Unregulated Hong Kong Stablecoins Emerge Amid Official Absence

Hong Kong's central banking authority has issued a warning about the presence of fake stablecoins that are taking advantage of the city's upcoming stablecoin regulations, even before the introduction of the first officially licensed product. According to a statement from the Hong Kong Monetary Authority, tokens bearing the ‘HKDAP’ and ‘HSBC’ labels are being traded, but they have no affiliation with any authorized issuer. This was confirmed by the licensed stablecoin applicants mentioned in related media reports, who stated that they have not issued any regulated stablecoins. Earlier this month, the HKMA awarded its first stablecoin licenses under the newly enacted Stablecoins Ordinance, which became effective in August 2025. Out of 36 applicants, two groups were selected, mirroring the existing monetary system in Hong Kong where a limited number of commercial banks are authorized to issue banknotes. The HKMA cautioned the public to be aware of potential scams, advising them to only rely on official communications from licensed issuers and to conduct transactions through regulated channels. Industry insiders anticipate that the launch of these stablecoins will take place during Hong Kong's fintech week in November.