HSBC RedCoin has a circulating face value of approximately HKD 87.75 million.

HSBC disclosed that its Hong Kong dollar stablecoin RedCoin had a circulating face value of approximately HK$87.75 million as of November 2, backed by reserve assets of about HK$88.75 million held entirely in cash. The circulating supply grew by roughly HK$6.75 million over the past seven days, indicating steady adoption since launch. Users can currently use RedCoin for personal transfers and merchant payments through PayMe, HSBC's payments platform. The bank also plans to expand RedCoin's utility by enabling subscriptions to tokenized investment products through its Hong Kong mobile banking app. The full cash backing, with reserves exceeding circulation by about HK$1 million, addresses key collateralization concerns for the tokenized deposit product. Market watchers should monitor RedCoin's circulation growth and the rollout of tokenized product subscriptions as indicators of HSBC's tokenization strategy gaining traction in Hong Kong.