Hong Kong watchdog warns on fake stablecoins

TLDR

Hong Kongs central bank has warned that fake stablecoins are impersonating its newly licensed issuers before any official tokens have launched.

1. The Hong Kong Monetary Authority (HKMA), HSBC and Anchorpoint say tokens with the HKDAP and HSBC tickers are unaffiliated scams and no regulated stablecoins exist yet.
2. The warning comes just after Hong Kong approved its first stablecoin licenses, highlighting how scammers are exploiting brand names and regulatory buzz around upcoming HKD stablecoins.
3. Crypto users should treat any Hong Kong stablecoin with suspicion unless it is explicitly listed on the HKMA register and distributed via official bank apps or major regulated venues.

Deep Dive

1. What The Regulator Actually Warned About

The HKMA, along with HSBC and Anchorpoint Financial, issued public alerts that tokens trading under the HKDAP and HSBC tickers are not issued by, or connected to, any licensed stablecoin issuer in Hong Kong.

In its statement, the HKMA said both licensed issuers have confirmed they have not issued any regulated stablecoins in the market so far, despite these tickers appearing on trading platforms ahead of launch plans. This has been reported by multiple outlets including Cointelegraph and CoinDesk.

HSBC has reiterated that its planned Hong Kong dollar stablecoin will only be offered later via its PayMe and HSBC HK mobile apps, while Anchorpoint has similarly confirmed it has not issued any HKDAP tokens yet, as noted in crypto.news coverage.

2. Why This Matters For Stablecoins

Hong Kong brought a Stablecoins Ordinance into effect in August 2025 and has just granted the first licenses to HSBC and Anchorpoint under a regime that mandates strict reserve backing, redemption rights, governance and Anti Money Laundering controls.

Because the first official Hong Kong dollar stablecoins are not live yet, scammers are trying to front run the market by piggybacking on recognizable brands and tickers, creating confusion for retail users and potentially causing total loss of funds for those who buy these counterfeit tokens.

The episode shows that even in tightly regulated frameworks, the presence of a licensing regime does not prevent fake tokens from appearing on unregulated venues or social platforms, especially when there is strong anticipation around future official coins.

3. How To Safely Navigate Hong Kong Stablecoins

For now, any token claiming to be an HKMA regulated stablecoin should be treated as unverified unless you can confirm all of the following:

1. The issuer appears on the HKMAs public register or in an official HKMA press release, such as the April 2026 notice referenced in regional reports that links back to the HKMA website.
2. The distribution channel matches what the issuer has stated. For example, HSBC has said its HKD stablecoin will only be available through PayMe and the HSBC HK Mobile App, not random DEX listings or obscure websites.
3. There is clear documentation on reserves, redemption and regulatory status, and the token is listed on established, regulated exchanges rather than only on illiquid or anonymous platforms.

Conclusion

Hong Kong is trying to position itself as a tightly regulated stablecoin hub, but this early wave of fake tokens shows that scammers move faster than official product launches. Until the first licensed HKD stablecoins actually appear through clearly announced channels, the safest stance is to treat all Hong Kong themed stablecoins as untrusted unless you can verify the issuer, the license and the distribution venue directly.