HSBC Reports HK$80.7 Million of RedCoin in Circulation After PayMe Rollout

HSBC disclosed HK$80,669,211.52 in circulation for HSBC RedCoin (RCHKD) on Oct. 24, with cash reserves valued at HK$81,669,211.52, a day after its PayMe rollout began in Hong Kong.

The reserve assets are all cash. HSBC expects to publish its first independent reserve report after the fourth quarter of 2026.

HSBC began offering RedCoin through PayMe on Oct. 23. Wallet activation for more than 3.3 million users is being phased in over the coming days. Eligible users can send payments to other people and pay at more than 100,000 merchants. The 3.3 million figure reflects PayMe’s potential reach; HSBC has not disclosed wallet activations or transaction totals.

PayMe users can transfer RedCoin to other PayMe wallet holders, but the token cannot move between PayMe and the separate HSBC HK App wallet. HSBC plans to add the app wallet later in 2026, and its white paper requires customer due diligence and other eligibility checks.

The Hong Kong Monetary Authority lists HSBC as a licensed stablecoin issuer, with its license effective April 10, 2026.