Unregulated Hong Kong Stablecoins Emerge Amid Official Absence

The central banking authority of Hong Kong has issued a warning regarding the presence of counterfeit stablecoins in the market, taking advantage of the upcoming stablecoin regulations before any officially licensed products have been launched. According to a statement from the Hong Kong Monetary Authority, certain tokens bearing the ‘HKDAP’ and ‘HSBC’ labels are in circulation but are not affiliated with any authorized issuers. It was confirmed by the licensed stablecoin applicants mentioned in related media reports that they have not released any regulated stablecoins. Earlier this month, the HKMA granted its inaugural stablecoin licenses under the Stablecoins Ordinance, which became effective in August 2025, selecting two groups out of 36 applicants. The selection of HSBC and a consortium led by Standard Chartered mirrors the existing monetary framework of Hong Kong, where a limited number of commercial banks are authorized to issue banknotes. The HKMA has cautioned the public to be vigilant against fraudulent activities, advising them to rely solely on official communications from licensed entities and to conduct transactions through regulated channels. According to insiders, the official launch is expected to take place during Hong Kong's fintech week in November.