Unofficial Hong Kong Stablecoins Emerge Amid Licensing Delay

A warning has been issued by Hong Kong's central bank regarding the emergence of fake stablecoins in the city, taking advantage of the upcoming stablecoin regulations before any officially licensed products are released. According to a statement from the Hong Kong Monetary Authority, certain tokens labeled as ‘HKDAP’ and ‘HSBC’ are being traded, but they are not associated with any authorized issuers. The stablecoin applicants referenced in related media reports have confirmed that they have not issued any regulated stablecoins. Earlier this month, the HKMA granted its first stablecoin licenses under the new Stablecoins Ordinance, which went into effect in August 2025, selecting two groups out of 36 applicants. The selection of HSBC and a Standard Chartered-led entity is similar to Hong Kong's existing banking system, where a limited number of commercial banks are authorized to issue banknotes. The HKMA has advised the public to be cautious of fraudulent activities and to only rely on official communications from licensed entities, as well as to conduct transactions through regulated channels. Industry insiders anticipate that the launch of licensed stablecoins will occur during Hong Kong's fintech week in November.