Bahrain leads the Middle East stablecoin race, but where are the coins?

Solowin Holdings has a stablecoin issuer licence, a seat in Hong Kong's tokenized deposit pilot and no stablecoin. Bahrain's central bank granted the licence on June 3, the first under that country's framework. Three months on, no coin has been issued, and the company has not said publicly when one will be. Nor has either Hong Kong licensee, five months after being approved. Thomas Zhu, a Solowin director and chief executive of its AlloyX subsidiary, put the Gulf choice down to demand rather than to difficulty elsewhere: the Middle East "holds substantial sovereign capital and treasury-management demand," he told Invezz in written answers to questions, and "this underpins our footprint in Dubai and Bahrain.

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Published by Invezz. Category: Institutional. Published Sep 3, 2026, 8:48 AM EDT.

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