CryptoSlate
Hong Kong's central bank warned on April 28 that tokens carrying the tickers "HKDAP" and "HSBC" had appeared in circulation without any licensed stablecoin issuer behind them, in what is the first major test of the city's year-old Stablecoins Ordinance. Both licensed issuers — HSBC and Anchorpoint Financial — confirmed publicly that they had not yet released any regulated stablecoin to the market. The tokens emerged in the precise window between regulatory approval and product launch that the Hong Kong Monetary Authority had flagged as high-risk as early as July 2025.
HSBC, a bank with roughly US$3.2 trillion in assets and a 160-year operating history, plans to issue a Hong Kong dollar stablecoin in the second half of 2026, fully reserve-backed and distributed through PayMe and the HSBC HK Mobile Banking App. Anchorpoint — a Standard Chartered, Animoca Brands, and HKT joint venture — is targeting a phased HKDAP rollout from Q2 2026. Neither token has reached a single consumer, which is what makes the impersonation structurally different from prior crypto fraud: the institutional gravity is genuine, the licensing announcement is real, and the scammer simply rents the credibility without paying any of the compliance cost.
Why it matters
Under Hong Kong's Stablecoins Ordinance, unauthorized issuance carries fines of up to HK$5 million and prison sentences of up to seven years, but the penalty regime binds institutions while the imitation operates purely on token tickers that anyone can replicate within minutes. The HKMA's July 2025 warning explicitly anticipated this category of fraud, and the fraudulent tokens still appeared on schedule — a useful reminder that legal deterrence has limits when the underlying incentive structure favours scammers.
Hong Kong's broader digital asset strategy depends on public confidence in the "licensed" credential: spot ETFs launched in 2024, the stablecoin licensing regime took effect in August 2025, and tokenized capital frameworks are still in development. Fake HSBC tokens undermine that positioning before any regulated product has reached a consumer, a particularly costly form of reputational damage for a jurisdiction selling itself as a trustworthy hub.
Market impact
The global stablecoin market sits at roughly US$315 billion in capitalization, dominated by dollar-denominated tokens from Tether and Circle, with bank-branded alternatives still a small and largely unlaunched category.
Frequently asked questions
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What did Hong Kong's central bank actually warn about on April 28?
The Hong Kong Monetary Authority warned that tokens branded "HKDAP" and "HSBC" were circulating without any licensed stablecoin issuer behind them. Both licensed issuers — HSBC and Anchorpoint Financial — confirmed they had not yet released any regulated stablecoin to market.
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Why are fake HSBC tokens a different kind of crypto scam?
Unlike typical token fraud, the institutional brand being imitated is real, the licensing announcement is real, and the consumer's trust was earned over generations of banking history. The scammer simply rents that credibility without paying any of the compliance cost — no manufactured urgency or promised returns…
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When will the real HSBC and Anchorpoint stablecoins launch?
HSBC plans to issue an HKD-pegged stablecoin in the second half of 2026, distributed via PayMe and the HSBC HK Mobile Banking App. Anchorpoint, backed by Standard Chartered, Animoca Brands, and HKT, is targeting a phased HKDAP rollout from Q2 2026. Neither has reached consumers as of the April 28 alert.
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What penalties apply to unauthorized stablecoin issuance in Hong Kong?
Under Hong Kong's Stablecoins Ordinance, violators face fines of up to HK$5 million and prison sentences of up to seven years for unauthorized issuance or false claims of licensed status. The HKMA had flagged the impersonation risk publicly as early as July 2025.
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How big is the stablecoin market and what role could bank-branded tokens play?
The global stablecoin market sat at roughly US$315 billion in capitalization at the time of the alert, dominated by dollar-denominated tokens from Tether and Circle. Bank-branded alternatives remain a small and largely unlaunched category — exactly the gap the Hong Kong fraudsters appear to be targeting first.
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