HKMA Issues Urgent Warning Over Circulation of Fake Stablecoins Impersonating HSBC and Anchorpoint

Just weeks after Hong Kong achieved regulatory innovation by granting its first stablecoin issuer licenses, scammers have begun exploiting the reputation of the city's largest bank. On April 10, 2026, the Hong Kong Monetary Authority (HKMA) generated market anticipation by issuing the first licenses under the new stablecoin ordinance. However, this institutional progress has simultaneously become a target for new financial crimes capitalizing on investor confusion.

On April 28, 2026, the HKMA issued an urgent alert stating that fake tokens circulating in the market are falsely claiming to be the official stablecoins of HSBC and Anchorpoint Financial Limited. The authority pointed out that these tokens are luring investors by masquerading as having official approval. This is considered a significant security threat at a time when Hong Kong is striving to leap forward as a virtual asset hub.

HSBC and Anchorpoint Financial, the primary targets of this scam, are highly trusted financial institutions in Hong Kong. Scammers exploited the fact that these institutions recently obtained licenses to spread false information that investors could pre-emptively acquire tokens that have not even been issued yet. Investors must clearly recognize that no related tokens exist until an official announcement is made.

Through this warning, the HKMA urged the public to exercise extreme caution regarding tokens impersonating those associated with licensed issuers. In particular, 'HSBC tokens' or 'Anchorpoint stablecoins' circulating through social media or unofficial trading platforms are highly likely to be illegal assets. The authority is strengthening market monitoring and updating relevant information in real-time to protect investors.

This action by the HKMA is evaluated as part of a preemptive response to protect retail investors. The regulator specifically named Anchorpoint Financial and The Hongkong and Shanghai Banking Corporation (HSBC), stating that tokens impersonating these institutions are deceiving investors by pretending to have official approval. This is a typical case of exploitation that can occur in the early stages of a licensing system's introduction.

The Hong Kong Monetary Authority advises the public to be wary of tokens impersonating those associated with licensed stablecoin issuers and requests that they verify official press releases issued by the relevant institutions.

Both HSBC and Anchorpoint have officially confirmed that they have not yet launched any stablecoins in Hong Kong. There is a clear gap between the token circulation status claimed by scammers and the actual business progress of the banks, and all related tokens currently in circulation are considered fraudulent assets. Both institutions reiterated that they will not conduct any form of token sales until the official product launch.

HSBC's Official Roadmap for the Second Half of 2026

HSBC plans to officially launch a Hong Kong Dollar (HKD)-pegged stablecoin in the second half of 2026. This digital asset is expected to be directly integrated into the PayMe service, which has 3.3 million users, and the HSBC HK app, playing a key role in the bank's retail financial distribution strategy. HSBC explained that all stablecoins will be 100% collateralized by high-liquidity assets.

• Check the issuer's license status and actual issuance against the official HKMA register.
• Be wary of any 'HSBC stablecoins' promoted as tradable before the second half of 2026.
• Use only official bank applications like PayMe for future digital asset transactions.
• Report suspicious tokens or platforms to the HKMA immediately to prevent further damage.

This incident demonstrates a typical scam tactic targeting the time gap between the news of license acquisition and the actual product launch. Scammers are deceiving investors by citing the official license acquisition news announced on April 10, 2026, to give legitimacy to their fake tokens. Crimes targeting such 'vulnerable time windows' are frequently observed in markets where the regulatory environment is changing rapidly.

In the process of Hong Kong growing into a regulated virtual asset hub, such fraudulent activities can be interpreted as unavoidable growing pains. The HKMA's swift response serves as an example of the authority's active intervention for market surveillance and investor protection under the new regulatory framework. Looking ahead, Hong Kong's stablecoin ecosystem is expected to become more robust through such strict supervision and transparent information disclosure.