Unofficial Hong Kong Stablecoins Emerge Amid Regulatory Vacuum

The Hong Kong Monetary Authority has issued a warning about the presence of counterfeit stablecoins in the market, which are masquerading as legitimate tokens. These unlicensed tokens, bearing the 'HKDAP' and 'HSBC' tickers, have no affiliation with any authorized issuer, according to the HKMA. This development comes after the HKMA recently granted its first stablecoin licenses under the newly introduced Stablecoins Ordinance, which became effective in August 2025. The licensed applicants have confirmed that they have not issued any regulated stablecoins yet. The HKMA has cautioned the public to be cautious of fraudulent activities and to only rely on official communications from licensed entities, as well as to conduct transactions through regulated channels. Industry insiders anticipate the launch of licensed stablecoins during Hong Kong's fintech week in November.