HSBC Lists HK$80.8 Million of RedCoin in Circulation as of Oct. 25

HSBC’s Hong Kong dollar stablecoin RedCoin (RCHKD) had HK$80,814,137.65 in circulation as of Oct. 25, while cash reserves exceeded circulation by HK$1 million, providing a new snapshot after its PayMe rollout.

Reserve assets and cash reserves were both HK$81,814,137.65. The HK$1 million difference remains unexplained. The update follows an Oct. 24 RedCoin report.

HSBC began rolling out RedCoin through PayMe on Oct. 23 for transfers between users and payments at more than 100,000 merchants. More than 3.3 million PayMe users were expected to be able to activate wallets in the days after launch; that figure reflects the app’s potential reach, not the number of RedCoin wallet activations.

The Hongkong and Shanghai Banking Corporation Limited holds Hong Kong stablecoin issuer license FRS02, effective April 10, 2026. Hong Kong’s Deposit Protection Scheme does not cover RedCoin because it is not a protected deposit. HSBC expects its first independent reserve attestation after the fourth quarter of 2026.