HSBC RedCoin (RCHKD), the bank’s Hong Kong dollar stablecoin, had HK$87.75 million in circulation Nov. 2, while listed cash reserves were HK$1 million higher, offering a second public measure of the token’s early scale.
HSBC’s Nov. 2 disclosure listed HK$87,752,366.08 in circulation and HK$88,752,366.08 in cash reserves. Circulation was HK$6,938,228.43 above the Oct. 25 snapshot, which showed HK$80,814,137.65 outstanding.
HSBC Group CEO Georges Elhedery told a Nov. 2 Hong Kong FinTech Week panel that RedCoin had 50,000 users since its Oct. 23 launch. The user count is separate from the circulation value: one counts users, while the other measures the value of outstanding tokens. Neither figure shows how often customers used RedCoin for payments.
HSBC introduced RedCoin through PayMe, its payments app, on Oct. 23. The bank said users could transfer tokens to one another and pay at more than 100,000 merchants through the service. HSBC expected more than 3.3 million PayMe users to gain wallet access over the following days, but has not disclosed how many activated one.
On HSBC’s private, permissioned blockchain, each RedCoin token is designed for redemption at HK$1. HSBC says RedCoin balances are not covered by Hong Kong’s Deposit Protection Scheme.
Later in 2026, HSBC plans to add RedCoin access to its Hong Kong banking app and let customers use the token to subscribe to tokenized investment products. HSBC expects to release its first independent reserve attestation after 2026 ends.
