The Hong Kong Monetary Authority (HKMA) has issued warnings to investors about counterfeit stablecoins circulating under the names of newly approved issuers, even as the city prepares for its first regulated launches. According to reports from CoinDesk, the HKMA, along with both licensed firms, issued alerts on Tuesday after tokens using the tickers 'HKDAP' and 'HSBC' appeared in the market without authorization. The authority confirmed that both licensed stablecoin issuers have not issued any regulated stablecoins in the market as of the current moment.
HSBC has confirmed it 'has not yet issued any stablecoins in Hong Kong', noting that its planned Hong Kong dollar-pegged token will be introduced through PayMe and the HSBC HK Mobile App in the second half of 2026. As reported by CoinDesk, the company emphasized that its planned launch remains in the development phase. Anchorpoint Financial provided similar clarification, stating it has not launched any tokens under the HKDAP ticker since receiving its license on April 10. The firm operates as a joint venture backed by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.
Hong Kong rolled out its stablecoin licensing framework in August 2025, with the first approvals granted last month. According to CoinDesk reports, HSBC and Anchorpoint Financial were selected as the initial participants under the regime, following a vetting process that included reserve requirements and compliance checks. The HKMA Chief Executive Eddie Yue had previously indicated that only a 'very small number of issuers' would be licensed in the initial phase, with the eventual approval of these firms now setting the stage for Hong Kong's first regulated stablecoin launches.
Under Hong Kong's licensing regime, issuers of fiat-referenced stablecoins must obtain approval from the HKMA and meet strict requirements on reserve backing, redemption guarantees, governance standards, and Anti-Money Laundering compliance. As reported by CoinDesk, the framework grants the regulator authority to investigate misconduct and take enforcement action, including imposing fines, suspending operations, or revoking licenses if firms fail to meet regulatory obligations. The rollout follows earlier delays in the approval process, with authorities now moving to curb fraudulent activity in the market.
