Nasdaq-Listed AXG Secures Bahrain’s First Stablecoin Issuer License to Target $250 Trillion Global Cross-Border Payments Market via On-Chain Channels

Nasdaq-listed AXG said on June 1, 2026 it has been granted the Kingdom of Bahrain’s first stablecoin issuer license by the Central Bank of Bahrain, positioning the company to target the estimated $250 trillion global cross-border payments market via on-chain channels. The license — issued under the Central Bank’s Stablecoin Issuance and Offering Module published in July 2025 — ties AXG’s issuance to direct central-bank supervision, a profit-sharing mechanism, and Sharia compliance, a combination AXG and Bahraini authorities argue is unique among major stablecoins.

"AX Coin has obtained three passes at once: direct central bank supervision, profit-sharing capability, and religious legitimacy," AXG executives have said, framing the license as a structural differentiator from mainstream U.S. and European stablecoins.

Regulatory design and institutional context

The Central Bank of Bahrain’s rules require stablecoin issuers to obtain official authorization and to peg tokens 1:1 to approved fiat currencies such as the U.S. dollar or Bahraini dinar, with reserves held in "highly liquid, low-risk, and high-quality reserve assets." Unlike the fragmented U.S. state-and federal licensing environment and the still-maturing MiCA regime in Europe, Bahrain’s framework places AX Coin directly under sovereign central bank supervision, aiming to provide onshore compliance and regulatory certainty from the outset.

The Bahraini framework also explicitly allows a compliant model for yield-generating stablecoins by permitting distribution of returns generated from reserve assets — legally defined within Islamic finance as "profit sharing" rather than prohibited interest. That distinction is central to AXG’s pitch to Islamic financial institutions: global Islamic finance assets exceed $5 trillion, yet penetration into digital assets has been minimal.

AXG’s senior team has been active in high-level discussions in Bahrain. In January 2026, Dr. Thomas Zhu, co-founder of AXG and chairman of AX Coin, together with Xavier George, CEO of AX Coin, and James Xia, COO of AX Coin, met with senior Bahraini officials including H.E. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy; H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of the Economic Development Board; H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain; and Maryam Adnan Abdullah Al Ansari, Undersecretary for National Economy Affairs.

AXG has moved to integrate with local payments infrastructure. On May 6, 2026 the company announced a strategic partnership with BENEFIT, Bahrain’s national electronic financial transaction company, which reports 1.3 million registered users, links to more than 30 major regional banks and processed 494 million online transactions in 2025. AXG argues this connectivity will help channel dollar liquidity on-chain for Gulf-region businesses and institutions that face banking interruptions and SWIFT delays.

• License granted: June 1, 2026
• Regulatory module: Stablecoin Issuance and Offering Module (July 2025)
• BENEFIT: 1.3 million users; >30 banks connected; 494 million online transactions in 2025
• Market opportunity cited: >$250 trillion global cross-border payments; >$5 trillion Islamic finance assets
• Comparable market valuation noted: Tether recently cited at $375 billion

Outlook: AXG’s path leverages sovereign supervision plus Sharia-certified profit sharing to court Islamic financial capital and regional payment rails. If execution matches regulatory access and BENEFIT integration, AXG aims to offer an on-chain U.S. dollar alternative for Gulf SMEs and institutional actors. However, the company will still face the challenge of building global liquidity and acceptance against entrenched stablecoins that dominate trading and custody networks.