Hong Kong’s central bank has warned that counterfeit tokens are already exploiting the city’s incoming stablecoin regime, even before a single licensed product has been introduced.
In a statement, the Hong Kong Monetary Authority (HKMA) said that tokens using the tickers “HKDAP” and “HSBC” are circulating in the market, but have no connection to any authorized issuer. Both licensed stablecoin applicants referenced in related press materials confirmed that they have not issued any regulated stablecoins, it said.
Earlier this month, the HKMA granted its first stablecoin licenses under the Stablecoin Ordinance, which came into effect in August 2025, selecting two groups from a pool of 36 applicants. The choice of HSBC and an entity led by Standard Chartered reflects the existing monetary system in Hong Kong, where a small group of commercial banks is authorized to issue banknotes.
The HKMA urged the public to “remain vigilant against fraudulent activities”, advising users to rely solely on official communications from licensees and transact through regulated channels.
Insiders say they expect a launch during Hong Kong fintech week in November.
