Scammers have moved quickly to exploit Hong Kong's new stablecoin licensing regime, launching fake tokens using the tickers "HSBC" and "HKDAP" to impersonate the two institutions that received the city's first stablecoin licenses last month. The Hong Kong Monetary Authority, HSBC, and Anchorpoint Financial all issued separate warnings on Tuesday confirming that neither licensed issuer has actually released any stablecoins yet, and that the tokens appearing in the market have no connection to either institution. HSBC stated it has not issued any stablecoins in Hong Kong and that its planned Hong Kong dollar stablecoin will only be available through PayMe and the HSBC HK Mobile App when it launches in the second half of 2026. Anchorpoint similarly confirmed that since receiving its HKMA license on April 10, it has issued no tokens or products under the HKDAP name.The scam follows a well-established playbook of launching fake tokens ahead of high-profile legitimate launches, exploiting the period between a licensing announcement and an actual product release when public awareness is high but no official product exists to compare against.

Hong Kong's stablecoin licensing regime, which officially launched in August 2025, requires issuers to comply with rules covering reserve backing, redemption rights, governance, and AML controls, with the HKMA holding enforcement powers including fines, suspensions, and license revocations. For anyone encountering HSBC or HKDAP-branded tokens in the market right now, both institutions have been unambiguous: verify information through official sources and use only regulated channels when acquiring or using stablecoins.