The Hong Kong Monetary Authority has warned the public about fraudulent stablecoins falsely claiming to be linked to the region’s two licensed issuers, HSBC and Anchorpoint Financial.
In a statement released Tuesday, the de facto central bank said that tokens named “HKDAP” and “HSBC” have emerged in the market but have no association with any licensed stablecoin issuers.
“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,” the HKMA said.
HSBC and Anchorpoint both issued separate statements denying any involvement, and clarified that they have not yet launched any stablecoins in Hong Kong.
Earlier this month, the HKMA issued the region’s first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.
In its Tuesday statement, HSBC said it plans to launch an HKD-denominated stablecoin in the second half of this year, which will be offered through PayMe and the HSBC HK Mobile App.
Anchorpoint has said that it aims to launch its HKDAP stablecoin in phases starting in the second quarter of this year.
Since announcing its crypto strategy in 2022, the Hong Kong government has introduced a licensing system for crypto exchanges and established rules governing stablecoins.
Hong Kong has been testing the regulatory framework through a stablecoin sandbox launched in 2024, allowing potential issuers to experiment with token designs under regulatory supervision.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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