Fake Hong Kong stablecoins start trading as real ones remain absent
Tokens using ‘HKDAP’ and ‘HSBC’ tickers are circulating even as the HKMA says no licensed stablecoins have been issued
YayaNews contributes financial news and market context through the YayaNews editorial workflow.
Fake Hong Kong stablecoins start trading as real ones remain absent
Policy
Fake Hong Kong stablecoins start trading as real ones remain absent
Tokens using ‘HKDAP’ and ‘HSBC’ tickers are circulating even as the HKMA says no licensed stablecoins have been issued
By
Sam Reynolds
|
Edited by
Sheldon Reback
Apr 29, 2026, 10:06 a.m.
1
min read
Make
preferred on
Share
Share this article
Copy link
X icon
X (Twitter)
Make
preferred on
Hong Kong (Ryan McManimie/Unsplash
Summary
Show
Hong Kong’s central bank warned that tokens using the tickers HKDAP and HSBC are circulating even though no licensed stablecoins have been introduced.
The Hong Kong Monetary Authority said the tokens have no connection to authorized issuers, and that licensed applicants have not yet issued any regulated stablecoins.
Regulators urged the public to rely only on official communications and regulated channels, as the first Hong Kong dollar stablecoins are expected to debut around the city’s fintech week later this year.
Hong Kong’s central bank warned that counterfeit tokens are already exploiting the city’s incoming stablecoin regime, before a single licensed product has even been introduced.
In a statement, the Hong Kong Monetary Authority (HKMA) said tokens using the tickers “HKDAP” and “HSBC” are circulating in the market, but have no connection to any authorized issuer. Both licensed stablecoin applicants referenced in related press materials confirmed they have not issued any regulated stablecoins, it said.
Earlier this month, the
HKMA granted its first stablecoin licenses
under the Stablecoins Ordinance, which took effect in August 2025, selecting two groups from a pool of 36 applicants. The choice of HSBC and a Standard Chartered-led entity mirrors Hong Kong’s existing monetary system, where a small group of commercial banks is authorized to issue banknotes.
The HKMA urged the public to “stay vigilant against fraudulent activities,” advising users to rely only on official communications from licensees and to transact through regulated channels.
Insiders say they expect a launch during Hong Kong's fintech week in November.
Hong Kong
Stablecoins
Latest Crypto News
1
Asset management giant Invesco files for tokenized fund targeting stablecoin reserve market
15 hours ago
2
Coinbase's Base blockchain resumes after two-hour outage disrupted network
17 hours ago
3
Strategy's yield-generating STRC stock is more correlated with BTC than ever
18 hours ago
4
Kraken in talks to buy 15% stake in DeFi lender Aave at $385 million valuation
19 hours ago
5
a16z-backed crypto firm rebrands, shifts focus to solving AI’s global copyright headache
19 hours ago
6
BlackBerry is making a massive comeback as an 'uncrashable' software layer for AI and robotics
20 hours ago
7
Strategy has a 10-month cash runway for dividends, but retail investors are losing faith
20 hours ago
8
Quant fund says bitcoin is near a major inflection point as rare onchain signals align
21 hours ago
9
Bitcoin tumbles to new multi-year low of $58,000, but a short-squeeze setup emerges
21 hours ago
10
Crypto for Advisors: Bitcoin: planning for inheritance
21 hours ago
Latest Research
Equities on Crypto Rails: A Platform Comparison
Equities on Crypto Rails: A Platform Comparison
US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
By
CoinDesk Research
2 hours ago
US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
Why it matters
:
US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
View Full Report
More From
Policy
Binance tells EU users it will no longer provide services after failing to secure MiCA license
Kraken sues crypto derivatives firm PowerTrade over 'misappropriated' funds claim
Post-prison CZ says time behind bars didn't hurt the billionaire's business after Binance
CD20
$1,597.58
CD20 down 2.94 percent
2.94%
BTC
$59,475.75
BTC down 2.76 percent
2.76%
ETH
$1,547.31
ETH down 5.24 percent
5.24%
XRP
$1.03
XRP down 4.37 percent
4.37%
SOL
$68.98
SOL up 1.18 percent
1.18%
Original YayaNews editorial coverage, published for informational purposes.
This article is sourced from CoinDesk. It is for informational purposes only and does not constitute investment advice.
Topics & Symbols
Continue Reading
Related Reading
Upbit Lists PROM with KRW and USDT Trading Pairs, Opening New Opportunities for Mid-Cap Tokens
Upbit announced the addition of PROM KRW and USDT trading pairs, with a market cap of approximately $43.5 million. This article analyzes the significance, project background, and market impact for investors.
SEC Prepares Major Crypto Plan as Clarity Act Stalls: What It Means for Markets
As the Clarity Act remains gridlocked, the SEC is reportedly preparing a significant crypto regulatory plan. This article analyzes potential new rules covering DeFi, stablecoins, and exchanges, market reactions, and the global competitive pressures shaping U.S. oversight.
Binance Launches DOSUSDT Perpetual Contract: Market Impact and Investment Strategy Analysis
Binance announced the listing of the USDⓈ-M DOSUSDT perpetual contract on August 11, 2026. This article analyzes the announcement background, market reactions, and investment risks to help investors seize opportunities.
Ireland Plans Industry Standards for Illicit Crypto Use
The strategy prepared by the Irish government’s finance department included industry standards on crypto used for gambling and strengthening AML/CFT measures in certain cases.
