Hong Kong warns of fake tokens posing as HSBC’s stablecoin

The Hong Kong Monetary Authority (HKMA) has issued a warning to the public about fraudulent stablecoins that falsely claim to be associated with licensed issuers HSBC and Anchorpoint Financial. The HKMA stated that tokens named "HKDAP" and "HSBC" have appeared in the market but have no connection to any legitimate stablecoin issuers. Both HSBC and Anchorpoint have denied any involvement and clarified that they have not yet launched stablecoins in Hong Kong. The HKMA recently granted the region's first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture involving Standard Chartered, Animoca Brands, and Hong Kong Telecommunications. HSBC plans to launch an HKD-denominated stablecoin in the latter half of this year, while Anchorpoint aims to roll out its HKDAP stablecoin in phases starting in the second quarter. This action is part of Hong Kong's broader crypto strategy, which includes a licensing system for crypto exchanges and regulations for stablecoins, further tested through a stablecoin sandbox launched in 2024.

(Source：The Block)