Fake HSBC Stablecoins Surface Weeks After Hong Kong License

Hong Kong Monetary Authority granted stablecoin issuer licenses to HSBC and Anchorpoint Financial on April 10. Fake tokens surfaced less than three weeks later.

HKMA issued a regulatory alert on April 28 warning the public about fraudulent stablecoins using the tickers HKDAP and HSBC. The fake tokens impersonate the two licensed issuers that won approval from a pool of 36 applicants. That's a 5.6% approval rate.

HSBC said it has no connection to any fraudulent stablecoins purportedly associated with the bank. The firm plans to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026, fully backed by high-quality liquid assets in segregated accounts. HSBC will distribute the token through PayMe, which has 3.3 million users, and its mobile banking app.

Anchorpoint Financial clarified it has not officially issued any regulated stablecoins since obtaining its license. The joint venture backed by Standard Chartered, Animoca Brands, and HKT targeted a phased rollout for its HKDAP token. Anchorpoint said the public should verify information through official sources and report suspected scams to police.

The Stablecoins Ordinance took effect in August 2025, establishing enforcement powers that include fines up to ₱39,470,027 ($643,000) and prison sentences up to seven years for unauthorized issuance or false claims of licensed status. HKMA Chief Executive Eddie Yue framed the licensing milestone as an important step toward digital assets that could address real pain points in economic activity and support Hong Kong's position as a serious financial center.

HKMA flagged this risk category in July 2025, warning publicly against entities falsely claiming licensed status before any licenses were granted. The regulator emphasized that no licensed operator has launched any regulated stablecoin yet, and sandbox participation does not equal a license.