Hong Kong’s monetary authority has warned the public that unauthorized tokens are circulating in the market while falsely claiming links to licensed stablecoin issuers, including HSBC. The alert comes at a sensitive moment for the city’s digital asset market, as Hong Kong has begun licensing stablecoin issuers but no regulated stablecoins have actually been launched yet.
Regulator says market is seeing misleading token claims
In a statement issued on April 28, 2026, the Hong Kong Monetary Authority said it had identified unauthorized token activity involving the misuse of names associated with licensed entities. According to the regulator, tokens using the tickers “HKDAP” and “HSBC” have appeared in the market, but these tokens are not issued by, backed by, or otherwise connected with licensed stablecoin issuers.
The warning drew on statements provided by The Hongkong and Shanghai Banking Corporation Limited and Anchorpoint Financial Limited. The central bank made clear that token branding, familiar names, or ticker symbols do not establish authenticity or regulatory status. For users and investors, that distinction is critical at a time when public attention around Hong Kong’s stablecoin regime is rising.
The HKMA also stressed a central fact that may be overlooked by retail participants: regulated issuance has not yet begun. Both licensed stablecoin issuers have confirmed that they have not issued any regulated stablecoins into the market as of now. That means any token currently presented as an officially licensed Hong Kong stablecoin should be treated with caution unless verified through formal announcements and approved distribution channels.
HSBC outlines timeline and distribution channels
HSBC separately issued its own statement on the same day, offering a more precise timeline for what a legitimate future issuance would look like. The bank said that 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 under a new licence granted in April 2026.
Just as importantly, HSBC explained how the product would be made available once it is launched. According to the bank, the official HSBC-issued stablecoin will only be offered through PayMe and the HSBC HK Mobile App. By specifying the intended channels, HSBC effectively drew a clear line between future authorized distribution and any token already circulating under its name in unofficial venues.
The bank also flatly rejected any association with tokens currently claiming a relationship with HSBC. It said it has no connection to any fraudulent stablecoins purportedly associated with HSBC. In addition, HSBC urged customers to stay alert to investment scams, contact its customer service hotline if they have concerns, and report suspected fraud to police where appropriate.
Anchorpoint denies any HKDAP issuance
Anchorpoint Financial Limited, another licensed entity referenced by the HKMA, also issued a direct clarification. The firm said that since receiving its stablecoin issuer licence from the HKMA on April 10, 2026, it has not officially issued any regulated stablecoins, any other tokens, or any products under the name HKDAP.
This statement is especially relevant because the ticker HKDAP was specifically cited in the regulator’s warning. Anchorpoint’s denial underscores that the market is already seeing opportunistic misuse of issuer names and product labels before licensed issuance has even started. In other words, the existence of a ticker in the market does not prove authorization, and the appearance of institutional branding does not equal issuer approval.
A test case for Hong Kong’s emerging stablecoin framework
The episode highlights an important risk as Hong Kong moves from the licensing phase of its stablecoin regime toward actual issuance. The city has positioned itself as a regulated digital asset hub, and the granting of early stablecoin licences has naturally generated market interest. But that same attention can create openings for fraudulent actors seeking to exploit public expectations.
For investors, traders, and users, the HKMA’s message is straightforward: do not rely on names alone. A token that references a major bank, a licensed issuer, or a familiar ticker may still be unauthorized. The decisive factors remain whether the token has been officially announced by the issuer, whether it is distributed through approved channels, and whether the regulator has recognized it within the live framework.
The warning also illustrates a broader market dynamic common in digital assets. News of licences, upcoming launches, or regulatory milestones often creates a window in which imitators attempt to front-run legitimate products. In this case, Hong Kong authorities are trying to stop that pattern early by reminding the public that there are currently no regulated stablecoins in circulation from the licensed issuers mentioned.
Until formal launches occur, the safest approach for market participants is to verify every claim through official issuer statements, regulatory announcements, and authorized service channels. As Hong Kong’s stablecoin market develops, that discipline may prove just as important as the regulatory framework itself.