HSBC's daily disclosure showed cash reserves for RedCoin (RCHKD), the bank's Hong Kong dollar stablecoin, at HK$1 million above circulation on Oct. 25; the page did not explain the difference.
Circulation totaled HK$80,814,137.65, while HSBC listed HK$81,814,137.65 in both reserve assets and cash reserves. The bank's website says a first report from an independent auditor is expected after Q4 2026.
The figures followed RedCoin's phased rollout through PayMe on Oct. 23 for user transfers and payments at more than 100,000 merchants. Wallet access was expected to expand over the following days to PayMe's more than 3.3 million users; that figure represents potential app reach, not confirmed RedCoin wallet activations. The rollout was covered in our earlier report on RedCoin's launch through PayMe.
HSBC has said RedCoin balances are not covered by Hong Kong's Deposit Protection Scheme.
