TLDR
Hong Kongs central bank has warned that HSBC and HKDAP tokens claiming to be licensed stablecoins are fakes and not linked to any approved issuer.
- Hong Kong Monetary Authority (HKMA) says tokens branded HSBC and HKDAP are unlicensed and have no connection to HSBC or other authorized issuers.
- HSBC and Anchorpoint Financial confirm they have not launched any stablecoins yet, even though they recently received Hong Kong stablecoin licenses.
- The first official Hong Kong dollar stablecoins are expected later this year, so users should treat any HSBC or HKDAP stablecoin now as a scam risk and verify via official channels.
Deep Dive
1. What HKMA Actually Warned
HKMA issued a public alert that tokens named HKDAP and HSBC are circulating while no licensed stablecoins have been issued yet under its new regime. Reports note that these tokens are not associated with any licensed stablecoin issuer and are being marketed as if they were tied to HSBC or other approved entities, which the HKMA explicitly denies.
Articles summarizing the statement stress that the HKMA views these as imitation or fraudulent tokens, and urges the public to stay vigilant against fraudulent activities or scams that reference licensees or their future stablecoin issuance.
If you see a token using the HSBC name or HKDAP ticker today, you should assume it is unregulated and not covered by Hong Kongs new stablecoin rules.
2. Status of Real HSBC-Linked Stablecoins
Earlier this month, HKMA granted its first stablecoin licenses to HSBC and Anchorpoint Financial under Hong Kongs Stablecoins Ordinance, which came into force in 2025. But both firms have publicly stated that they have not launched any stablecoins yet and are not connected to the tokens currently trading under their names.
HSBC has indicated it plans an HKD?denominated stablecoin in the second half of this year, offered via PayMe and the HSBC HK mobile app, while Anchorpoint plans phased rollout of a regulated HKDAP stablecoin starting later this year. Some coverage suggests first official Hong Kong dollar stablecoins may debut around the citys fintech week in November.
There is a clear gap between the regulatory framework and actual products, which scammers are trying to exploit by front?running legitimate HSBC?branded launches.
3. How To Stay Safe And What To Watch
Regulators and coverage highlight a few practical safeguards:
- Rely only on official communications from HKMA and licensed institutions (for example, announcements on HSBCs own app or website) before trusting any HSBC or HKDAP token.
- Avoid buying purported Hong Kong licensed stablecoins on unregulated platforms or via social media shills, especially when they reference HSBC or HKDAP without pointing to verifiable HKMA notices.
- Watch for HKMAs public list of licensed issuers and specific token details once the first real HKD stablecoins go live later in the year.
Until HKMA and HSBC clearly announce a live, regulated HKD stablecoin and list its contract details, treating any similarly branded token as high?risk helps you avoid being exit liquidity for a counterfeit.
Conclusion
Hong Kongs warning shows how brand?name stablecoin regulation can be front?run by scammers long before genuine tokens launch. For crypto users, the key edge is disciplined verification: check regulator lists and issuer channels rather than trusting ticker names or marketing claims, especially around highly anticipated bank?backed stablecoins like HSBCs.
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