HKMA Issues Warning on Fake Stablecoin Tokens Mimicking HSBC and HKDAP

The Hong Kong Monetary Authority (HKMA) has issued a public warning about fraudulent tokens circulating under the names 'HKDAP' and 'HSBC,' which are not connected to any licensed stablecoin issuer operating in the region. The warning comes after the HKMA granted licenses to HSBC and Anchorpoint Financial, a joint venture involving Standard Chartered, Animoca Brands, and Hong Kong Telecommunications, to issue stablecoins in Hong Kong.

HSBC plans to launch an HKD-denominated stablecoin in the second half of 2026 through its PayMe service and the HSBC HK Mobile App. Anchorpoint has outlined plans to launch its HKDAP stablecoin in phases, beginning in the second quarter of this year.

The fake tokens appear to exploit the public visibility both companies gained after the license announcements, mimicking names tied to products that have been disclosed but not yet released.