HKMA warns of fake HSBC bank stablecoins (HKDAP, HSBC) in Hong Kong
The HKMA said fake HSBC bank stablecoins have appeared in Hong Kong under the tickers “HKDAP” and “HSBC”. The regulator stressed that both tokens are not issued by, or linked to, any licensed stablecoin issuer, and that the licensed parties have confirmed no regulated stablecoins are yet in circulation.
This comes soon after Hong Kong’s stablecoin licensing regime started under the Stablecoins Ordinance (effective August 2025). HSBC and Anchorpoint Financial received the first licences on April 10, but their real products were still being prepared as of the HKMA alert date (April 28). HKMA warned that bank-name branding can be cloned to create a false “regulated issuer” credibility gap.
For traders, this HKMA alert increases counterparty and reputational risk tied to “regulated” narratives. In the short term, it may weigh on sentiment around HKD stablecoins and bank-branded tokens, prompting exchanges to tighten listing and verification. Longer term, wallet/registry authentication and exchange-level flagging will matter more as bank-issued stablecoins expand.
Bearish
HKMA’s warning links two specific, bank-branded tickers (“HKDAP” and “HSBC”) to non-licensed issuance and confirms the real licensed products are not yet live. That directly undermines trust in the bank-issuer narrative, which can reduce demand and liquidity around any HKD stablecoin pairs that trade on “HSBC”/“regulated issuer” assumptions. In the short term, the most likely market effect is a sentiment drag and tighter exchange scrutiny; in the long term, improved verification may support legitimacy, but the immediate headline risk is negative for the affected tokens’ pricing.