BTC, ETH Gain as HKMA, HSBC Flag Fake Stablecoins
The global crypto market cap rose to $2.57 trillion on Wednesday as the Hong Kong Monetary Authority (HKMA) and HSBC flagged fake stablecoins, prompting capital to rotate towards the top digital assets.
Hong Kong’s central bank has warned that tokens using the tickers HKDAP and HSBC are unlicensed and not connected to its newly licensed stablecoin issuers.
Bitcoin (BTC) is nearing $77k, recovering from sell pressure, while Ethereum (ETH) is in an uptrend near $2.3k, though trading volume remains tight across the broader crypto market.
Other altcoins are trading negatively as Bitcoin dominance continues to climb, supported by a demand for safe-haven assets.
In an official statement, the Hong Kong Monetary Authority (HKMA), together with HSBC and Anchorpoint Financial, has publicly stated that tokens trading under the “HKDAP” and “HSBC” tickers are not issued or endorsed by any licensed stablecoin issuer.
Regulatory statements stress that “no regulated stablecoins have been issued” so far. Reports note that these tokens are already circulating on crypto markets, despite having “no connection to any authorised issuer,” and that HKMA describes them as fraudulent or imitation stablecoins that exploit familiar banking brands to mislead investors.1
“If you see HKDAP or HSBC tokens on an exchange or DEX today, you should assume they are scams, not early access to the ‘real’ Hong Kong bank stablecoins”.
HKMA’s warning makes clear that HKDAP and HSBC tokens currently trading are impostors exploiting Hong Kong’s new stablecoin framework and big bank brands.
Meanwhile, the U.S. SEC has officially scheduled a roundtable for April 16, 2026, to discuss the CLARITY Act. This legislation aims to resolve the core regulatory ambiguity over whether digital assets are securities or commodities, which determines oversight between the SEC and the CFTC.
This is neutral-to-bullish for Bitcoin in the long term. While the event itself doesn’t change rules, it represents a concrete step toward the regulatory clarity that institutions demand. A clear framework could unlock further institutional investment and product innovation, reducing a major overhang on the asset class. Bitcoin Cash Price Slides as Capital Rotates Defensively