In the lead-up to the formal debuts of their products, scammers have released phony tokens pretending to be HSBC and Anchorpoint Financial, two of the recently approved stablecoin issuers in Hong Kong.
Tokens with the tickers “HKDAP” and “HSBC” have surfaced on the market, but they are not associated with the authorized issuers, according to separate warnings issued on Tuesday by the Hong Kong Monetary Authority, HSBC, and Anchorpoint Financial.
Scam Tokens Before Official Issuance
According to the HKMA’s statement, both licensed stablecoin issuers have verified that no regulated stablecoins have been released to the market at this time.
In August 2025, Hong Kong formally launched a system for licensing stablecoins. Under its new regulatory structure, it approved Anchorpoint Financial and HSBC last month as its first stablecoin issuer licensees.
According to HSBC’s statement, the bank has not yet released any stablecoins in Hong Kong. When its planned Hong Kong dollar stablecoin releases in the second half of 2026, it will only be accessible via PayMe and the HSBC HK Mobile App.
Similarly, Anchorpoint made it clear that it has not issued any tokens or goods under the HKDAP moniker since getting its license from the HKMA on April 10. In a statement, Anchorpoint urged the public to always utilize regulated methods to acquire or use stablecoins, and to always verify information via legitimate sources.
Obtaining a HKMA license and complying with regulations addressing reserve backing, redemption rights, governance, and Anti-Money Laundering controls are requirements of Hong Kong’s stablecoin licensing framework. These regulations apply to fiat-referenced stablecoins. The HKMA may also suspend or revoke a license, as well as impose penalties, as part of its enforcement authorities.
Stablecoins are attracting the attention of more conventional banks. Morgan Stanley’s investment management division introduced a “Stablecoin Reserves Portfolio” last week, giving stablecoin issuers an option to earn income on their reserve assets by depositing them in a money market fund.