HSBC's RedCoin stablecoin, launched on Oct. 23 through its PayMe app, has increased its circulation to HK$87.75 million as of Nov. 2, up about HK$6.94 million from Oct. 25. The stablecoin, redeemable at HK$1 per token and running on HSBC's private blockchain, has reached 50,000 users since launch, according to HSBC's CEO. HSBC plans to expand RedCoin's availability to its Hong Kong banking app and introduce tokenized investment products later in 2026. The Hong Kong Monetary Authority licensed HSBC as a stablecoin issuer, highlighting growing institutional adoption of digital currencies in Hong Kong.
HSBC's RedCoin stablecoin circulation reached HK$87.75 million as of Nov 2, marking an increase of about HK$6.94 million since Oct 25. For readers following cryptocurrency markets, here is Pluang's snapshot as of Nov 2, 2026 16:21 WIB: out of 50 major cryptocurrencies, only 7 rose while 42 fell. Among notable movers, YFI traded at Rp35,616,265 with a 4.38% decline and a typical hold time of 94 days, EGLD at Rp60,369 down 4.36%, and LINK at Rp205,869 down 4.20%, with strong sell order activity dominating these assets.
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