VERIFIEDBy Xavier Rivera· ·1 min read
Fake HKD Stablecoins Trade as Licensed Ones Await Launch
Hong Kong's central bank warns of fake stablecoins using HKDAP and HSBC tickers circulating before any licensed ones launch. The HKMA stresses no connection to authorized issuers as regulators push for caution amid the new Stablecoins Ordinance.
Source:CoinDesk
TL;DRAI · 60 sec read
Hong Kong's central bank warns that tokens using the tickers HKDAP and HSBC circulate in the market, despite no licensed stablecoins having been issued.
The Hong Kong Monetary Authority (HKMA) states these tokens have no connection to authorized issuers. Licensed applicants referenced in related press materials confirm they have not issued any regulated stablecoins.
Earlier this month, the HKMA granted its first stablecoin licenses under the Stablecoins Ordinance, effective August 2025, selecting two groups from 36 applicants: HSBC and a Standard Chartered-led entity.
The HKMA urges the public to stay vigilant against fraudulent activities, relying only on official communications from licensees and regulated channels.
Insiders expect the first Hong Kong dollar stablecoins to launch during the city's fintech week in November.
The Hong Kong Monetary Authority (HKMA) states these tokens have no connection to authorized issuers. Licensed applicants referenced in related press materials confirm they have not issued any regulated stablecoins.
Earlier this month, the HKMA granted its first stablecoin licenses under the Stablecoins Ordinance, effective August 2025, selecting two groups from 36 applicants: HSBC and a Standard Chartered-led entity.
The HKMA urges the public to stay vigilant against fraudulent activities, relying only on official communications from licensees and regulated channels.
Insiders expect the first Hong Kong dollar stablecoins to launch during the city's fintech week in November.
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