Hong Kong Monetary Authority Warns Fake HKDAP and HSBC Stablecoins Circulating Without Authorization

Hong Kong’s monetary regulator has warned the public about fake stablecoins circulating under the tickers “HKDAP” and “HSBC,” even though no licensed stablecoin issuer has launched regulated products in the market.

“Fake Hong Kong stablecoins start trading as real ones remain absent Tokens using ‘HKDAP’ and ‘HSBC’ tickers are circulating even as the HKMA says no licensed stablecoins have been issued What to know: - Hong Kong’s central bank warned that tokens using the tickers HKDAP and HSBC are circulating even though no licensed stablecoins have been introduced”

@coindesk

The Hong Kong Monetary Authority (HKMA) said tokens using “HKDAP” and “HSBC” have appeared, but “have no connection to any authorized issuer,” and it stressed that licensed applicants referenced in related press materials have not issued any regulated stablecoins.

@coindesk

In a separate framing, BanklessTimes reported that the HKMA said tokens under those names are unofficial and potentially linked to scams, adding that “Neither institution has launched a stablecoin yet.”

CoinCentral likewise described the HKMA’s warning that “tokens with the tickers ‘HKDAP’ and ‘HSBC’ have been launched without authorization,” and it pointed to HSBC’s denial that it has launched a stablecoin in Hong Kong.

The Crypto Times echoed the same core message, saying the HKMA warned that “fake HKDAP and HSBC tokens are circulating with no link to licensed issuers,” while HSBC and Anchorpoint Financial confirmed they have not yet launched any stablecoins.

Across the coverage, the regulator’s central concern is that the market is trading tokens that claim ties to licensed issuers before those issuers go live.

The HKMA’s warning also ties directly to the timing of Hong Kong’s new licensing regime, with the first stablecoin licenses granted shortly before the fake tokens surfaced.

The HKMA’s warning comes in the middle of Hong Kong’s stablecoin rollout, after the regulator granted its first stablecoin issuer licenses earlier in April.

@coindesk reported that “Earlier this month, the HKMA granted its first stablecoin licenses under the Stablecoins Ordinance,” selecting two groups from “a pool of 36 applicants,” and it said the Stablecoins Ordinance “took effect in August 2025.”

BanklessTimes

BanklessTimes sharpened the timeline by stating that “On April 10, the HKMA granted the city’sfirst stablecoin issuer licensesto HSBC and Anchorpoint under Hong Kong’s new Stablecoins Ordinance,” and it described the HKMA’s public register listing both Anchorpoint and HSBC as licensed issuers.

The Crypto Times and bloomingbit both reiterated that the HKMA’s April 10 licensing decision was the starting point for the new regime, with bloomingbit adding that the HKMA said the two stablecoins have “no connection to any officially licensed stablecoin issuer in the city.”

In the rollout plans described by the outlets, Anchorpoint intends to introduce its HKDAP stablecoin “gradually beginning later this year” (as @coindesk put it), while CoinCentral said Anchorpoint “plans to launch its HKDAP stablecoin in phases beginning in the second quarter.”

For HSBC, @coindesk said “HSBC intends to provide a Hong Kong dollar stablecoin in the second half of 2026,” while The Crypto Times and bloomingbit both described a second-half launch plan for a Hong Kong dollar-denominated stablecoin.

The warning therefore sits at the gap between licensing and market launch, with the regulator telling the public to treat any “HKDAP” or “HSBC” tokens currently trading as unregulated and still in development.

The HKMA’s warning was accompanied by specific guidance aimed at reducing the chance that traders would mistake the counterfeit tokens for regulated products.

“Hong Kong’s central banking regulator is warning the public about fake stablecoins that pretend to be linked to HSBC and another licensed issuer”

BanklessTimes

@coindesk said the HKMA urged the public to “stay vigilant against fraudulent activities,” advising users to rely only on official communications from licensees and to transact through regulated channels.

