The Hong Kong Monetary Authority has warned the public about tokens falsely claiming to be linked to licensed stablecoin issuers, as the city begins rolling out its regulated stablecoin framework.
The HKMA said tokens using the tickers “HKDAP” and “HSBC” have appeared in the market, but are not issued by or associated with any licensed stablecoin issuer.
The warning followed separate statements from Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited.
Anchorpoint and HSBC were granted Hong Kong’s first stablecoin issuer licences on April 10 under the city’s Stablecoins Ordinance.
However, the HKMA said both licensed issuers have confirmed that they have not issued any regulated stablecoins in the market.
The regulator urged members of the public to remain vigilant against fraudulent activity or scams claiming to be linked to licensed stablecoin issuers or future stablecoin issuance.
It advised investors and users to rely on official announcements from the licensees and to acquire or use stablecoins only through regulated channels.
The warning comes as Hong Kong seeks to position itself as a regulated digital asset hub.
The city passed its stablecoin bill in May 2025, creating a licensing regime for fiat-referenced stablecoin issuers, including requirements around reserves, redemption, and risk controls.
The first licences were granted to HSBC and Anchorpoint Financial, a joint venture involving Standard Chartered Bank (Hong Kong), HKT and Animoca Brands.
Stablecoins are widely used in digital asset markets for payments, trading and settlement, but regulators have warned that misleading tokens can expose retail users to fraud, liquidity risks and false claims of regulatory approval.
The HKMA’s alert highlights a key challenge for regulated stablecoin markets: official licensing can quickly be exploited by bad actors seeking to create lookalike tokens before authorised products are launched.
Hong Kong authorities have repeatedly said the stablecoin regime is intended to support responsible innovation while strengthening investor protection.
The latest warning suggests regulators are likely to scrutinise not only licensed issuers, but also unauthorised tokens attempting to benefit from the credibility of regulated firms.