The Hong Kong Monetary Authority (HKMA) has issued a warning over unauthorized tokens circulating in the market under names associated with licensed stablecoin issuers, including HSBC. The alert comes at a sensitive moment for Hong Kong’s digital asset framework, as the city has begun licensing stablecoin issuers but has not yet seen any regulated stablecoins formally launched to the public.
According to the HKMA, tokens using the tickers “HSBC” and “HKDAP” have appeared in the market despite having no connection to the licensed entities whose names they appear to reference. The regulator said these tokens are not issued by, backed by, or otherwise associated with licensed stablecoin issuers in Hong Kong. The warning is significant because it highlights a gap between licensing and actual issuance — a period in which bad actors may attempt to exploit public confusion.
HKMA Says No Regulated Stablecoins Have Been Issued Yet
In its April 28 statement, the HKMA made clear that regulated issuance has not yet started. While Hong Kong has moved forward with granting stablecoin issuer licences, the market has not seen any official launch of regulated stablecoins so far. The authority cited statements from The Hongkong and Shanghai Banking Corporation (HSBC) Limited and Anchorpoint Financial Limited, both of which denied involvement with the tokens in question.
The regulator emphasized that the appearance of a familiar bank name, brand reference, or ticker symbol should not be treated as evidence of legitimacy. In practical terms, a token carrying a recognizable label does not automatically indicate regulatory approval, issuer endorsement, or product authenticity. For users and investors, this distinction is critical, especially in an environment where stablecoins are increasingly marketed as trusted on-chain representations of fiat currencies.
The HKMA’s message was direct: tokens labeled “HKDAP” or “HSBC” have been launched, but they are not linked to licensed stablecoin issuers. It also stressed that both licensed issuers have confirmed that no regulated stablecoins have been issued in the market as of now.
HSBC Provides Timeline for Its Planned Stablecoin Rollout
HSBC separately published a statement on April 28 to address speculation and clarify its own timeline. The bank said it has not yet issued any stablecoins in Hong Kong. It added that it plans to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026, following the new licence granted in April 2026.
Just as importantly, HSBC outlined how its stablecoin would be distributed once it becomes available. At launch, the bank said the product would only be offered through PayMe and the HSBC HK Mobile App. That detail matters because it gives users a concrete benchmark: any token currently being promoted under HSBC’s name outside those official channels should be treated with extreme caution.
HSBC also categorically denied any relationship with tokens already circulating under its branding or implied association. The bank said it has no connection to any fraudulent stablecoins purportedly associated with HSBC. It urged customers to stay alert to possible investment scams, contact its personal customer service hotline if they have concerns, and report suspected fraud to the police when necessary.
Anchorpoint Rejects Any Connection to “HKDAP” Tokens
Anchorpoint Financial Limited issued its own clarification, stating that since obtaining a stablecoin issuer licence from the HKMA on April 10, 2026, it has not officially issued any regulated stablecoins, nor any other tokens or products under the name HKDAP. This statement reinforced the regulator’s warning and made clear that market participants should not assume authenticity simply because a token appears to match the branding of a licensed institution.
Anchorpoint’s denial is especially relevant because early-stage digital asset markets often experience confusion around branding, testnet activity, unofficial token creation, and speculative pre-launch narratives. In such conditions, the use of a name that resembles a licensed issuer can create a misleading sense of security for retail users, especially if they are not closely following official communications.
Why the Warning Matters for Hong Kong’s Stablecoin Market
The case underscores a broader risk as Hong Kong transitions from a licensing milestone to the real-world issuance of regulated stablecoins. Licensing can create expectations in the market long before products are actually available. During that interval, opportunistic actors may seek to capitalize on public anticipation by launching unofficial tokens, creating false associations with financial institutions, or suggesting regulatory approval where none exists.
For Hong Kong, this is more than a one-off fraud warning. It is an early test of how clearly the market can distinguish between licensed status and active issuance. A licence signals regulatory permission under a framework, but it does not mean a token is already live, publicly distributed, or endorsed in all forms appearing online. That distinction becomes even more important when globally recognized banking brands such as HSBC are involved.
The HKMA’s caution also reflects the reputational stakes for the city’s digital asset ambitions. Hong Kong has been positioning itself as a regulated hub for crypto and tokenized finance, and stablecoins are a key piece of that strategy. If fake or unauthorized tokens proliferate before official products arrive, the resulting confusion could undermine user trust and complicate broader adoption.
Official Channels Remain the Key Verification Standard
The most practical takeaway from the regulator’s notice is straightforward: users should rely on official announcements, regulated distribution channels, and direct issuer disclosures when evaluating any stablecoin claim. In this case, both HSBC and Anchorpoint have explicitly said they have not yet issued the products being referenced by the suspicious tickers now in circulation.
That means verification is not a matter of branding alone. It depends on whether the issuer has confirmed launch, whether the product is being distributed through authorized channels, and whether the regulator recognizes the issuance as part of the licensed framework. Until those conditions are met, tokens claiming ties to major institutions should be approached as unverified at best and fraudulent at worst.
As Hong Kong moves closer to its first official stablecoin launches, the HKMA’s warning serves as a reminder that in digital asset markets, name recognition is not proof of legitimacy. For users, the decisive test remains simple: if there is no official issuance announcement and no authorized access channel, the token should not be treated as a regulated stablecoin.