The Crypto Times quoted the HKMA’s statement that “Members of the public should stay vigilant against fraudulent activities or scams that are purported to be associated with the licensees or their stablecoin issuance,” and it described the HKMA’s position that the tokens are not issued by or associated with licensed issuers.

CoinCentral similarly reported that the regulator advised users to check official announcements from licensed issuers before acquiring or using stablecoins, and it added that the HKMA reminded the public to use regulated channels when dealing with digital assets.

HSBC’s response, as described by The Crypto Times and CoinCentral, was to deny any launch of stablecoins in Hong Kong and to direct customers toward official fraud-prevention resources.

The Crypto Times said HSBC “plans to launch a Hong Kong dollar-denominated stablecoin in the second half of this year under its newly granted licence,” and it specified that the stablecoin “will only be available through PayMe and the HSBC HK Mobile App.”

It also reported that HSBC urged customers to visit its cybersecurity and fraud hub and the Hong Kong government’s Anti-Deception Coordination Centre report for fraud-prevention tips, and it directed anyone with concerns to call a hotline at “2233 3000” and report the matter to the police.

Several outlets connected the fake-token warning to the speed at which scammers can exploit newly granted licenses and public attention.

The Crypto Times said the fraudulent tokens surfaced “less than three weeks after the HKMAgranted its firststablecoin issuer licenceson April 10,” and it described the licensing decision as “a significant step in Hong Kong’s push to build a regulated digital asset ecosystem.”

bloomingbit

It also stated that “Neither licensee has gone live yet,” while both HSBC and Anchorpoint were “still completing the system testing, operational setup, and compliance checks required before a public launch.”

CoinCentral framed the same dynamic as a risk that can emerge after a licensing announcement, saying “scammers may attempt to use well-known financial names to attract buyers,” and it described how stablecoins linked to banks or regulated firms can appear credible to retail users.

@coindesk similarly emphasized that the HKMA warned about counterfeit tokens “before a single licensed product has even been introduced,” and it described the HKMA’s concern that counterfeit tokens are exploiting the incoming stablecoin regime.

The outlets also described how the HKMA’s regulatory approach is meant to reduce fraud by creating a supervised pathway for issuers, including a stablecoin sandbox and a licensing system for exchanges.

Even with those safeguards, the warning indicates that the market can still see unofficial tokens immediately after licensing becomes public.

The HKMA’s warning is effectively a call for immediate caution while Hong Kong’s licensed stablecoin market is still in setup and testing.

“Hong Kong’s financial regulator has warned the public about fake tokens claiming to be linked to licensed stablecoin issuers, after tokens using the names “HKDAP” and “HSBC” appeared in the market”

CoinCentral

The Crypto Times said the HKMA’s Tuesday warning serves as a reminder that “while Hong Kong’s regulated stablecoin market is taking shape, it has not officially started yet,” and it concluded that “Until the licensed issuers formally launch, any token claiming association with HSBC or Anchorpoint should be treated with caution.”

CoinCentral

CoinCentral likewise urged stablecoin users in Hong Kong to “verify issuer details, avoid unofficial token listings, and rely only on regulated platforms or direct company channels.”

@coindesk added that the HKMA urged the public to “stay vigilant against fraudulent activities,” and it advised users to rely only on official communications from licensees and to transact through regulated channels.

The Crypto Times also described how HSBC directed customers to call “2233 3000” and report concerns to the police, and it said HSBC urged customers to use its cybersecurity and fraud hub and the Anti-Deception Coordination Centre report for fraud-prevention tips.

The outlets also described forward-looking launch expectations that shape what users should watch for: @coindesk said insiders expect a launch during Hong Kong's fintech week in November, while it also said HSBC intends to provide a Hong Kong dollar stablecoin in the second half of 2026 and Anchorpoint intends to introduce HKDAP later this year.

Taken together, the coverage portrays a near-term period where the only legitimate signals are official HKMA materials and issuer communications, while unofficial tokens trading under “HKDAP” and “HSBC” remain a fraud risk.