HSBC has made its Hong Kong dollar-denominated stablecoin, RedCoin (RCHKD), available through PayMe. Users can now transfer funds to individuals and pay participating merchants. As of October 23, 2026, RedCoin had a circulating supply of HK$80.58 million, backed by HK$81.58 million in reserve assets held entirely in cash. HSBC plans to integrate RedCoin into its HSBC HK app to support subscriptions to tokenized investment products and intends to publish independent reserve attestations after the fourth quarter of 2026.
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