Unauthentic Hong Kong Stablecoins Emerge as Official Ones Remain Unavailable

Hong Kong's financial regulatory body has cautioned that fake stablecoins are taking advantage of the city's upcoming stablecoin framework, even before the launch of a single authorized product. The Hong Kong Monetary Authority stated that tokens bearing the ‘HKDAP’ and ‘HSBC’ labels are circulating, but are not associated with any approved issuer. Both applicants for licensed stablecoins mentioned in related media reports confirmed that they have not released any regulated stablecoins. Earlier this month, the HKMA granted its first 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 Standard Chartered-led entity mirrors the existing monetary system in Hong Kong, where a limited number of commercial banks are authorized to issue banknotes. The HKMA advised the public to be cautious of fraudulent activities and to only rely on official communications from licensed issuers, and to conduct transactions through regulated channels. According to insiders, an official launch is expected to take place during Hong Kong's fintech week in November.