Scammers Push Fake Hsbc And Hkdap Tokens Before Hong Kong Stablecoins Go Live

Fake Tokens Surface Weeks After Hong Kong's First Stablecoin Licences

Fraudsters are promoting fake stablecoins impersonating HSBC and Anchorpoint Financial in Hong Kong — and neither licensed issuer has yet launched a real token. The Hong Kong Monetary Authority (HKMA) has alerted the public to press releases from both Anchorpoint Financial and HSBC regarding tokens purported to be associated with licensed stablecoin issuers, confirming that tokens using the tickers "HKDAP" and "HSBC" have been launched but are not issued by or otherwise associated with those licensees.

The fraudulent tokens surfaced less than three weeks after the HKMA granted its first stablecoin issuer licences on April 10 — a decision that marked a significant step in Hong Kong's push to build a regulated digital asset ecosystem, with HSBC and Anchorpoint selected from a pool of 36 applicants under the Stablecoins Ordinance.

Anchorpoint is backed by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications as a joint venture, and the HKMA's public register lists both Anchorpoint and HSBC as licensed issuers.

What the Licensed Issuers Have Said

Both licensed stablecoin issuers have confirmed that they have not issued any regulated stablecoins in the market.

HSBC confirmed it has not yet issued any stablecoins in Hong Kong, adding that its planned Hong Kong dollar stablecoin will only be available through PayMe and the HSBC HK Mobile App when it launches in the second half of 2026.Anchorpoint similarly clarified that since receiving its licence on April 10, it has not issued any tokens or products under the HKDAP name, and reminded the public to verify information through official sources and use only regulated channels when acquiring or using stablecoins.

Anchorpoint has previously said it aims to launch its HKDAP stablecoin in phases starting in the second quarter of this year.

The HKMA urged the public to stay vigilant against fraudulent activities or scams purported to be associated with the licensees or their stablecoin issuance, and advised that if in doubt, members of the public should refer to the official announcements of the two licensees.

The warning reflects the risks that emerge after a high-profile licensing announcement. Criminals frequently imitate reputable bank trademarks to make phony tokens appear secure, and the HKMA advises anyone with reservations about a token's legitimacy to contact the issuer directly or review HKMA materials rather than relying on social media ads or private messaging.

Sources:
HKMA Official Warning: Beware of tokens purported to be associated with licensed stablecoin issuers
CoinTelegraph: Hong Kong Warns of Fake Stablecoins Impersonating HSBC and Anchorpoint
CoinDesk: Fake Hong Kong Stablecoins Start Trading as Real Ones Remain Absent