Fake Hong Kong stablecoins start trading as real ones remain absent

Tokens using ‘HKDAP’ and ‘HSBC’ tickers are circulating even as the HKMA says no licensed stablecoins have been issued

What to know:

• Hong Kong’s central bank warned that tokens using the tickers HKDAP and HSBC are circulating even though no licensed stablecoins have been introduced.
• The Hong Kong Monetary Authority said the tokens have no connection to authorized issuers, and that licensed applicants have not yet issued any regulated stablecoins.
• Regulators urged the public to rely only on official communications and regulated channels, as the first Hong Kong dollar stablecoins are expected to debut around the city’s fintech week later this year.

Hong Kong’s central bank warned that counterfeit tokens are already exploiting the city’s incoming stablecoin regime, before a single licensed product has even been introduced.

In a statement, the Hong Kong Monetary Authority (HKMA) said tokens using the tickers “HKDAP” and “HSBC” are circulating in the market, but have no connection to any authorized issuer. Both licensed stablecoin applicants referenced in related press materials confirmed they have not issued any regulated stablecoins, it said.

Earlier this month, the HKMA granted its first stablecoin licenses under the Stablecoins Ordinance, which took effect in August 2025, selecting two groups from a pool of 36 applicants. The choice of HSBC and a Standard Chartered-led entity mirrors Hong Kong’s existing monetary system, where a small group of commercial banks is authorized to issue banknotes.

The HKMA urged the public to “stay vigilant against fraudulent activities,” advising users to rely only on official communications from licensees and to transact through regulated channels.

Insiders say they expect a launch during Hong Kong's fintech week in November.

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