The Hong Kong Monetary Authority (HKMA) has issued an urgent warning about counterfeit stablecoins circulating in the market that exploit the names of major financial institutions, including HSBC, to defraud investors. The fake tokens, using the tickers “HKDAP” and “HSBC,” have no connection to any authorized issuer, the regulator stated.
Earlier this month, Hong Kong granted its first stablecoin licenses under the Stablecoins Ordinance, which took effect in August 2025. The HKMA selected two groups from a pool of 36 applicants: HSBC and a Standard Chartered-led entity, Anchorpoint Financial, which is a joint venture involving Standard Chartered, Animoca Brands, and Hong Kong Telecommunications. Both licensed applicants confirmed they have not issued any regulated stablecoins to the public.
The HKMA urged the public to “stay vigilant against fraudulent activities” and to rely only on official communications from licensees. Scammers are using recognizable names to create a false sense of legitimacy, the regulator said. Both HSBC and Anchorpoint Financial issued statements rejecting any association with the circulating tokens.
Legitimate stablecoin initiatives are progressing. HSBC plans to launch a Hong Kong dollar-backed stablecoin later this year via its PayMe platform and mobile app. Anchorpoint intends to roll out its HKDAP stablecoin in phases beginning in the second quarter, with controlled testing and regulatory alignment. Insiders expect the launch to coincide with Hong Kong's fintech week in November.
Hong Kong has steadily expanded its crypto oversight since 2022, introducing licensing for exchanges and stablecoin issuance guidelines. A regulatory sandbox launched in 2024 allows firms to test token designs under supervision. Despite these measures, fraudulent schemes continue to emerge, demonstrating that regulatory clarity alone cannot fully prevent bad actors from exploiting market developments.
