Solowin Secures Bahrain's First Stablecoin License
Solowin Holdings has become the first company to receive a stablecoin license from the Central Bank of Bahrain. The company, which operates under the ticker AXG, aims to issue its own stablecoin and tap into the growing demand for compliant, programmable on-chain settlement instruments.
According to Reap's 2026 stablecoin data, the global stablecoin supply reached about $308 billion in August, a 14% increase from the previous year. The major players in this market include Coinbase (COIN) and Circle (CRCL), which have cornered significant market share.
Solowin Holdings' director, Thomas Zhu, targets institutions with its stablecoin, emphasizing its compliance and programmability features. To achieve this goal, Solowin has been acquiring companies that specialize in the Middle East and Africa markets.