UPDATE: HSBC activates RedCoin stablecoin with $10.2M in circulation
CIE News ·
Update to HSBC rolling out HKD stablecoin RedCoin to PayMe retail users, The Block reports
Based on reporting by Decrypt; not yet independently confirmed.
HSBC has officially rolled out its HKD-pegged RedCoin stablecoin to PayMe users, showing $10.2 million in circulation backed by $10.4 million in cash.
HSBC has officially activated its Hong Kong dollar stablecoin, RedCoin (RCHKD), within the PayMe application. As previously reported, the bank rolled out the token for retail use cases, and Decrypt reported that the feature will reach more than 3.3 million PayMe users for peer-to-peer payments and transactions across more than 100,000 merchants.
Shortly after the launch, HSBC's reserve tracker showed roughly $10.2 million in RedCoin circulating, backed by $10.4 million held entirely in cash. The token maintains a 1:1 peg to the Hong Kong dollar and operates on HSBC's private ledger rather than a public blockchain.
RedCoin is not a bank deposit and lacks coverage under Hong Kong's Deposit Protection Scheme, according to Decrypt. HSBC stated that the first independent attestation of the stablecoin reserves is expected after the fourth quarter of 2026.
Key facts
- RedCoin (RCHKD) launched
- $10.2M in circulation
- $10.4M cash reserves
- Over 3.3M PayMe users