HSBC RedCoin: reserves, audits and reviews
Bank-issued stablecoinHong Kong dollar · The Hongkong and Shanghai Banking Corporation Limited
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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
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
- HKMA — register of licensed stablecoin issuers
- HSBC — HSBC RedCoin Terms and Conditions (PDF)
- HSBC — HSBC RedCoin Whitepaper (PDF)
- HSBC — HSBC RedCoin Reserve Assets Management Policy (PDF)
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