HKMA Issues Fraud Warning Over Fake HSBC, HKDAP Tokens

HKMA flags two fake tokens tied to licensed issuers

The Hong Kong Monetary Authority (HKMA) — the city's de facto central bank — issued a public warning on 28 April 2026. The HKMA identified two tokens circulating in the market under the tickers "HKDAP" and "HSBC". Neither token has any connection to Hong Kong's licensed stablecoin issuers. A stablecoin is a digital token designed to maintain a fixed value, typically pegged to a fiat currency such as the Hong Kong dollar (HKD).

"Members of the public should stay vigilant against fraudulent activities or scams that are purported to be associated with the licensees or their stablecoin issuance", 28 April 2026. — Hong Kong Monetary Authority, Official Statement

HSBC and Anchorpoint deny any token involvement

The HKMA granted Hong Kong's first two stablecoin issuer licences on 10 April 2026. The two recipients are HSBC and Anchorpoint Financial. Both licences took effect immediately and appear on the HKMA's Register of Licensed Stablecoin Issuers. Both institutions issued separate statements on 28 April 2026 confirming they have not launched any stablecoins in Hong Kong.

Anchorpoint Financial is a three-way joint venture

Anchorpoint Financial was established as a joint venture by three companies: Standard Chartered Bank (Hong Kong) Limited, HKT (Hong Kong Telecommunications), and Animoca Brands. The joint venture formed in February 2025. Anchorpoint plans to launch its HKD-backed stablecoin, named HKDAP (HKD At Par), in phases from the second quarter of 2026.

"Anchorpoint...targets to issue the regulated Hong Kong dollar-backed stablecoin HKDAP (i.e. HKD At Par) with a phased approach from the second quarter of this year.", 10 April 2026. — Anchorpoint Financial Limited, Official Statement

HSBC targets second half of 2026 for launch

HSBC confirmed on 28 April 2026 that it plans to launch an HKD-denominated stablecoin in the second half of 2026. The token will be available through two existing HSBC platforms: PayMe and the HSBC HK Mobile App. As of the date of the HKMA warning, no regulated stablecoin from either licensed issuer is in circulation.