Hong Kong flags counterfeit stablecoins impersonating issuers

TLDR

Hong Kong has warned that fake stablecoins are trading under licensed issuers names even though no official tokens have launched yet.

1. Tokens using the HKDAP and HSBC tickers are circulating but have no link to licensed issuers HSBC or Anchorpoint Financial.
2. The scams exploit Hong Kongs new stablecoin regime, showing that regulation does not eliminate fake tokens or loss risk for users.
3. Real HKD stablecoins from HSBC and Anchorpoint are expected later in 2026, so users should treat anything claiming to be them as suspicious until confirmed via official channels.

Deep Dive

1. What Exactly Happened

Hong Kongs central bank, the Hong Kong Monetary Authority (HKMA), issued an alert that tokens using the HKDAP and HSBC tickers are trading despite not being issued by any authorized stablecoin issuer. The HKMA, HSBC and Anchorpoint Financial all stated that no regulated stablecoins have been issued and that the circulating tokens are not associated with them. Coverage from multiple outlets confirms this coordinated warning about counterfeit tokens impersonating the two newly licensed issuers under Hong Kongs stablecoin framework, including HKDAP and HSBC token alerts and a summary of the HKMA notice.

2. Why This Matters For Stablecoin Users

Hong Kong launched a licensing regime for fiat?referenced stablecoins in August 2025, requiring strict rules on reserves, redemption, governance and AML, with enforcement powers including fines and license revocations. HSBC and Anchorpoint are among the first licensees, but they have publicly confirmed that their HKD stablecoins have not yet gone live and will only be distributed later via official apps like HSBCs PayMe and mobile app. The appearance of counterfeit tokens before launch shows how scammers piggyback on trusted brands and regulatory headlines to lure users into unbacked, unredeemable coins that have no legal protections.

3. How To Protect Yourself And What To Watch

For now, treat any token claiming to be a Hong Kong regulated HKD stablecoin as suspect unless you can confirm all three:

1. The issuer is on the HKMAs official list of licensed stablecoin issuers.
2. The issuers own website or app links directly to the contract address.
3. The token is listed on reputable, regulated platforms consistent with those official communications.

Regulators and issuers say the first real HKD stablecoins should launch in phases from mid to late 2026, with timelines highlighted in recent coverage of HSBC and Anchorpoints plans. Until those launches are clearly announced, the safest assumption is that any HKDAP or HSBC stablecoin in the wild is counterfeit.

Confidence: high because multiple regulators and the named issuers have published aligned warnings.

Conclusion

Hong Kongs counterfeit stablecoin alert is a reminder that even in tightly regulated regimes, scammers move first and try to weaponize trusted brands. The practical edge for users is to separate licensed issuer from authentic token by checking regulator registers, official issuer channels and high?quality venues before touching any new stablecoin that claims to be regulated.