HKMA Warns of Fraudulent HKDAP and HSBC Stablecoins

The Hong Kong Monetary Authority issued a warning on April 28, 2026, alerting the public to fraudulent stablecoins circulating under the tickers HKDAP and HSBC, which falsely claim ties to the city's two newly licensed issuers, Anchorpoint Financial and HSBC.

The unauthorized tokens appeared in the market shortly after the HKMA granted its first stablecoin licenses on April 10 to the institutions, even though neither has launched any regulated products. "As of this moment, both licensed stablecoin issuers have confirmed that they have not issued any regulated stablecoins in the market," the HKMA stated. Officials urged people to verify information through official channels and use only regulated platforms for transactions.

HSBC clarified in a statement that it has not issued any stablecoins in Hong Kong, with its planned Hong Kong dollar-pegged token set for release in the second half of 2026 exclusively through its PayMe service and HSBC HK Mobile App. Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications, echoed the denial. "Anchorpoint would like to remind the public to verify information through official sources...