Unregulated Hong Kong Stablecoins Emerge Amid Official Absence

The central banking authority of Hong Kong has issued a warning regarding the emergence of illicit tokens that are capitalizing on the city's forthcoming stablecoin framework, even before the introduction of a single officially sanctioned product. The Hong Kong Monetary Authority (HKMA) stated in an official release that tokens labeled with ‘HKDAP’ and ‘HSBC’ tickers are currently circulating, but are not affiliated with any authorized issuers. According to the statement, the licensed applicants for stablecoins referenced in related media releases have confirmed that they have not issued any regulated stablecoins. Earlier this month, the HKMA granted its inaugural stablecoin licenses under the Stablecoins Ordinance, which became effective in August 2025, selecting two groups out of 36 applicants. The selection of HSBC and an entity led by Standard Chartered mirrors the existing monetary framework of Hong Kong, where a limited number of commercial banks are authorized to issue banknotes. The HKMA cautioned the public to be cautious of fraudulent activities, advising them to rely solely on official communications from licensed entities and to conduct transactions through regulated channels. According to insiders, a launch is anticipated to take place during Hong Kong's fintech week in November.