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Fake Stablecoins Are Circulating In Hong Kong
Fraudulent stablecoins with HSBC and HKDAP tickers have been launched into the markets according to the Hong Kong Monetary Authority (HKMA).
HKMA warns against fake stablecoins being circulated (Chi Hung Wong / Unsplash)
As per an April 28, 2026 press release from the HKMA, stablecoins falsely claiming to be linked with major international bank HSBC, and newly-licensed stablecoin firm, Anchorpoint Financial Limited, are now circulating the market.
In a statement, HSBC denied any ties to “any fraudulent stablecoins” and confirmed it has “not yet issued any stablecoins”.
HSBC clarified its intention is to issue a Hong-Kong dollar stablecoin in the second half of 2026, through the HSBC HK Mobile app and its peer-to-peer (P2P) social payment app, PayMe.
Similarly, Anchorpoint stated:
“Anchorpoint hereby clarifies that since obtaining the stablecoin issuer licence from the Hong Kong Monetary Authority on 10 April 2026, we have not officially issued any regulated stablecoins, other tokens and products under the name ‘HKDAP’”
Anchorpoint is expected to issue its Hong Kong-dollar backed stablecoin in a phased release beginning Q2 2026.
The news follows just weeks after both HSBC and Anchorpoint received licenses from the HKMA to issue stablecoins as it bids to become a global digital assets hub.
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