Hong Kong’s central banking regulator is warning the public about fake stablecoins that pretend to be linked to HSBC and another licensed issuer. The Hong Kong Monetary Authority (HKMA) says tokens using the tickers “HKDAP” and “HSBC” have appeared in the market, but no licensed stablecoin issuer has issued them.
Both HSBC and Anchorpoint Financial, which recently received Hong Kong’s first stablecoin issuer licenses, have confirmed they have not yet launched any regulated stablecoins. The HKMA stresses that traders should treat any token currently trading under those names as unofficial and potentially linked to scams.
Real Licenses, But No Official Coins Yet
On April 10, the HKMA granted the city’s first stablecoin issuer licenses to HSBC and Anchorpoint under Hong Kong’s new Stablecoins Ordinance. Standard Chartered, Animoca Brands, and Hong Kong Telecommunications back Anchorpoint as a joint venture, and the HKMA’s public register now lists both Anchorpoint and HSBC as licensed issuers.
Anchorpoint intends to introduce its HKDAP stablecoin gradually beginning later this year, while HSBC intends to provide a Hong Kong dollar stablecoin in the second half of 2026.
The HKMA warns that any token now trading under the “HSBC” or “HKDAP” tickers is unregulated and still in development, so investors should handle it with great caution.
HKMA’s Advice for Stablecoin Users
In its notice, the HKMA urges people to stay alert to fraudulent activity that claims ties to licensed stablecoin issuers or to future Hong Kong dollar stablecoins. It advises users to buy and use stablecoins only through regulated channels and to check issuer names against the HKMA’s official register and company press releases.
To make phony tokens appear secure, criminals frequently imitate reputable bank trademarks, the authority regularly advises the public. Instead of relying on social media ads or private messaging, it invites anyone with reservations about a token’s legitimacy to contact the issuer directly or review HKMA materials.
This caution aligns with Hong Kong’s broader efforts to regulate digital assets, including a new framework for stablecoin issuers and a licensing regime for exchanges. The objective is to create a “proactive yet prudent” system that encourages serious participants and makes it simpler to combat fraud and imitation tokens.
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