Hong Kong Regulator Warns Fake HKDAP and HSBC Stablecoins Are Trading
The Hong Kong Monetary Authority regulates issuers of fiat-referenced stablecoins. Hong Kong dollar stablecoins must be issued by licensed institutions and comply with requirements governing reserve assets and redemptions. Counterfeit tokens using names associated with HSBC and AnchorX could mislead investors into believing they have official backing, posing risks of fraud and market disruption.
As of July 20, 2026, the HKMA said it had not issued any stablecoin issuer licenses and warned that fake Hong Kong dollar stablecoins carrying the tickers HKDAP and HSBC were already trading. Neither was issued by a licensed entity or affiliated with an authorized institution. The first regulated Hong Kong dollar stablecoins are expected to launch by the end of 2026 at the earliest.
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The history behind this eventStandard Chartered Becomes First Bank to Distribute Anchorpoint’s HKDAP
Hong Kong’s stablecoin regime took effect in August 2025, requiring issuers to obtain a Hong Kong Monetary Authority licence and maintain fully backed reserves. Anchorpoint Financial, a venture involving Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, secured one of the first licences in April 2026. Its HKDAP token is redeemable one-for-one for Hong Kong dollars and is designed for cross-border payments, corporate treasury operations and tokenised-asset settlement.
Anchorpoint opened HKDAP Beta Access on Aug. 12 for institutions, corporate users and professional investors. Standard Chartered Hong Kong became its first authorised bank distributor on Aug. 24 and plans to introduce subscriptions and settlements for tokenised money-market funds with international and local asset managers in the fourth quarter. Anchorpoint reported HK$522,000 in circulation and HK$1.62 million in reserves as of Aug. 19, while a broader launch is targeted for as early as end-2026.
Anchorpoint Targets July Launch for Regulated HKDAP Stablecoin
Anchorpoint Financial, a joint venture backed by Standard Chartered Hong Kong, HKT and Animoca Brands, is developing HKDAP as a regulated Hong Kong dollar stablecoin. The project brings together banking, telecommunications and Web3 expertise as Hong Kong builds a licensing regime for fiat-referenced tokens, with potential applications in cross-border payments and settlement of tokenized assets.
Anchorpoint plans to launch HKDAP in July, subject to securing a license from the Hong Kong Monetary Authority, according to the latest report. The venture has completed a test transfer on the Ethereum mainnet and intends to distribute the token through licensed platforms including OSL and HashKey, positioning it for cross-border money transfers and tokenized-asset settlement.
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