Counterfeit Stablecoins Emerge in Hong Kong Ahead of Licensed Launch

Hong Kong's financial regulator has cautioned that fake stablecoins are capitalizing on the impending introduction of the city's new stablecoin framework, prior to the debut of any officially sanctioned products. The Hong Kong Monetary Authority (HKMA) stated that tokens bearing the 'HKDAP' and 'HSBC' labels are being traded, although they are not affiliated with any approved issuer. Both applicants for stablecoin licenses mentioned in related media releases confirmed that they have not released any regulated stablecoins. Earlier this month, the HKMA awarded its inaugural stablecoin licenses under the Stablecoins Ordinance, which came into effect in August 2025, selecting two groups out of 36 applicants. This decision mirrors Hong Kong's existing banking system, where a limited number of commercial banks are authorized to issue currency notes. The HKMA advised the public to exercise caution against deceitful activities, recommending that users only rely on official communications from licensed entities and conduct transactions through regulated channels. According to insiders, a launch is anticipated to occur during Hong Kong's fintech week in November.