Hong Kong regulators have warned investors that counterfeit stablecoins are circulating under the names and tickers of newly licensed issuers, including “HSBC” and “HKDAP.” The Hong Kong Monetary Authority said neither of the two licensed issuers has issued any regulated stablecoin into the market at this time.
The alert was issued on Tuesday, alongside separate statements from HSBC and Anchorpoint Financial. Both firms said the tokens currently appearing in the market are unauthorized and urged the public to verify information through official channels and use only regulated channels when acquiring or using stablecoins.
HSBC and Anchorpoint say no official tokens are live yet
HSBC said it “has not yet issued any stablecoins in Hong Kong.” The bank added that its planned Hong Kong dollar-pegged token is scheduled to be introduced through PayMe and the HSBC HK Mobile App in the second half of 2026. That means any token currently circulating under HSBC’s name is not an official launch.
Anchorpoint Financial issued a similar clarification. The company said it has not launched any token under the HKDAP ticker since receiving its license on April 10. It asked the public to check information through official sources and use regulated channels only when obtaining or using stablecoins.
Anchorpoint operates as a joint venture backed by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications. That places it among the early institutional participants in Hong Kong’s regulated digital asset market.
Licensing regime sets strict standards for issuers
Hong Kong rolled out its stablecoin licensing framework in August 2025, with the first approvals granted last month. HSBC and Anchorpoint Financial became the first approved participants under the new regime after a review process that included reserve requirements and compliance checks.
Under the framework, issuers of fiat-referenced stablecoins must obtain approval from the HKMA and meet requirements covering reserve backing, redemption assurances, governance standards, and Anti-Money Laundering compliance. The regime is structured as ongoing supervision rather than a one-time registration process.
HKMA can fine firms, suspend operations, or revoke licenses
The framework also gives the regulator enforcement powers if issuers fail to meet their obligations. Those powers include investigations and penalties such as fines, business suspensions, and license revocations.
The rollout came after earlier delays in the approval process. HKMA Chief Executive Eddie Yue had said previously that only a “very small number of issuers” would be licensed in the initial phase. With HSBC and Anchorpoint now approved, Hong Kong’s first regulated stablecoin launches are moving closer, while authorities are also trying to contain fraudulent activity before official products reach the market.