A novel stablecoin scam has emerged, exploiting institutional trust rather than relying on typical cryptocurrency fraud tactics like anonymous founders or unrealistic returns. Hong Kong’s monetary authority (HKMA) issued a regulatory alert this week that demands heightened attention beyond standard fraud warnings.
On April 28, the HKMA notified the public about unauthorized tokens branded with “HKDAP” and “HSBC,” which were not released by any legitimate stablecoin issuers. Both HSBC and Anchorpoint Financial confirmed they had not launched regulated stablecoins yet.
This scam leverages decades of institutional trust associated with these names, marking a departure from conventional token frauds that rely on psychological manipulation such as urgent promises and diminished skepticism.
HSBC is poised to introduce its Hong Kong dollar-denominated stablecoin in the latter half of 2026. Fully backed by high-quality liquid assets, it will integrate into HSBC’s PayMe platform and mobile banking app, reaching over 3.3 million users at launch. Anchorpoint Financial, a joint venture supported by Standard Chartered, Animoca Brands, and HKT, plans to release its HKDAP token in the second quarter of 2026, with each unit backed one-to-one by Hong Kong dollar reserves.
Despite these plans, neither product has reached consumers as of the HKMA’s April 28 alert. The fake tokens surfaced before their official launch, exploiting a period when consumer verification tools were not yet operational. Unlike typical scams that rely on manufactured urgency and promises, this scheme benefits from inherent institutional credibility.
Hong Kong is particularly vulnerable due to its digital asset strategy, which hinges on public confidence in regulatory credentials these scammers mimic. Since July 2025, the HKMA has warned against misrepresenting licensed status, with penalties including fines up to HK$5 million and potential seven-year prison sentences for unauthorized issuance.
Despite stringent regulations, fraudulent tokens appeared as anticipated, highlighting challenges in deterring scams when incentives are strong. Hong Kong aims to establish a regulated digital asset ecosystem, starting with spot ETFs in 2024 and stablecoin licensing in 2025, relying on public trust that licensed products carry specific guarantees.
HSBC and Anchorpoint were granted licenses due to their risk management capabilities and credible plans, supporting HKMA chief Eddie Yue’s vision for addressing economic pain points and enhancing Hong Kong’s financial standing. However, fake tokens undermine this goal before the real product launches, causing reputational damage in a jurisdiction reliant on being seen as trustworthy.
Both companies are still preparing technology testing and compliance infrastructure, exposing them to increased risk during the gap between licensing and launch. This scenario previews broader challenges for bank-issued stablecoins globally, where brand replication is easy but regulatory oversight is institution-specific.
Standard Chartered CEO Bill Winters envisions Hong Kong’s stablecoin initiatives paving the way for digital trade settlement, contingent on consumer ability to distinguish authentic products from imitations in a market where this isn’t always clear. Banking brands that took generations to build can be quickly replicated with token names, necessitating robust authentication measures as a core requirement.
For HSBC and Anchorpoint, wallet-level verification of genuine tokens, updated public registries, exchanges’ cooperation, and consumer education are essential. The HKMA maintains a public register for licensed issuers, which must become a routine verification step for consumers.
This situation extends beyond Hong Kong as more jurisdictions develop regulated stablecoin frameworks and financial institutions join the sector, broadening the range of credible names susceptible to imitation. At the time of the HKMA’s warning, the global stablecoin market stood at approximately $315 billion in total capitalization, dominated by dollar-denominated tokens from Tether and Circle.
While bank-branded alternatives are still emerging, scammers view them as a new opportunity. This alert was first published on CryptoSlate.