On April 28, 2026, the Hong Kong Monetary Authority (HKMA) issued an urgent alert warning that unauthorized tokens claiming to be backed by licensed stablecoin issuers — including HSBC and Anchorpoint Financial Limited — have begun circulating in the market. The tokens, labeled with tickers such as “HKDAP” and “HSBC”, are deceptive and have no connection to any regulated stablecoin issuer.
The HKMA explicitly stated: “Tokens with tickers ‘HKDAP’ or ‘HSBC’ have been launched, but they are not issued by or otherwise associated with licensed stablecoin issuers.” The central bank further confirmed that “as of this moment, both licensed stablecoin issuers have confirmed that they have not issued any regulated stablecoins in the market.”
Hong Kong’s First Stablecoin Licenses Awarded, But Issuance Has Yet to Begin
Hong Kong granted its first stablecoin licenses earlier this month — to HSBC and a consortium led by Standard Chartered — signaling a major step forward for the city’s virtual asset regulatory framework. However, the licenses authorize the firms to issue regulated stablecoins only after meeting stringent conditions. Both issuers have yet to launch any products.
HSBC issued a separate statement on the same day clarifying its position: “HSBC has not yet issued any stablecoins in Hong Kong. We plan to launch an Hong Kong-dollar denominated stablecoin in the second half of this year under a new licence granted in April 2026. At launch, the HSBC-issued stablecoin will only be offered through PayMe and the HSBC HK Mobile App.” The bank also rejected any association with fraudulent tokens, stating: “HSBC has no connection to any fraudulent stablecoins purportedly associated with HSBC.”
Anchorpoint Financial Limited likewise issued a statement saying that since obtaining its stablecoin issuer license from the HKMA on April 10, 2026, it “has not officially issued any regulated stablecoins, other tokens and products under the name HKDAP.”
The Danger of Name-Based Scams in a Licensing Gap
The warning highlights a classic risk in emerging regulated markets: criminals exploit the time lag between license issuance and actual product launch to create fake tokens that mimic reputable institutions. Because the HKMA has not yet publicized the official contract addresses or ticker symbols for the forthcoming regulated stablecoins, fraudsters have taken advantage of the information vacuum to dupe investors.
The Hong Kong central bank urged all users to rely solely on official announcements and regulated channels for information about stablecoin availability. It also advised individuals who encounter suspicious tokens to contact the personal customer service hotline of the respective bank or report the matter to the police.
What’s Next for Hong Kong’s Stablecoin Regulation
Hong Kong’s stablecoin regime requires licensees to meet strict requirements on reserves, anti-money laundering, consumer protection, and disclosure. The HKMA aims to foster innovation while maintaining market integrity. With HSBC and the Standard Chartered consortium both planning launches in the second half of 2026, the city is poised to become a significant hub for regulated stablecoins in Asia.
Until then, the HKMA warns that no stablecoin labeled “HKDAP” or “HSBC” is legitimate. Anyone who has purchased or transacted with these tokens should cease immediately and report the incident through official channels. The authorities are investigating the source of these fraudulent tokens and will take appropriate enforcement actions.