TLDR
Hong Kong's Monetary Authority has warned that counterfeit stablecoins branded as HKDAP and HSBC are trading even though no licensed stablecoins have been issued yet.
- The HKMA, HSBC and Anchorpoint Financial say tokens using the HKDAP and HSBC tickers are fake and not issued by any licensed stablecoin issuer.
- The warning comes as Hong Kong rolls out a strict stablecoin licensing regime, highlighting scam risks that exploit trusted banking brands before official launches.
- Users should treat any Hong Kong stablecoin as suspicious for now and verify claims via HKMA and issuer channels, with genuine HKD stablecoins expected only from regulated apps later.
Deep Dive
1. What Hong Kong Actually Announced
Hong Kongs central bank, the Hong Kong Monetary Authority (HKMA), issued a public alert that tokens using the HKDAP and HSBC tickers are circulating but have no link to any authorized issuer, and that no licensed stablecoins have been issued under its new regime yet, according to reports from CoinDesk.
HSBC and Anchorpoint Financial, the two firms that recently received stablecoin licenses, each published statements confirming they have not launched any stablecoins and disavowing the tokens trading under their names, as summarized by Cointelegraph.
Regulators are explicitly calling these tokens counterfeit and warning that they are not covered by the protections that will apply to licensed stablecoins.
2. Why Counterfeit Stablecoins Matter Now
Hong Kongs Stablecoins Ordinance, effective since August 2025, restricts fiat referenced stablecoin issuance to HKMA licensed entities with strict rules on reserves, redemption, governance and anti money laundering controls.
The appearance of HKDAP and HSBC tokens ahead of any official launch shows how scammers exploit regulatory announcements and trusted banking brands to create a false sense of safety, as highlighted in coverage from crypto.news.
For everyday users, this blurs the line between future regulated products and unregulated tokens that can easily go to zero, with no redemption promise or oversight.
Do not assume a token is safe just because it references Hong Kong, HKD or a well known bank in its name or ticker.
3. How To Stay Safe And What To Watch
Key practical checks in this environment are:
- Confirm the issuer is on the HKMAs licensed list.
- Verify announcements on the bank or issuers own site or app.
- Avoid buying through informal social channels or unlicensed platforms.
HSBC has said its eventual HKD stablecoin will only be available through PayMe and the HSBC HK Mobile App in the second half of 2026, while Anchorpoint plans a phased HKDAP rollout later, both via regulated channels.
Until those official products go live, any HSBC stablecoin or HKDAP token in the wild should be treated as a red flag, not an early opportunity.
Conclusion
Hong Kong is positioning itself as a tightly regulated stablecoin hub, but the first visible impact is a wave of counterfeit tokens trying to front run the regime. For crypto users, the edge is in careful verification: stick to licensed issuers, official apps and regulator lists, and assume that anything trading ahead of those signals carries both high scam risk and zero formal protection.
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