HSBC RedCoin (RCHKD) pre-launch stablecoin tracker
HSBC RedCoin (RCHKD) is an HKD stablecoin issued by HSBC under an HKMA licence, available through PayMe since October 2026 on HSBC's private permissioned chain.
Phase
Current launch phase
Target launch
Earlier target retired
Target drift
H2 2026 target retired Oct 25, 2026
Since announcement
Announced Mar 2026
Live surfaces
Activates at launchPrice & peg · Supply & flows · Liquidity · Safety Score · DEWSHSBC's PayMe-Bound HKD Stablecoin
HSBC RedCoin is an HKD stablecoin available through PayMe on HSBC's private permissioned chain. The Hongkong and Shanghai Banking Corporation Limited launched it on October 23, 2026 under HKMA licence FRS02. Distribution runs through the bank's own channels, and HSBC Digital Assets Custody provides safekeeping. HSBC describes 1:1 backing by segregated HKD-denominated reserves and redemption at par through permitted channels, subject to its terms. The product page now publishes issuer-reported circulation and reserve figures, alongside a whitepaper, a reserve assets policy and redemption terms. These documents are the issuer's account of the backing, not independent verification of public-chain supply. The first independent attestation is expected after Q4 2026; this review found no published monthly series. Pharos keeps RedCoin in pre-launch until public on-chain issuance and a verifiable price and supply path exist.
· AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-26
AI policyRCHKD Launch path
Launching soon phase, earlier target retired, none set; 5 milestones logged since Mar 2026.
Target history (1)
- H2 2026retired Oct 25, 2026
Launch status narrative
HKMA-licensed stablecoin issuer FRS02, effective April 10 2026. HSBC named the token HSBC RedCoin on September 30 2026 and launched it on October 23 2026 under the ticker RCHKD, available on PayMe by HSBC (3.3M users) for peer-to-peer and merchant payments, with HSBC Digital Assets Custody providing safekeeping. HSBC plans to add wallet functionality to the HSBC HK Mobile Banking App and tokenized investment subscriptions later in 2026. 1:1 backed by HKD-denominated high-quality liquid assets in segregated accounts. HSBC now publishes issuer-reported circulation and reserve figures; its 27 October 2026 daily update showed HK$81.4 million outstanding against HK$82.4 million of cash reserves. Pharos keeps RCHKD in pre-launch until public on-chain issuance and a verifiable price and supply path exist.
Launch status: quick answers
- When will RCHKD launch?
- Pharos records RCHKD in the launching soon phase. It was announced in Mar 2026. An earlier target was retired and no target date is set. Targets come from issuer statements; Pharos does not estimate launch dates.
- Who issues RCHKD?
- HSBC RedCoin (RCHKD) is an HKD stablecoin issued by HSBC under an HKMA licence, available through PayMe since October 2026 on HSBC's private permissioned chain.
- Is RCHKD live yet?
- Pharos lists RCHKD as pre-launch (the launching soon phase): no price and market-cap source is admitted for it yet, so Pharos shows no price, supply, liquidity or Safety Score. Live tracking starts once both can be verified.
RCHKD Activity
- Milestone
HSBC reports 50,000 RedCoin users after launch
HSBC group CEO Georges Elhedery said at Hong Kong FinTech Week that RedCoin had about 50,000 users since its October 23 launch.
Source - Milestone
HSBC daily disclosure shows HK$81.4 million RedCoin outstanding against HK$82.4 million of cash reserves
HSBC's daily stablecoin disclosure reported HK$81,425,493.24 of RedCoin outstanding and HK$82,425,493.24 of reserve assets, all held as cash, with the circulating total up HK$80,157,394.18 over seven days. The figures are issuer-reported and unaudited; the first independent reserve audit is expected after Q4 2026, and RCHKD still runs on HSBC's private permissioned ledger with no public price or supply lane.
Source - Milestone
HSBC RedCoin (RCHKD) launches on PayMe
HSBC made HSBC RedCoin, ticker RCHKD, available on PayMe by HSBC from October 23 2026 under its HKMA stablecoin issuer licence, with HSBC Digital Assets Custody providing safekeeping. HSBC plans to add stablecoin wallet functionality to the HSBC HK Mobile Banking App later in 2026. The release names no blockchain and gives no circulation or reserve figures.
Source - Announcement
HSBC names its Hong Kong dollar stablecoin HSBC RedCoin
HSBC named its planned HKD stablecoin HSBC RedCoin and stated that at launch it will be offered only through PayMe and the HSBC HK Mobile App, restating a launch plan for the second half of 2026.
Source - Regulatory
HKMA grants stablecoin issuer licence to HSBC
The HKMA grants The Hongkong and Shanghai Banking Corporation Limited a stablecoin issuer licence under the Stablecoins Ordinance, effective April 10 2026.
Source
Featured coverage
HSBC RedCoin launches today
HSBC's launch release for RCHKD on PayMe, with planned HSBC HK app wallet support and tokenized fund subscriptions.
HSBC rolls out its first HKD stablecoin RedCoin to retail users
HSBC to launch HKD-denominated stablecoin in second half of 2026
HSBC plans to integrate HKD stablecoin into PayMe and HSBC HK App for peer-to-peer payments and tokenized investment subscriptions.
How PayMe's 3.3 million users and Hong Kong firms could start using stablecoins
HSBC welcomes HKMA's grant of a Hong Kong stablecoin issuer licence
HSBC's primary-source statement confirming its HKMA stablecoin issuer licence and planned HKD stablecoin via PayMe and the HSBC HK app.
HSBC reports about 50,000 RedCoin users
HSBC group CEO Georges Elhedery's November 2 2026 remarks at Hong Kong FinTech Week on RedCoin adoption since its October 23 launch.