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Hong Kong Monetary Authority Warns "HKDAP" and "HSBC" Tokens Are Not Regulated Stablecoins

Hong Kong regulators warned that counterfeit stablecoins are being promoted under the names of newly approved issuers, even though the city has not yet seen its first regulated token launches.

Fact Check
The claim is strongly supported by the HKMA's own press release, "慎防声称与持牌稳定币发行人有关的代币." In that official notice, HKMA warned about tokens labeled "HKDAP" or "HSBC," said they were not issued by the licensed stablecoin issuers, and stated that both licensed issuers confirmed they had not yet issued any regulated stablecoins. CoinDesk's "Fake Hong Kong stablecoins start trading as real ones remain absent" independently matches those facts and says the HKMA urged the public to rely on official communications and regulated channels. Panews repeats the same facts and directly points to the HKMA notice. The only minor caveat is date phrasing: the official HKMA notice is dated 2026-04-28, while the claim says "as of April 29." But the substance remains consistent on April 29, as shown by CoinDesk's reporting that no licensed stablecoins had yet launched.
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Summary

The Hong Kong Monetary Authority warned that tokens using the names "HKDAP" or "HSBC" are not issued by licensed stablecoin issuers and said no regulated stablecoins had been launched as of April 29. The new report adds that counterfeit stablecoins are being marketed under the names of newly approved issuers, including HSBC and Anchorpoint Financial, as Hong Kong prepares for its first regulated launches. The warning underscores the risk of scams exploiting familiar financial brands and regulatory developments to mislead investors. The authority urged the public to verify token-related claims through official statements and regulated channels before treating any product as legitimate.

Terms & Concepts
  • Stablecoin: A digital token designed to maintain a fixed value, often by being linked to a fiat currency or other reserve asset.
  • Licensed stablecoin issuer: A company or institution authorized by a regulator to issue stablecoins under an approved legal framework.
  • Regulated channels: Official platforms or distribution paths recognized by regulators or licensed firms for financial products and disclosures.