The Hong Kong Monetary Authority (HKMA) has issued a public warning about counterfeit stablecoins fraudulently using the HSBC and Anchorpoint brands. On April 28, the HKMA alerted the public that tokens bearing the tickers 'HKDAP' and 'HSBC' had appeared in the market without any association with the licensed issuers. Both HSBC and Anchorpoint Financial confirmed they have not yet released any regulated stablecoins.
The fake tokens exploit the legitimate news that HSBC and Anchorpoint received stablecoin issuer licenses from the HKMA on April 10, 2026, under the Stablecoins Ordinance enacted in August 2025. HSBC plans to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026, backed by high-quality liquid assets and integrated into its PayMe platform, which serves over 3.3 million users. Anchorpoint is targeting a phased rollout of its HKDAP token starting in the second quarter of 2026, backed 1:1 by HKD-denominated reserves.
According to the HKMA, the fraudulent tokens were identified as scam instruments designed to exploit investor trust in established financial brands. The warning also highlighted unauthorized 'Anchorpoint' stablecoins circulating alongside the HSBC-branded fakes. The timing is critical as the scammers are capitalizing on the gap between the licensing announcement and the actual product launch, a period of heightened vulnerability.
Hong Kong's Stablecoins Ordinance imposes severe penalties for unauthorized issuance or false claims of licensed status, including fines up to HK$5 million and prison sentences of up to seven years. The HKMA maintains a public register of licensed stablecoin issuers to help consumers verify authenticity. The broader implication is that as more jurisdictions develop regulated stablecoin frameworks and financial institutions enter the space, the risk of brand impersonation scams will increase, requiring wallet-level verification and sustained consumer education.
