UnAuthorized Stablecoins Emerge in Hong Kong Ahead of Official Launch

The central banking authority of Hong Kong has cautioned that fake stablecoins are taking advantage of the impending regulatory framework for digital assets, even before the introduction of the first officially sanctioned stablecoin. The Hong Kong Monetary Authority (HKMA) stated that certain tokens labeled as ‘HKDAP’ and ‘HSBC’ are being traded, despite lacking any affiliation with authorized issuers. This assertion was corroborated by licensed applicants, who confirmed that no regulated stablecoins have been issued. Following the implementation of the Stablecoins Ordinance in August 2025, the HKMA recently awarded its inaugural stablecoin licenses to two applicants out of a total of 36. This decision mirrors the existing banking system in Hong Kong, where a select group of commercial banks is authorized to issue currency. The HKMA has advised the public to exercise caution against fraudulent activities, recommending that users rely solely on official communications from licensed entities and conduct transactions through regulated channels. Industry insiders anticipate the official launch to coincide with Hong Kong's fintech week in November.