Beware: Fake HSBC and HKDAP Stablecoins Exploit Trust in Major Banks to Scam Investors

Hong Kong’s financial regulator has issued a rare warning about a new breed of cryptocurrency scam that exploits the trust associated with major financial institutions. On April 28, the Hong Kong Monetary Authority (HKMA) alerted the public to fraudulent stablecoins bearing the tickers “HKDAP” and “HSBC”.

These tokens were circulating in the market despite neither being issued nor endorsed by the licensed stablecoin issuers. Both HSBC and Anchorpoint Financial confirmed they had not released any regulated stablecoins, yet the fraudulent tokens appeared in a critical gap—before the launch of their legitimate products.

How the Scam Works: Leveraging Institutional Trust

Unlike traditional crypto scams that rely on anonymous founders, fake promises of high returns, or bot-filled Discord servers, this deception is far more insidious. It capitalizes on the decades of credibility built by HSBC and the HKDAP brand, which many consumers associate with safety and reliability.

The scam does not even require the perpetrators to make extravagant claims. The mere presence of these names is enough to mislead unsuspecting investors into believing the tokens are legitimate.

Licensed Stablecoins Are Coming—But Not Yet

On April 10, the HKMA granted its first stablecoin issuer licenses to HSBC and Anchorpoint Financial under the Stablecoins Ordinance, which took effect in August 2025. The approval rate was exceptionally low: only 2 out of 36 applicants received licenses, highlighting the stringent regulatory standards.

HSBC plans to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026, fully backed by high-quality liquid assets held in segregated accounts. The token will be integrated into the bank’s PayMe platform and HSBC HK Mobile Banking App, which together serve over 3.3 million users.

Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands, and HKT, is preparing to roll out its HKDAP token starting in the second quarter of 2026. Each HKDAP token will be backed 1:1 by high-quality HKD-denominated reserves.

As of the HKMA’s April 28 alert, neither institution had released any consumer-facing products. The fraudulent tokens emerged during this pre-launch window, exploiting the absence of official offerings.

Why This Scam Is More Dangerous Than Traditional Crypto Fraud

Traditional crypto scams often rely on psychological manipulation—urgency, unrealistic returns, or social engineering to lower skepticism. This scam, however, operates on a different level. It does not need to promise anything because the names HSBC and HKDAP carry inherent trust.

The scammers simply rent the credibility of these institutions, making it far easier to deceive consumers who might otherwise dismiss more overt fraud attempts. The risk is amplified by the fact that these tokens could be mistaken for legitimate offerings by those unfamiliar with the HKMA’s licensing timeline.

"The institutional gravity those names carry in the minds of ordinary consumers, built over more than a century of banking history, was the vehicle for the deception."