Hong Kong authorities are warning investors about fake stablecoins. The fraudulent tokens falsely claim ties to HSBC and Anchorpoint Financial. Those are the city’s first two licensed stablecoin issuers.
The Hong Kong Monetary Authority issued alerts. So did HSBC and Anchorpoint. They’re clarifying that fraudulent tokens using tickers “HKDAP” and “HSBC” have no connection to their regulated operations.
The scam’s timing? Strategic. It exploits public anticipation of legitimate stablecoin launches. Hong Kong introduced a licensing regime in August 2025. HSBC and Anchorpoint received authorization from the HKMA in April 2026. That made them attractive targets for impersonators seeking to capitalize on their brand recognition. The official products haven’t reached the market yet.
HSBC stressed something crucial in its statement. Its Hong Kong dollar stablecoin will only be distributed via PayMe and the HSBC HK Mobile App. Launch window? Second half of 2026. The bank urged users to ignore any other offerings claiming affiliation with HSBC’s stablecoin efforts.
Anchorpoint clarified its position. The company received its HKMA license on April 10. Since then? It hasn’t issued any HKDAP tokens or products. The firm emphasized that the public should rely only on official communications. Use regulated channels. That’s it.
The fraudulent tokens appear designed to deceive investors. Some may assume that licensed issuers have already launched their products. They haven’t.
Hong Kong’s stablecoin framework requires specific protections. Issuers must maintain reserve backing. They must provide redemption rights. They must establish governance structures. They must implement Anti-Money Laundering controls. Fake tokens? They lack all of this. Completely.
The incident underscores a growing challenge. Traditional financial institutions are entering the digital asset space. Their established brands become magnets for scammers. There’s a gap between licensing and product launch. That’s when it happens.
The HKMA’s regulatory framework gives the authority enforcement powers. But preventing fraud requires investor awareness. People need to know official distribution channels.
The warnings come as stablecoins attract increasing interest from traditional finance globally. The rise in impersonation schemes highlights something important. Public education about verification methods matters. Hong Kong’s positioning itself as a regulated hub for digital asset innovation. That makes this even more critical.
Investors are advised to consult only official company channels. Verify any stablecoin offering against announcements from licensed issuers before participating. Don’t trust. Verify.
