Unregulated Hong Kong Stablecoins Emerge Amid Official Absence

The central banking authority of Hong Kong has issued a warning regarding the existence of counterfeit digital tokens that are taking advantage of the city's upcoming stablecoin framework, even before the launch of the first officially sanctioned product. According to a statement released by the Hong Kong Monetary Authority, certain tokens identified by the ‘HKDAP’ and ‘HSBC’ tickers are currently being traded, despite having no affiliation with any authorized issuer. The statement also confirmed that the two licensed applicants for stablecoins, who were mentioned in related media coverage, have not released any regulated stablecoins. Earlier this month, the HKMA awarded its inaugural stablecoin licenses under the Stablecoins Ordinance, which went into effect in August 2025. Out of 36 applicants, the authority selected two groups, mirroring the structure of Hong Kong's existing monetary system, where a limited number of commercial banks are authorized to issue banknotes. The HKMA has cautioned the public to be aware of potential scams, advising them to rely solely on official communications from licensed entities and to conduct transactions only through regulated channels. According to insiders, the expectation is that the official launch will take place during Hong Kong's fintech week in November.