Hong Kong stablecoins: 'HKDAP' and 'HSBC' fake tokens circulate

The Hong Kong Monetary Authority (HKMA) on April 28, 2026 alerted the public to tokens appearing in the market under the tickers 'HKDAP' and 'HSBC', stating these are not issued by licensed stablecoin issuers. The regulator urged caution against potential scams and advised market participants to rely on official announcements from licensees.

Following the HKMA notice, both The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Anchorpoint Financial Limited issued statements confirming they have not yet issued any regulated stablecoins. While HSBC and Anchorpoint have previously outlined plans for HKD-denominated tokens—HSBC signaling a launch via its consumer channels and Anchorpoint targeting a phased rollout for HKDAP—neither has completed an official market issuance to date.

The emergence of unauthorised tokens bearing these tickers has prompted limited trading activity on certain venues and raised investor concern. Although short-lived liquidity can occur where tokens are listed informally, the absence of regulatory backing means these instruments should not be treated as equivalent to the forthcoming licensed stablecoins. The HKMA's public warning aimed to reduce market confusion and deter retail participation in unapproved tokens.

This episode comes as Hong Kong implements its Stablecoins Ordinance and began granting issuer licences in April 2026; Anchorpoint and HSBC were among the first entities to receive authorisation. The regulatory push seeks to integrate regulated digital money into payment and settlement systems while protecting consumers, but the proliferation of counterfeit tokens highlights ongoing operational and communication challenges for both regulators and issuers.

Market observers expect regulators and licensed issuers to step up monitoring and public guidance to curb copycat listings. In the near term, investor education and strict exchange delisting practices are likely to be emphasised to limit contagion. As licensed HKD-backed stablecoins move toward formal launch, market participants should prioritise transactions through regulated channels and verify token provenance against issuer statements.