%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Hong Kong's central bank has warned of a rise in counterfeit or fake stablecoins. The Hong Kong Monetary Authority (HKMA) says criminals are exploiting the city's incoming stablecoin regime and notes that legitimate stablecoins have not yet been launched. In a news release, the Hong Kong-based regulator said that, to date, no stablecoins have been issued and the ones available for trading are fake and illegal. Earlier in April, the Hong Kong Monetary Authority granted its first stablecoin licenses, selecting two groups from a pool of 36 applicants. The stablecoin licenses were granted to banks HSBC (NYSE: $HSBC ) and Standard Chartered (LON: STAN). Neither of those banks has yet to issue a stablecoin for the Hong Kong market. The Monetary Authority is urging the public to "stay vigilant against fraudulent activities," advising users to transact only through regulated channels. Analysts say that Hong Kong's first stablecoin is likely to be issued during the city's fintech week this coming November.