Unregulated Hong Kong Stablecoins Appear on Market Ahead of Official Launch

Hong Kong's financial regulator has issued a warning about the emergence of fake stablecoins, which are capitalizing on the city's forthcoming stablecoin framework before any officially licensed products have been released. According to the Hong Kong Monetary Authority, certain tokens labeled 'HKDAP' and 'HSBC' are being traded, but they are not affiliated with any authorized issuers. The organizations behind these tickers, which have applied for stablecoin licenses, have confirmed that they have not yet issued any regulated stablecoins. The HKMA recently awarded its inaugural stablecoin licenses under the Stablecoins Ordinance, effective August 2025, selecting two applicants out of 36. The selection of these groups mirrors the existing banking system in Hong Kong, where a limited number of commercial banks are authorized to print banknotes. The regulatory body has advised the public to exercise caution and only rely on official communications from licensed issuers, as well as conduct transactions through authorized channels. Industry insiders predict that the official launch of licensed stablecoins will take place during Hong Kong's fintech week in November.