Written by Amin Haqshanas, Staff Writer. Reviewed by Bryan O'Shea, Staff Editor. Hong Kong warns of fake stablecoins impersonating HSBC and Anchorpoint
The HKMA, HSBC and Anchorpoint Financial have issued warnings after fake tokens appeared under the “HKDAP” and “HSBC” tickers.
Scammers have launched fake tokens impersonating HSBC and Anchorpoint Financial, Hong Kong's two newly licensed stablecoin issuers, ahead of their official product launches.
The Hong Kong Monetary Authority, HSBC and Anchorpoint Financial issued separate warnings on Tuesday, saying that tokens carrying the tickers “HKDAP” and “HSBC” have appeared on the market, but they are not connected to the licensed issuers.
“As of this moment, both licensed stablecoin issuers have confirmed that they have not issued any regulated stablecoins in the market,” the HKMA wrote.
Hong Kong officially launched its stablecoin licensing regime in August 2025. Last month, it granted its first stablecoin issuer licenses, approving Anchorpoint Financial and HSBC under a new regulatory framework.
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HSBC, Anchorpoint say no stablecoins have been issued yet
In a statement, HSBC said it “has not yet issued any stablecoins in Hong Kong,” adding that its planned Hong Kong dollar stablecoin will only be available through PayMe and the HSBC HK Mobile App when it launches in the second half of 2026.
Anchorpoint similarly clarified that since receiving its license from the HKMA on April 10, it has not issued any tokens or products under the HKDAP name. “Anchorpoint would like to remind the public to verify information through official sources and use only regulated channels when acquiring or using stablecoins,” the bank wrote.
HSBC warning. Source: HSCB
Hong Kong's stablecoin licensing regime requires issuers of fiat-referenced stablecoins to obtain an HKMA license and comply with rules covering reserve backing, redemption rights, governance and Anti-Money Laundering controls. The HKMA also has enforcement powers, including fines, suspensions and license revocations.
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More banks move into stablecoins
More traditional financial institutions are moving into the stablecoin space. Last week, Morgan Stanley's investment management arm launched a “Stablecoin Reserves Portfolio,” allowing stablecoin issuers to park their reserve funds in one of the bank's money market funds while earning interest.
Western Union has also said it is targeting May for the launch of its US dollar-backed stablecoin, USDPT, which will be built on Solana and issued by Anchorage Digital Bank.
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