong Kong dollar-backed stablecoin RedCoin to over 3.3 million PayMe users.\n\nCointelegraph reports that CZ (Changpeng Zhao) said AI hacking fears around crypto are overblown because internet and banking use weaker encryption, but warned that leaked data enables more phishing and social engineering.\n\nCointelegraph reports that the US Treasury proposed a rule to restrict American investments in AI, supercomputing, and other high-tech sectors in China, Russia, and other \"countries of concern.\"\n\nCointelegraph reports, citing FT, that Trump's UN envoy Mike Waltz said the US is ready for a prolonged standoff with Iran and can maintain its blockade on Iranian ports.","publishedAt":"2026-10-23T13:26:04.012Z","channel":{"id":"money","name":"Oncast Money","language":"en"},"show":"Market Open","verification":{"status":"verified","leadVerdict":"TRUE","notes":"TRUE: Cointelegraph reports, citing SCMP, that HSBC is rolling out its Hong Kong dollar-backed stablecoin RedCoin to over 3.3 million PayMe users.\nSource: Cointelegraph NAMES: HSBC = global bank; PayMe = HSBC's Hong Kong payment app; RedCoin = proposed HKD stablecoin; HKD = Hong Kong dollar; SCMP = South China Mor (https://t.me/cointelegraph/72809)\n\nTRUE: Cointelegraph reports that CZ (Changpeng Zhao) said AI hacking fears around crypto are overblown because internet and banking use weaker encryption, but warned that leaked data enables more phishing and social engineering.\nSource: Cointelegraph NAMES: CZ = Changpeng Zhao, former Binance CEO. (https://t.me/cointelegraph/72808)\n\nTRUE: Cointelegraph reports that the US Treasury proposed a rule to restrict American investments in AI, supercomputing, and other high-tech sectors in China, Russia, and other \"countries of concern.\"\nSource: Cointelegraph NAMES: US Treasury = US government department; AI = artificial intelligence. (https://t.me/cointelegraph/72806)\n\nTRUE: Cointelegraph reports, citing FT, that Trump's UN envoy Mike Waltz said the US is ready for a prolonged standoff with Iran and can maintain its blockade on Iranian ports.\nSource: Cointelegraph NAMES: Mike Waltz = US ambassador to the UN; FT = Financial Times; Iran = country. (https://t.me/cointelegraph/72811)","claims":[{"verdict":"TRUE","summary":"Cointelegraph reports, citing SCMP, that HSBC is rolling out its Hong Kong dollar-backed stablecoin RedCoin to over 3.3 million PayMe users.","sourceName":"Cointelegraph NAMES: HSBC = global bank; PayMe = HSBC's Hong Kong payment app; RedCoin = proposed HKD stablecoin; HKD = Hong Kong dollar; SCMP = South China Mor","sourceUrl":"https://t.me/cointelegraph/72809","claim":"🇭🇰 LATEST: HSBC begins rolling out its Hong Kong dollar-backed stablecoin RedCoin to over 3.3 million PayMe users, SCMP reports. News | Markets | YouTube","author":"Cointelegraph"},{"verdict":"TRUE","summary":"Cointelegraph reports that CZ (Changpeng Zhao) said AI hacking fears around crypto are overblown because internet and banking use weaker encryption, but warned that leaked data enables more phishing and social engineering.","sourceName":"Cointelegraph NAMES: CZ = Changpeng Zhao, former Binance CEO.","sourceUrl":"https://t.me/cointelegraph/72808","claim":"⚡️ NOW: CZ says AI hacking fears around crypto are overblown since the internet and banking run on weaker encryption, but warns: “AI doesn’t need to break Bitcoin’s cryptography to cause damage, leaked data already enables more phishing, social engineering, etc.” News | Markets |","author":"Cointelegraph"},{"verdict":"TRUE","summary":"Cointelegraph reports that the US Treasury proposed a rule to restrict American investments in AI, supercomputing, and other high-tech sectors in China, Russia, and other \"countries of concern.\"","sourceName":"Cointelegraph NAMES: US Treasury = US government department; AI = artificial intelligence.","sourceUrl":"https://t.me/cointelegraph/72806","claim":"🇺🇸 JUST IN: The US Treasury proposes a rule to restrict American investments in AI, supercomputing, and other high-tech sectors in China, Russia, and other “countries of concern.” News | Markets | YouTube","author":"Cointelegraph"},{"verdict":"TRUE","summary":"Cointelegraph reports, citing FT, that Trump's UN envoy Mike Waltz said the US is ready for a prolonged standoff with Iran and can maintain its blockade on Iranian ports.","sourceName":"Cointelegraph NAMES: Mike Waltz = US ambassador to the UN; FT = Financial Times; Iran = country.","sourceUrl":"https://t.me/cointelegraph/72811","claim":"🇺🇸 JUST IN: Trump’s UN envoy Mike Waltz says the US is ready for a prolonged standoff with Iran and can keep its blockade on Iranian ports for the foreseeable future, per FT. News | Markets | YouTube","author":"Cointelegraph"}]},"sources":[{"url":"https://t.me/cointelegraph/72809","name":"Cointelegraph NAMES: HSBC = global bank; PayMe = HSBC's Hong Kong payment app; RedCoin = proposed HKD stablecoin; HKD = Hong Kong dollar; SCMP = South China Mor","kind":"telegram","verdict":"TRUE","author":"Cointelegraph"},{"url":"https://t.me/cointelegraph/72808","name":"Cointelegraph NAMES: CZ = Changpeng Zhao, former Binance CEO.","kind":"telegram","verdict":"TRUE","author":"Cointelegraph"},{"url":"https://t.me/cointelegraph/72806","name":"Cointelegraph NAMES: US Treasury = US government department; AI = artificial intelligence.","kind":"telegram","verdict":"TRUE","author":"Cointelegraph"},{"url":"https://t.me/cointelegraph/72811","name":"Cointelegraph NAMES: Mike Waltz = US ambassador to the UN; FT = Financial Times; Iran = country.","kind":"telegram","verdict":"TRUE","author":"Cointelegraph"}],"url":"https://oncast.fm/story/1792761964012-money-segment-hsbc-hands-millions-a-bank-stablecoin","listenUrl":"https://oncast.fm/c/money","attribution":{"publisher":"Oncast","site":"https://oncast.fm","url":"https://oncast.fm/story/1792761964012-money-segment-hsbc-hands-millions-a-bank-stablecoin","cite":"Cite https://oncast.fm/story/1792761964012-money-segment-hsbc-hands-millions-a-bank-stablecoin and the original source links. Fact-check by Oncast (oncast.fm)."