TLDR
Hong Kongs central bank has warned that fake stablecoins using HSBC branding are circulating even though no licensed HSBC crypto tokens exist yet.
- Regulators say tokens with the HSBC and HKDAP tickers are unauthorized and not issued by the newly licensed stablecoin firms.
- Scammers are exploiting Hong Kongs high-profile stablecoin rollout and the HSBC name to lure retail users into buying unregulated tokens.
- Genuine HSBC stablecoins, when they launch, are expected only via official HSBC apps and regulated venues, so users should avoid anything live today claiming to be one.
Deep Dive
1. What Regulators Discovered
The Hong Kong Monetary Authority (HKMA), HSBC, and Anchorpoint Financial issued coordinated warnings after tokens using the tickers HSBC and HKDAP appeared on the market.
They stated that these tokens are not connected to the licensed issuers and that no regulated stablecoins have been issued under Hong Kongs new regime yet, despite some trading activity in these names. Reports describe them as fake stablecoins impersonating HSBC and Anchorpoint and emphasize that both firms have confirmed they have launched nothing so far.
If you see HSBC or HKDAP tokens trading today, you should assume they are unlicensed and outside the HKMA framework.
2. Why The Scam Is Effective
Hong Kong introduced a stablecoin licensing regime in 2025 and recently granted its first licenses to HSBC and an Anchorpoint consortium, creating anticipation for official Hong Kong dollar stablecoins.
Scammers are front-running that expectation by listing lookalike tokens with the same tickers, hoping investors will assume they are early access to upcoming regulated products. Coverage notes that these fake Hong Kong stablecoins are trading even as real ones remain absent.
The fraud is riding on hype about first HSBC stablecoin in a tightly regulated market, which can make casual users drop their guard.
3. How To Verify Real HSBC Tokens
HSBC has said its eventual Hong Kong dollar stablecoin will be distributed through official channels like PayMe and the HSBC HK Mobile App, not via random smart contracts or obscure exchanges.
The HKMA urges the public to rely only on official communications and regulated platforms, with warnings that any HSBC or HKDAP token currently on the market is not part of the licensed stablecoin program. Similar guidance appears in other alerts on counterfeit stablecoins tied to licensed issuers.
Before touching any HSBC or HKDAP token, check the HKMA list of licensed issuers and HSBCs own announcements; if it is not clearly endorsed there, treat it as a scam.
Conclusion
Hong Kongs move toward regulated bank-backed stablecoins has attracted copycats that use HSBC branding and official-sounding tickers to deceive investors. Until HKMA and HSBC explicitly confirm a live token and its official distribution channels, treating all such HSBC or HKDAP coins as fraudulent is the safest assumption.
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