Hong Kong’s central bank has warned that counterfeit tokens are already exploiting the city’s new stablecoin regime, even before a single licensed product has 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 an authorized issuer. The two licensed stablecoin applicants mentioned in related press materials confirmed that they had 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, by selecting two groups from a pool of 36 applicants. The choice of HSBC and an entity led by Standard Chartered reflects Hong Kong’s existing monetary system, where a small group of commercial banks are allowed to issue banknotes.
The HKMA urged the public to “remain vigilant against fraudulent activities”, advising users to rely only on official communications from licensees and conduct their transactions through regulated channels.
Insiders say they expect a launch during Hong Kong fintech week in November.
