Hong Kong's monetary authority has warned the public about fraudulent stablecoins masquerading as products from HSBC and HKDAP, exploiting trust in the recently licensed issuers amid the rollout of the city's stablecoin regime.
The Hong Kong Monetary Authority (HKMA) issued a warning on April 28, 2026, about unauthorized tokens circulating under the tickers “HKDAP” and “HSBC”. No licensed stablecoins have been issued yet, the HKMA confirmed. HSBC and Anchorpoint Financial—the only two approved issuers under the new Stablecoins Ordinance—had not launched any products as of that date.
These fake tokens prey on the credibility of HSBC, with US$3.2 trillion in assets, and Anchorpoint, backed by Standard Chartered, Animoca Brands, and HKT. The scam coincides with Hong Kong's push to become a digital asset hub, following the HKMA's granting of licences to these entities on April 10 from 36 applicants.
HKMA chief executive Eddie Yue called the licences a milestone. HSBC plans a HKD stablecoin launch in the second half of 2026, integrated with its PayMe platform for over 3.3 million users. Anchorpoint aims for a phased HKDAP rollout from Q2 2026, backed 1:1 by HKD reserves.
Unauthorized issuance carries penalties of up to HK$5 million in fines and seven years in prison. Regulators had previously flagged such risks, advocating for a public issuer register. At the time, the global stablecoin market was valued at $315 billion, dominated by USD-pegged tokens.
