[All stablecoins](https://revain.org/) › HSBC RedCoin

# HSBC RedCoin: reserves, audits and reviews

Bank-issued stablecoin · Hong Kong dollar · The Hongkong and Shanghai Banking Corporation Limited

## Key facts

- **Issuer**: The Hongkong and Shanghai Banking Corporation Limited
- **Legal home**: Hong Kong
- **Launched**: 2026-10
- **Pegged to**: Hong Kong dollar
- **Type**: Bank-issued stablecoin
- **Who can hold it**: Through the bank’s channels (PayMe)
- **Networks (per the issuer)**: The bank’s own ledger

Checked on 2026-10-27 against the issuer’s and regulators’ pages (where the issuer is silent — industry press). Terms change — check the sources.

## Regulation

- Hong Kong — licensed stablecoin issuer (HKMA)

## Reserves as of 28 October 2026

Reserves HKD 83 m against HKD 82 m of HSBC RedCoin outstanding.

| Asset | Amount | Share |
|---|---|---|
| Cash | HKD 83 m | 100.0% |

Source: HSBC RedCoin reserves as of 28 October 2026 (daily unaudited figures published by HSBC). A snapshot at one moment — the composition changes between reports. [PDF](https://www.hsbc.com.hk/stablecoins/)

## Audits and reserve reports

- HSBC publishes daily reserve figures; the first attestation by an independent external auditor is expected after Q4 2026.
- A full financial-statement audit of the issuer is not published on its site.

## Minting and redeeming directly with the issuer

Individuals who open an HSBC Coin Wallet in PayMe (HSBC HK App coming soon) and pass HSBC's customer due diligence; HSBC decides eligibility.

| Item | Terms |
|---|---|
| Mint fee | None (HSBC may change this with notice) |
| Redemption fee | None (HSBC may change this with notice) |
| Verification | Customer due diligence through PayMe / HSBC HK onboarding; ongoing AML and sanctions monitoring. |
| Settlement | Instant; in any case within one business day |

Not available under the issuer’s terms: users outside Hong Kong where HSBC is not authorised to offer the HSBC Coin Wallet or RedCoin

## Freezing and seizure

The RedCoin smart contract supports freeze, allowlist and denylist controls, and HSBC may suspend or end access to a wallet or to RedCoin with or without notice.

## Contracts by network

The issuer does not publish contract addresses on its pages.

## Risks and caveats

- Not a protected deposit and not covered by Hong Kong's Deposit Protection Scheme.
- If HSBC as reserve custodian became insolvent, the trustee would have only an unsecured contractual claim over the cash reserves (a proprietary claim over non-cash reserves).
- RedCoin in HSBC channels is held by HSBC as custodian in an omnibus wallet on behalf of holders.
- No independent attestation has been published yet (the first is expected after Q4 2026); current reserve figures are reported by HSBC.

## About the issuer

- **Issuer**: The Hongkong and Shanghai Banking Corporation Limited (HSBC)
- **Regulator / licence**: Hong Kong Monetary Authority: licensed stablecoin issuer, licence no. FRS02, effective 10 April 2026
- **Regulator / licence**: Regulated under Hong Kong's Stablecoins Ordinance (Cap. 656)
- **Headquarters**: 1 Queen’s Road Central, Hong Kong
- **Launched**: Live on PayMe; HSBC HK App coming soon

## Questions and answers

**Who issues HSBC RedCoin?**

HSBC RedCoin is issued by The Hongkong and Shanghai Banking Corporation Limited. Legal home: Hong Kong.

**Who can hold HSBC RedCoin?**

Through the bank’s channels (PayMe).

**How is HSBC RedCoin regulated?**

Hong Kong: licensed stablecoin issuer (HKMA).

**What backs HSBC RedCoin?**

A reserve pool held in trust by HSBC Institutional Trust Services (Asia) Limited; on 28 October 2026 HSBC reported HKD 83.29 million of reserves, all in cash, against HKD 82.29 million of RedCoin in circulation.

**Is HSBC RedCoin audited?**

Not yet. HSBC publishes daily unaudited figures; the first attestation by an independent external auditor is expected after Q4 2026.

**Can I redeem HSBC RedCoin?**

Yes, through PayMe or the HSBC HK App; HSBC processes redemptions instantly and in any case within one business day, currently with no fee.

**Is HSBC RedCoin insured?**

No. HSBC states it is not a protected deposit and not covered by Hong Kong's Deposit Protection Scheme.

**Which blockchain is HSBC RedCoin on?**

HSBC's private permissioned Hyperledger Besu network (as an ERC-20 token); there is no public contract address.

## Sources

- [HSBC RedCoin](https://www.hsbc.com.hk/stablecoins/)
- [HKMA — register of licensed stablecoin issuers](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/)
- [HSBC — HSBC RedCoin Terms and Conditions (PDF)](https://www.hsbc.com.hk/content/dam/hsbc/hk/docs/mobile/stablecoin-terms.pdf)
- [HSBC — HSBC RedCoin Whitepaper (PDF)](https://www.hsbc.com.hk/content/dam/hsbc/hk/docs/mobile/stablecoin-whitepaper.pdf)
- [HSBC — HSBC RedCoin Reserve Assets Management Policy (PDF)](https://www.hsbc.com.hk/content/dam/hsbc/hk/docs/mobile/stablecoin-reserve-assets-policy.pdf)

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Page updated: 2026-10-29

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Source: https://revain.org/coins/redcoin/