According to CoinMeta, as of November 2, HSBC disclosed that the circulating face value of the Hong Kong dollar stablecoin redcoin was approximately HKD 87.75 million, with reserve assets valued at around HKD 88.75 million, all of which were in cash. The circulating face value of redcoin increased by about HKD 6.75 million over the past 7 days. Users can currently use redcoin through payme for personal transfers and merchant payments. HSBC plans to support the use of redcoin to subscribe to tokenized investment products through its Hong Kong mobile banking app in the future.