Warning on Counterfeit Stablecoins in Hong Kong
Authorities in Hong Kong are urging investors to exercise caution as counterfeit stablecoins have started to emerge under the names of two recently licensed issuers, HSBC and Anchorpoint Financial. This warning comes just as the region gears up for its debut in regulated stablecoin offerings.
Details of the Counterfeit Tokens
The tokens, which carry the labels “HKDAP” and “HSBC”, are being promoted in the market despite neither company launching any official products. The Hong Kong Monetary Authority (HKMA) took to public platforms on Tuesday, notifying the public that both licensed issuers have confirmed they have yet to release any regulated stablecoins.
Licensing Framework and Issuer Clarifications
The HKMA’s licensing framework for stablecoins was established in August 2025, and the first approvals, including those for HSBC and Anchorpoint, were granted last month. These companies underwent a rigorous vetting process ensuring they meet required standards related to reserve backing, governance, and Anti-Money Laundering laws.
In a detailed response, HSBC clarified that it has not rolled out any stablecoins in Hong Kong yet. The bank plans to introduce a token pegged to the Hong Kong dollar via its PayMe service and HSBC HK Mobile App by the latter half of 2026.
Similarly, Anchorpoint Financial emphasized that it has not released any tokens since receiving its license on April 10 and encouraged the public to rely on official sources for accurate information about stablecoins.
Anchorpoint’s Role in the Digital Asset Market
As a joint venture composed of partners such as Standard Chartered, Animoca Brands, and Hong Kong Telecommunications, Anchorpoint is poised as a key player in the nascent regulated digital asset market of Hong Kong. Under the licensing regime, stablecoin issuers are monitored closely by the HKMA, which possesses the authority to take action against misconduct, such as imposing fines or suspending operations.
The Need for Vigilance
The emergence of these counterfeit tokens highlights the urgent need for vigilance among investors, even as Hong Kong prepares to navigate the complexities of regulated digital financial systems following previous delays in the approval process. The chief of the HKMA, Eddie Yue, had warned previously that only a select few issuers would be licensed at the project’s onset, making the caution regarding fraudulent tokens even more critical ahead of the planned launches.
