Hong Kong’s monetary authority has warned the market about unauthorized tokens falsely claiming ties to licensed stablecoin issuers, including HSBC, even though no regulated stablecoin has yet been launched in the city. The alert highlights a growing risk during the transition from licensing to actual issuance: bad actors are attempting to exploit well-known financial brands and regulatory momentum to market dubious crypto products to the public.
HKMA Says Tokens Using “HSBC” and “HKDAP” Are Not Genuine
In its warning issued on April 28, the Hong Kong Monetary Authority (HKMA) said unauthorized token activity had emerged around the names of licensed stablecoin issuers. According to the regulator, tokens using the tickers “HSBC” and “HKDAP” had already been launched, but these assets were not issued by, nor associated with, any licensed stablecoin issuer.
The HKMA cited statements from The Hongkong and Shanghai Banking Corporation Limited and Anchorpoint Financial Limited to make clear that the circulating tokens have no legitimate issuer backing. The regulator stressed that market participants should not assume that a familiar bank name, ticker symbol, or branding implies authenticity, regulatory status, or approval.
Most importantly, the authority said that regulated issuance has not yet begun in Hong Kong. As of the time of the statement, both licensed issuers had confirmed that they had not released any regulated stablecoins into the market. That means any token currently presented as an officially launched licensed Hong Kong stablecoin is, at minimum, misrepresenting its status.
HSBC Clarifies Its Stablecoin Timeline
HSBC issued its own statement on April 28 to address confusion and draw a clear line between legitimate future plans and fraudulent current offerings. 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 the year under a new licence granted in April 2026.
HSBC also laid out how the product would be distributed when it eventually goes live. According to the bank, the HSBC-issued stablecoin will initially be available only through PayMe and the HSBC HK Mobile App. That distribution detail is significant because it gives consumers a practical way to distinguish any future official launch from unauthorized market listings or tokens appearing on unverified channels.
The bank further stated that it has no connection to any fraudulent stablecoins purportedly associated with HSBC. It urged customers to remain alert to investment scams, contact its official customer service channels if they have concerns, and report suspected fraud to law enforcement.
Anchorpoint Denies Any HKDAP Issuance
Anchorpoint Financial Limited also moved to shut down speculation around the HKDAP label. The company said that since obtaining its stablecoin issuer licence from the HKMA on April 10, 2026, it has not officially issued any regulated stablecoins, other tokens, or products under the name HKDAP.
This clarification is central to the HKMA’s warning. By pairing the regulator’s statement with direct denials from the institutions involved, the message to the market is unambiguous: the tokens currently circulating under these names do not come from the licensed entities that fraudsters are attempting to invoke.
Why the Warning Matters for the Market
The case underscores a common vulnerability in digital asset markets, especially when a jurisdiction introduces a new licensing regime. Once regulators approve a framework and grant the first licences, public attention surges. That attention can create an opportunity for scams that rely on timing, branding, and confusion. In this case, the existence of newly licensed issuers appears to have given fraudsters an opening to promote unauthorized tokens before any real regulated products have reached users.
Hong Kong has been building a more formal stablecoin framework, and the granting of initial licences was widely seen as a significant step in the city’s digital asset development. But the HKMA’s latest warning shows that licensing alone does not mean products are already live. There is still a crucial distinction between being licensed to issue and having actually issued a regulated stablecoin.
For users, this distinction matters enormously. A token’s legitimacy cannot be inferred from a ticker, a social media post, or a name that resembles a major bank or regulated institution. The decisive test remains whether there has been a verifiable official announcement and whether the asset is being distributed through approved channels identified by the issuer.
Investor Caution Remains Essential
The HKMA urged the public to rely on official announcements and regulated distribution channels when assessing claims about stablecoin products. That advice is especially relevant in periods of heightened market interest, when speculative enthusiasm can spread faster than formal disclosures.
For retail users and crypto traders alike, the warning is a reminder that early-stage narratives around regulated stablecoins can be manipulated. The use of recognizable institutional names may create a false sense of safety, but brand familiarity is not the same as issuer authorization. Until a licensed issuer publicly confirms launch details and distributes the product through the channels it has identified, investors should assume unofficial tokens are high-risk.
In short, Hong Kong’s message is clear: no regulated stablecoins have yet been issued in the market, and any token claiming otherwise while using names such as HSBC or HKDAP should be treated with extreme caution. As the city moves closer to actual issuance, official confirmation—not market rumor—will remain the benchmark for authenticity.