TL;DR:
- Tokens with the tickers HKDAP and HSBC are circulating in the market without backing from any issuer authorized by the HKMA.
- The Hong Kong Monetary Authority warned that none of the licensed applicants have yet issued regulated stablecoins.
- The first Hong Kong dollar stablecoins are expected at the city’s fintech week, scheduled for November 2026.
The Hong Kong Monetary Authority (HKMA) issued a public warning about the circulation of fraudulent tokens exploiting the city’s stablecoin regulatory framework, even before a single licensed product has been launched. According to the official statement, tokens identified with the tickers “HKDAP” and “HSBC” are already trading in the market with no connection to any authorized issuer.
The HKMA itself confirmed that the license applicants referenced in related press materials have not issued regulated stablecoins to date. Both entities stated this expressly. The authority urged the public to remain vigilant against fraudulent activities and to operate exclusively through regulated channels and official communications from licensees.
Fake Tokens, Real Framework
In early April, the HKMA granted its first licenses under the Stablecoins Ordinance, a regulation that came into force in August 2025 after selecting two entities from a pool of 36 applicants. The chosen were HSBC and a consortium led by Standard Chartered, a choice that deliberately replicates Hong Kong’s existing monetary architecture, where a small group of commercial banks is authorized to issue physical banknotes.
The emergence of these counterfeit tokens before the effective launch of the regime is a clear example of the problems that can arise when regulatory frameworks are in transitional stages. The window between the announcement of licenses and the actual issuance of regulated products creates an opportunity for bad actors seeking to capitalize on the anticipation surrounding high-profile financial instruments.
Industry sources anticipate that the first genuine stablecoins in Hong Kong dollars would debut during the city’s fintech week, scheduled for November 2026. Until then, the HKMA recommends verifying any information through its official channels.
