Hong Kong alerts public to fake ‘HSBC’ and ‘HKDAP’ stablecoins

The Hong Kong Monetary Authority on Tuesday warned the public about fraudulent stablecoins using the names “HKDAP” and “HSBC” that claim links to the city’s two licensed issuers, HSBC and Anchorpoint Financial.

The HKMA warned the tokens are not associated with either licensed issuer and urged vigilance: “Members of the public should stay vigilant against fraudulent activities or scams that are purported to be associated with the licensees or their stablecoin issuance.”

HSBC and Anchorpoint issued separate denials, noting neither has launched a stablecoin in Hong Kong to date.

HSBC plans to introduce an HKD-denominated stablecoin in the second half of the year to be offered through PayMe and the HSBC HK Mobile App. Anchorpoint, a joint venture between Standard Chartered, Animoca Brands and Hong Kong Telecommunications, expects a phased rollout of an HKDAP token beginning in the second quarter.

The HKMA granted Hong Kong’s first stablecoin licenses to HSBC and Anchorpoint earlier this month. The licensing regime follows the government’s 2022 crypto strategy and requires issuers to meet capital, governance and operational standards and to accept ongoing supervision.

Regulators have operated a stablecoin sandbox since 2024 to allow potential issuers to test token designs under supervision.

The authority did not provide details on how the counterfeit tokens were being distributed or traded and did not announce enforcement actions in its statement. It advised the public to verify issuers and check official communications from licensees before buying or transacting in any token that claims a link to HSBC or Anchorpoint.