HKMA Warns of Fraudulent Tokens Claiming Stablecoin Links
The Hong Kong Monetary Authority (HKMA) issued a warning on April 28, 2026, cautioning the public about tokens falsely claiming association with licensed stablecoin issuers, HSBC and Standard Chartered. The tokens in question, bearing the tickers “HKDAP” and “HSBC,” are not authorized or issued by either institution, according to official statements from both entities. This alert comes just weeks after the HKMA granted the first two stablecoin licenses under Hong Kongs new regulatory framework to HSBC and Standard Chartered on April 10, 2026. Despite this milestone in regulating the local stablecoin market, fraudulent actors appear to be exploiting the news to mislead investors. Under Hong Kongs Stablecoins Ordinance, effective since August 2025, only licensed entities are permitted to issue stablecoins. These issuers must meet stringent requirements, including maintaining HK$25 million in paid-up share capital and fully backing all issued stablecoins with high-quality, liquid assets. This framework was designed to ensure stability and investor protection in the stablecoin market, but it also underscores the risks of unregulated tokens masquerading as legitimate offerings. Neither HSBC nor Standard Chartered has issued any regulated stablecoins to date, the HKMA clarified. The authority urged the public to verify claims through official channels and conduct transactions only via regulated