Unofficial Hong Kong Stablecoins Emerge as Licensed Versions Are Nowhere to Be Found

Hong Kong’s monetary authority has sounded the alarm over the emergence of counterfeit stablecoins, which 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 certain tokens bearing the ‘HKDAP’ and ‘HSBC’ labels are currently in circulation but are not affiliated with any licensed issuer. According to the HKMA, the licensed applicants referenced in the media have confirmed that they have not issued any regulated stablecoins. This development comes after 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 these groups mirrors the existing monetary system in Hong Kong, where a limited number of commercial banks are authorized to issue banknotes. The HKMA has cautioned the public to be wary of fraudulent activities and has advised them to rely solely on official communications from licensed entities and to conduct transactions through regulated channels. Industry insiders anticipate the launch of legitimate stablecoins to coincide with Hong Kong’s fintech week in November.