Hong Kong Warns Public About Fake Tokens Impersonating HSBC Stablecoin

The Hong Kong Monetary Authority has issued a public warning about fraudulent tokens falsely claiming links to licensed stablecoin issuers in the region. Regulators said tokens labeled “HKDAP” and “HSBC” have appeared in circulation but are not connected to any approved projects.

Officials urged investors to remain cautious and verify token legitimacy before engaging in any transactions. The regulator stressed that scams exploiting the names of recognized financial institutions remain a growing risk in emerging digital asset markets.

HSBC and Anchorpoint Deny Launching Stablecoins

Both HSBC and Anchorpoint Financial released statements confirming they have not yet launched stablecoins in Hong Kong. The clarification followed confusion caused by the unauthorized tokens circulating in the market.

Earlier this month, the Hong Kong Monetary Authority granted the region’s first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.

Planned Stablecoin Launches and Regulatory Framework

HSBC stated it intends to introduce a Hong Kong dollar-denominated stablecoin during the second half of the year through its PayMe and HSBC HK Mobile App platforms. Meanwhile, Anchorpoint Financial plans to roll out its HKDAP stablecoin in phases beginning in the second quarter.

Hong Kong has strengthened its digital asset oversight since 2022, introducing exchange licensing requirements and launching a stablecoin sandbox in 2024 to allow firms to test token models under regulatory supervision.