Hong Kong warns of fake 'HKDAP' and 'HSBC' stablecoins

The Hong Kong Monetary Authority (HKMA) has issued a warning about fake stablecoins circulating before any official launch, CoinDesk reported. The HKMA stated that tokens using the tickers "HKDAP" and "HSBC" are being traded but are not affiliated with any licensed issuers. The authority clarified that to date, no licensed operators have issued regulated stablecoins. This follows Hong Kong's issuance of its first licenses under a stablecoin law enacted in August 2025. A consortium led by HSBC and Standard Chartered was among the 36 applicants selected.