Key Takeaways:
- Hong Kong warned unauthorized tokens are misusing names of licensed stablecoin issuers.
- HSBC and Anchorpoint denied links to tokens labeled HKDAP and HSBC.
- Users should rely on official announcements as regulated stablecoin issuance has not begun.
Hong Kong Flags Misuse of Stablecoin Issuer Names
Hong Kong’s central bank warned on April 28, 2026, that unauthorized stablecoin claims are emerging around licensed issuers, with HSBC among the names being misused. The Hong Kong Monetary Authority said the tokens are not connected to licensed stablecoin issuers. The alert comes before any regulated stablecoins have been issued in the market.
The warning cited statements from The Hongkong and Shanghai Banking Corporation (HSBC) Limited and Anchorpoint Financial Limited. The Hong Kong Monetary Authority said the launched tokens have no issuer backing from licensed firms. The central bank emphasized:
“Tokens with tickers ‘HKDAP’ or ‘HSBC’ have been launched, but they are not issued by or otherwise associated with licensed stablecoin issuers.”
The monetary authority also confirmed that regulated issuance has not started, stating: “As of this moment, both licensed stablecoin issuers have confirmed that they have not issued any regulated stablecoins in the market.”
HSBC Timeline Highlights Gap Before Regulated Issuance
HSBC also issued a statement on April 28 that gives a clear timeline for users assessing token claims. “HSBC has not yet issued any stablecoins in Hong Kong. We plan to launch an Hong Kong-dollar denominated stablecoin in the second half of this year under a new licence granted in April 2026,” the banking giant revealed. “At launch, the HSBC-issued stablecoin will only be offered through PayMe and the HSBC HK Mobile App. Further updates will be provided in due course.” The bank also rejected any current market association with tokens using its name, stating:
“HSBC has no connection to any fraudulent stablecoins purportedly associated with HSBC.”
It warned customers to remain alert to investment scams, contact its personal customer service hotline if concerned, and report suspected fraud to police.
Anchorpoint separately said it has not issued regulated stablecoins, other tokens, or products under HKDAP. The company stated: “Anchorpoint hereby clarifies that since obtaining the stablecoin issuer licence from the Hong Kong Monetary Authority on 10 April 2026, we have not officially issued any regulated stablecoins, other tokens and products under the name HKDAP.”
The case underscores a key market risk as Hong Kong’s stablecoin framework moves from licensing toward issuance. Recognition of a bank name or ticker does not establish regulatory status, issuer approval, or product authenticity. The Hong Kong Monetary Authority urged users to rely on official announcements and regulated channels. For stablecoin users, verified issuance remains the decisive test.