Hong Kong Regulator Warns of Fake Tokens Impersonating Its Only Two Licensed Stablecoin Issuers
Hong Kong's central bank flagged fraudulent tokens mimicking HSBC and Anchorpoint Financial just weeks after granting the city's first stablecoin licences.
The Hong Kong Monetary Authority (HKMA) issued a public alert on 28 April 2026 warning consumers and businesses about counterfeit tokens circulating under the tickers "HKDAP" and "HSBC." Both tickers directly copy the identities of the only two entities currently licensed to issue regulated stablecoins in Hong Kong. Neither licensed issuer has launched a product yet, meaning any token using those names on any blockchain right now is fraudulent.
The Timing Is No Accident
The HKMA granted its first two stablecoin licences on 10 April 2026, selecting HSBC and Anchorpoint Financial Limited from a pool of 36 applicants. The fake tokens appeared in the 18-day window between that announcement and any actual product going live, a period when public awareness is high but product familiarity is low. Both HSBC and Anchorpoint confirmed they "have not issued any regulated stablecoins in the market."
HKMA Chief Executive Eddie Yue described the licence grants as "an important milestone for the development of digital assets in Hong Kong," adding that the regulatory regime "provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management." That framework covers only genuine licensed products, which suggests the pre-launch gap is a window that bad actors are already exploiting.
The HKMA directed the public to its Register of Licensed Stablecoin Issuers as the authoritative verification source and urged people to acquire stablecoins only through regulated channels.
Who Are the Real Issuers?
HSBC, one of the world's largest banks with deep institutional roots in Hong Kong, plans to integrate a HKD-denominated stablecoin into its PayMe app (which has more than 3.3 million users) and its main HSBC HK App, which recorded 20 percent year-on-year active user growth. The bank is targeting a launch in the second half of 2026, with use cases covering peer-to-peer payments, peer-to-merchant payments, and tokenised investment subscriptions. Maggie Ng, CEO of HSBC Hong Kong, said the bank is "helping customers participate confidently in the future of digital finance."
Anchorpoint Financial Limited is a joint venture formed in February 2025 by Standard Chartered Bank (Hong Kong), telecom operator HKT, and Web3 gaming company Animoca Brands. Its planned product, HKDAP (short for HKD At Par), is designed to be backed one-to-one by HKD-denominated reserves. The company plans a phased rollout beginning in the second quarter of 2026, distributing through authorised partners to reach end users rather than going direct to consumers.
Under Hong Kong's Stablecoins Ordinance (Cap. 656), passed in May 2025 and taking effect on 1 August 2025, licensed issuers must maintain at least HK$25 million in paid-up share capital, hold liquid capital above HK$3 million and maintain excess liquid capital equal to at least 12 months of operating expenses, and back all circulating tokens 100 percent with high-quality liquid assets including cash, central bank reserves, and short-term government securities.
A Sophisticated Scam with Global Reach
This fraud follows a pattern that has accelerated sharply since mid-2025. According to blockchain security firm Blockaid, more than 54,000 fake stablecoins have been created since July 2025. More than 34,000 of those impersonate Tether's USDT and over 12,000 copy Circle's USDC. The HKDAP and HSBC fakes apply the same playbook to a newly regulated jurisdiction, requiring scammers to monitor official regulatory announcements and act quickly.
Global crypto investment fraud losses reached approximately $7.2 billion in 2025, according to the FBI's Internet Crime Complaint Center. Chainalysis data shows stablecoin-related scams surged 47 percent last year, driven largely by fake USDT and USDC platforms.
The risk is especially acute outside Hong Kong. Africa recorded a 112 percent increase in crypto fraud rates in 2025, the fastest rise of any region globally, according to the Chainalysis 2026 Crypto Crime Report. HSBC has historically had a presence or brand visibility in South Africa, Nigeria, and Kenya, making those markets plausible targets for fraudulent tokens using its name. Similarly, HKDAP's cross-border remittance positioning makes it relevant to diaspora communities across South and Southeast Asia, including India, Bangladesh, Pakistan, Nepal, and the Philippines. Observers note that in these corridors awareness of the licence news could outpace awareness of the fraud warning, a dynamic that may leave users particularly exposed.
Developers building wallets or payment infrastructure that plan to integrate Hong Kong HKD stablecoins should source contract addresses exclusively from the HKMA's official register rather than third-party data aggregators, which may index fraudulent tokens before moderation catches up.
What Comes Next
Anchorpoint's phased rollout is set to begin in Q2 2026, with HSBC targeting H2 2026, at which point the HKMA's register will list verified token details for each issuer. Morgan Stanley analysts have also noted that Hong Kong's framework could accommodate RMB-referenced stablecoins in the future, a development that would be significant for Belt and Road trade corridors across South Asia and East Africa. If that materialises, observers note, it could create a predictable new category of impersonation targets of the kind already seen with HKDAP and HSBC. Until official launches are confirmed through the HKMA register, any token claiming to be a licensed Hong Kong stablecoin should be treated as suspect.