HSBC rolls out RedCoin in phases: COINUSDT falls 3.24% this week, 22 of 34 weeks were stronger
HSBC is rolling out stablecoin RedCoin in phases as banks move on-chain. Binance COINUSDT fell 3.24% this week, with 22 of 34 weekly samples stronger.
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HSBC is rolling out stablecoin RedCoin in phases, another step by a traditional bank onto chain rails. On Binance, the clearest read sits in COINUSDT, a US-equity USDT-margined perpetual. For the week ending 2026-09-30, COINUSDT moved from 196 USDT to 189.64 USDT, a fall of 3.24%. HOODUSDT fell 0.05%, MSTRUSDT fell 4.02%, JPMUSDT fell 1.56%. The headline is about banks entering; the tape shows all four weekly candles closing lower.
All four pairs closed lower this week
COINUSDT printed eight sessions from 2026-09-23 to 2026-09-30, with only 09-24 and 09-26 higher, at 0.29% and 0.95%. The largest single-day drop was 09-25 at 1.69%.
| Date | open | close | change |
|---|---|---|---|
| 2026-09-23 | 200.6 USDT | 198.03 USDT | -1.28% |
| 2026-09-24 | 198.03 USDT | 198.61 USDT | 0.29% |
| 2026-09-25 | 198.62 USDT | 195.26 USDT | -1.69% |
| 2026-09-26 | 195.26 USDT | 197.11 USDT | 0.95% |
| 2026-09-27 | 197.09 USDT | 195.99 USDT | -0.56% |
| 2026-09-28 | 196 USDT | 192.8 USDT | -1.63% |
| 2026-09-29 | 192.81 USDT | 190.46 USDT | -1.22% |
| 2026-09-30 | 190.47 USDT | 189.64 USDT | -0.44% |
Three days matter. On 09-23, COINUSDT opened at 200.6 USDT and closed at 198.03 USDT, down 1.28%, the highest print of these eight sessions that still closed below its open. On 09-25 it fell from 198.62 USDT to 195.26 USDT, down 1.69%, the biggest single-day drop of the week. On 09-28 it fell from 196 USDT to 192.8 USDT, down 1.63%, before 09-30 closed at 189.64 USDT.
Across the same window, HOODUSDT went from 118.95 USDT to 118.89 USDT, down 0.05%; MSTRUSDT went from 160.93 USDT to 154.46 USDT, down 4.02%; JPMUSDT went from 342.43 USDT to 337.08 USDT, down 1.56%. Four pairs covering exchanges, brokers, a treasury holder and a bank, and none broke away.
In a 34-week sample, this week is not in the strong bucket
COINUSDT has 34 weekly samples, and 22 weeks were stronger than this one. A 3.24% fall is not extreme, but it is not resilience either.
| Stronger week start | open | close | change |
|---|---|---|---|
| 2026-04-13 | 165.71 USDT | 201.21 USDT | 21.42% |
| 2026-08-17 | 149.28 USDT | 188.36 USDT | 26.18% |
| 2026-06-29 | 149.07 USDT | 174.48 USDT | 17.05% |
| 2026-09-14 | 171.97 USDT | 195.42 USDT | 13.64% |
Those four weeks started lower than this week's 196 USDT and closed higher than this week's 189.64 USDT. Other stronger weeks include 2026-03-02 at 9.63%, 2026-03-30 at 9.05%, 2026-05-04 at 5.4%, 2026-08-03 at 4.64% and 2026-08-31 at 4.68%. Some were barely positive, like 2026-04-20 at 0.03%, 2026-09-21 at 0.29% and 2026-02-09 at 0.64%. Even some losing weeks rank stronger, such as 2026-03-16 at -1.61%, 2026-06-15 at -1.46% and 2026-05-18 at -0.47%.
MSTRUSDT has 34 weekly samples with 23 stronger weeks. 2026-06-29 rose 30.27%, 2026-08-17 rose 28.64%, 2026-04-13 rose 28.39%, 2026-09-14 rose 21.61%. HOODUSDT has 35 samples with 13 stronger weeks, including 2026-04-13 at 30.66% and 2026-05-25 at 27.52%. JPMUSDT has 20 samples with 16 stronger weeks, including 2026-06-08 at 5.98% and 2026-05-18 at 5.42%.
What the trending posts say
Trending posts on the Square argue that HSBC rolling out RedCoin in phases shows a traditional bank is building on-chain infrastructure on its own schedule, not just watching (relayed, not this site's view). They note that "in phases" means no single switch flips, and how fast each stage connects depends on regulation and internal systems.
Trending posts argue the upside for exchanges and treasury-holding equities is more funding entry points, but more entry points do not mean immediate price reaction (relayed, not this site's view). They add that a bank stablecoin and an exchange stablecoin are different products, one focused on settlement and compliance, the other on trading venues, so the two will not move in step.
Trending posts argue that COINUSDT, HOODUSDT, MSTRUSDT and JPMUSDT all closing lower this week shows the market did not treat the news as a short-term catalyst (relayed, not this site's view). Others warn that news and price often sit quarters apart, and one week is too short a sample to test a long narrative.
Three things easy to misread
Gaps. COINUSDT opened 09-25 at 198.62 USDT against a prior close of 198.61 USDT, and opened 09-28 at 196 USDT against a prior close of 195.99 USDT. These USDT-margined equity perpetuals trade while the underlying is closed, so moves in those windows are not the underlying moving.
High leverage. All four are USDT-margined equity perpetuals with no expiry, which means funding keeps applying to open positions. Using high leverage to front-run a phased rollout means any drawdown can clear the position before the news lands.
Funding. Perpetuals settle funding between longs and shorts, and holding the wrong side accumulates cost day by day. All four pairs fell this week, so a wrong-way position held open loses more than the price move.
One more thing: the best week is a conclusion in hindsight. 2026-08-17 rose 26.18% and 2026-04-13 rose 21.42%, but nobody knew that while those weeks were running. Using finished weekly candles to project the next week does not hold.
Fees
Binance contract default maker fee is 0.02% and default taker fee is 0.05%. The rebate ratio is 20%, leaving an effective maker fee of 0.016% and an effective taker fee of 0.04%. These four numbers are fixed and do not move with price.
Source: https://fapi.binance.com/fapi/v1/exchangeInfo
Data as of 2026-09-30; source: Binance official API. Not investment advice.
Related Articles
Binance is not available in your region. What follows is not a centralized exchange โ it is a different kind of product that you can use:
๐ Binance Web3
A self-custody wallet inside the Binance app; swaps route through on-chain DEX aggregation, not an exchange account
Bind via our link and wallet swap fees drop 30%. On-chain gas and slippage are not covered by the discount.
You must already be a verified Binance user to create a Binance Wallet (official FAQ Q13); wallet referrals and exchange referrals are two separate systems. Zero-fee pairs such as stablecoin swaps generate no rebatable fee.