},"hostsSaid":[{"host":"Bill","text":"HSBC is about to hand a Hong Kong dollar stablecoin to three million people."},{"host":"Adam","text":"That's a real bank putting real balance-sheet weight behind a stablecoin. Tell me more."},{"host":"Bill","text":"The South China Morning Post reports HSBC is rolling out RedCoin, backed one-for-one by Hong Kong dollars, to over 3.3 million users of its PayMe payment app."},{"host":"Adam","text":"So this isn't a pilot, it's not a sandbox. It's a commercial rollout."},{"host":"Bill","text":"Three million people can hold a bank-issued token that settles instantly. That's a big deal for the whole stablecoin argument."},{"host":"Adam","text":"Right, because for years the crypto crowd kept saying banks would never do this. And here's HSBC doing it in Hong Kong."},{"host":"Bill","text":"The interesting part is that it runs through PayMe, which is already how a lot of Hong Kong pays for things. So this isn't a new app people have to adopt."},{"host":"Adam","text":"So we get to watch whether normal people actually use a stablecoin when it's handed to them inside an app they already trust."},{"host":"Bill","text":"Exactly. And if that works, every bank in Asia is going to copy it within a year."},{"host":"Adam","text":"Meanwhile, the entire US banking lobby has spent four years telling Congress stablecoins are dangerous. HSBC just quietly shipped one."},{"host":"Bill","text":"Different world entirely: a post from a day trader on X says we've hit the point where long-term investors should just dollar-cost average into their favorite stocks and stop checking the market for six months."},{"host":"Adam","text":"That's advice disguised as stoicism. And it's exactly the kind of thing people post when the market has been ugly."},{"host":"Bill","text":"Oh, come on. The guy's point is that most damage comes from checking the screen every day and panicking."},{"host":"Adam","text":"Sure, except he says it as if anyone can just close their eyes for six months. Do you know how many people have a financial plan that survives no attention for half a year?"},{"host":"Bill","text":"No, no, wait— he's not saying ignore everything. He's saying pick good companies, commit, and let the noise fade."},{"host":"Adam","text":"And if the stock you picked is down forty percent in March, the discipline to keep dollar-cost averaging is only easy in hindsight. That's my problem."},{"host":"Bill","text":"Fine, but the alternative is what most people do: sell at the bottom and then claim they'll buy back lower. Historically, that's a losing game."},{"host":"Adam","text":"Which is why the real discipline isn't ignoring the market. It's having a plan and not letting a bad week rewrite it."},{"host":"Bill","text":"That's fair. And I'll give him this— it's a better pitch than the spam next to it."},{"host":"Adam","text":"He means the accounts promising Nvidia and Broadcom research on WhatsApp. The only research you get there is how to lose money."},{"host":"Bill","text":"Speaking of things people claim are new narratives, there's a post about tokenized stocks on Base, meaning meme tokens tagged to stock names."},{"host":"Adam","text":"Let me guess, someone is excited about Stonks Exchange, the platform pairing meme coins with stock tickers."},{"host":"Bill","text":"That's the one. And the post says tokenized stocks plus meme culture is an interesting new narrative."},{"host":"Adam","text":"Here's what matters: those tokens do not give you equity. You don't own a piece of the company. You own a meme coin that borrows a ticker."},{"host":"Bill","text":"So it's the stock market experience with none of the ownership and all of the rug pull potential."},{"host":"Adam","text":"And the reason it works on Base is that Coinbase's layer-2 makes it cheap to spin up these tokens. But cheap to create is not the same as safe to buy."},{"host":"Bill","text":"I'll say this for the meme stock crowd— they do have excellent marketing. The post even added a rocket emoji."},{"host":"Adam","text":"Well, that settles it. Rocket emoji means it's going up."},{"host":"Bill","text":"One more post worth flagging, and this one moves the geopolitical needle. The US Treasury is proposing a rule to restrict American investment in AI and supercomputing in China, Russia, and other countries of concern."},{"host":"Adam","text":"That's outbound investment screening, and it's been coming for a while. Washington has wanted this authority for years."},{"host":"Bill","text":"It would hit venture capital and private equity, not just publicly traded stocks. The actual rule could take a year or more to finalize."},{"host":"Adam","text":"And that's the part markets will miss on day one. This is a signal about the next decade, not tomorrow's earnings."},{"host":"Bill","text":"Meanwhile, Mike Waltz at the UN says the US is ready for a prolonged standoff with Iran and can keep its blockade on Iranian ports for the foreseeable future."},{"host":"Adam","text":"That's the kind of line that keeps a floor under energy prices. 'Foreseeable future' is not what oil traders wanted to hear."}]}