Unofficial Hong Kong Stablecoins Emerge Amid Regulatory Vacuum

Hong Kong's financial regulator has cautioned that bogus stablecoins are taking advantage of the territory's new stablecoin framework, even before the launch of the first officially licensed products. The Hong Kong Monetary Authority has revealed that tokens labeled 'HKDAP' and 'HSBC' are being traded, but are not linked to any approved issuer. According to the HKMA, the two licensed applicants mentioned in related reports have not yet issued any regulated stablecoins. This development comes after the HKMA granted its inaugural stablecoin licenses earlier this month, under the Stablecoins Ordinance that came into effect in August 2025. The regulator has chosen two groups from a total of 36 applicants, mirroring the existing banking system in which a select few commercial banks are authorized to issue banknotes. The HKMA has warned the public to be cautious of scams and to only rely on official announcements from licensed operators, as well as to conduct transactions through authorized channels. Industry insiders anticipate the official launch to take place during Hong Kong's fintech week in November.