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.