Solowin Lands First Stablecoin License in Bahrain

Solowin Holdings, the company behind AXG, has become the first issuer licensed under the Central Bank of Bahrain's stablecoin framework. In June, its subsidiary, AX Coin Bahrain B.S.C. (c), was granted a license to carry out stablecoin issuer activities. This milestone allows Solowin to issue its own stablecoin.

The market for stablecoins has grown significantly, reaching $308 billion in August, an increase of 14% from the previous year. According to Reap's 2026 stablecoin data, Coinbase and Circle are among the listed ways to own this growth. However, Solowin aims to be a third option.

Director Thomas Zhu believes that stablecoins have become 'compliant, programmable on-chain settlement instruments.' He targets institutions as potential users of stablecoins. The Middle East holds substantial sovereign capital and treasury-management demand, while Latin America is driven by local-currency volatility fueling strong retail-level demand.