- HKMA flags fake stablecoins like “HKDAP” in circulation
- Unauthorized tokens falsely claim links to institutions such as HSBC
- First stablecoin licenses issued to HSBC and Anchorpoint Financial
- No officially regulated stablecoins have been launched to the public yet
- Investors urged to verify claims through official channels
The Hong Kong Monetary Authority (HKMA) has issued an urgent public warning regarding unauthorized stablecoins, including those using the ticker “HKDAP,” that are being marketed as regulated Hong Kong dollar-pegged digital assets.
Fake Tokens Misusing Institutional Names
According to the HKMA, certain digital tokens referencing names such as HSBC are being promoted as legitimate or officially approved. The regulator clarified that these claims are misleading and that such tokens are not authorized.
The HKMA stated that any token labeled “HKDAP” currently in circulation is not approved. Tokens referencing HSBC or other institutions have no official affiliation, and no regulated stablecoins have yet been issued to the public. The regulator added that the use of well-known institutional names may create a false sense of trust among investors.
Hong Kong Issues First Stablecoin Licenses
Hong Kong has granted its first stablecoin issuer licenses to HSBC and Anchorpoint Financial, a consortium led by Standard Chartered that includes Animoca Brands. The approvals were issued by the Hong Kong Monetary Authority on April 10, 2026.
In a statement issued on Tuesday, HSBC said it intends to roll out a Hong Kong dollar-denominated stablecoin in the second half of the year, with distribution planned through PayMe and the HSBC HK Mobile App.
Anchorpoint Financial is expected to follow a phased rollout between the second and third quarters of 2026 through business-to-business-to-consumer distribution channels. Its planned stablecoin is expected to use the ticker “HKDAP” (HKD At Par), though it has not yet been launched for public trading.
Public Urged to Exercise Caution: The HKMA urged investors to remain cautious when dealing with digital assets that claim regulatory approval or association with established financial institutions. It advised the public to verify information through official channels before making any investment decisions. The regulator also warned that unauthorized use of branding or institutional references could mislead the public and increase exposure to financial risks.
FAQs
1. What did the HKMA warn about?
The HKMA warned about unauthorized stablecoins being marketed as legitimate Hong Kong dollar-pegged digital assets.
2. Are there any approved Hong Kong stablecoins?
Yes, licenses have been granted to selected issuers, but no regulated stablecoins have been launched to the public yet.
3. What is “HKDAP”?
“HKDAP” is a ticker being used by unauthorized tokens in circulation, though it is also expected to be used by a future regulated stablecoin that has not yet launched.
4. What should investors do?
Investors should verify claims through official sources and avoid tokens that suggest regulatory approval before official launch.
Source: Hong Kong Monetary Authority (HKMA)
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