HSBC rolls out HKD stablecoin RedCoin as it prepares tokenized investment services

The bank reported HK$80.58 million in circulating RedCoin and HK$81.58 million in reserve assets as of October 23. HSBC has made its HKD-denominated stablecoin, HSBC RedCoin (RCHKD), available through PayMe, allowing users to transfer funds to individuals and pay participating merchants. The stablecoin operates under a licence issued by the Hong Kong Monetary Authority and is designed to maintain a one-to-one redemption value against the Hong Kong dollar, with its circulation fully backed by segregated, liquid reserve assets.