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HKMA Warns of Fraudulent Tokens Impersonating Licensed Stablecoin Issuers
According to the Hong Kong Monetary Authority (HKMA), tokens using the tickers “HKDAP” or “HSBC” have appeared in the market; however, these tokens are not issued by licensed stablecoin issuers and have no association with such issuers. The HKMA urges the public to remain vigilant and pay attention to the statements issued by Dingdian Financial Technology Co., Ltd. and The Hongkong and Shanghai Banking Corporation Limited (HSBC) regarding this matter. To date, both licensed stablecoin issuers have confirmed that they have not yet launched any regulated stablecoins in the market. The HKMA reminds the public to stay alert against any fraudulent activities claiming affiliation with licensed entities or their issued stablecoins. In case of doubt, members of the public should refer to the official announcements issued by the two licensed issuers and purchase or use stablecoins only through regulated channels.
Circle CEO: There Is a “Huge Opportunity” for RMB-Backed Stablecoins; China May Launch One Within 3–5 Years
According to The Block, Circle CEO Jeremy Allaire stated in an interview with Reuters that there is a “huge opportunity” for a renminbi (RMB)-backed stablecoin. If Chinese authorities wish to enhance the RMB’s global competitiveness, stablecoins could serve as a key technological tool for currency internationalization, and he predicted China may launch an RMB-backed stablecoin within the next three to five years. Notably, the People’s Bank of China (PBOC) and multiple other regulatory bodies explicitly prohibited, as of February 2026, the issuance of RMB-backed stablecoins outside mainland China without prior regulatory approval. In contrast, Hong Kong’s regulatory stance is markedly different: last week, the Hong Kong Monetary Authority (HKMA) issued the first stablecoin licenses to HSBC and Anchorpoint Financial—a joint venture among Standard Chartered, Animoca Brands, and Hong Kong Telecom.
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The Block
Deputy Chief Executive of Hong Kong’s Monetary Authority: Stablecoin issuers must obtain approval from mainland regulatory authorities to launch RMB-denominated stablecoins.
According to a report by the Hong Kong Wen Wei Po, Norman Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated that stablecoin issuers’ choice of currency for issuance primarily depends on the applicants’ own preferences. While the first stablecoin to be launched will be pegged to the Hong Kong dollar, issuing stablecoins pegged to other currencies—including the renminbi—is permitted under Hong Kong’s regulatory framework. However, applicants must also obtain approval from mainland Chinese regulatory authorities. Regarding when the second batch of stablecoin issuer licenses will be issued, Chan said there is currently no official timeline, though the HKMA continues to engage in discussions with prospective applicants. It is reported that HSBC’s stablecoin will be integrated into both the PayMe and HSBC HK mobile apps, supporting real-time peer-to-peer (P2P) transfers as well as peer-to-merchant (P2M) services.
Wen
HKMA Announces First Batch of Stablecoin Licenses; HSBC and Standard Chartered Granted Licenses
According to the Hong Kong Monetary Authority (HKMA)’s official website, the HKMA announced today at 5:00 p.m. the first batch of stablecoin issuer licenses, with HSBC and Standard Chartered among the licensed institutions.