AX Coin and BENEFIT explore stablecoin use in payments

AX Coin Bahrain, a subsidiary of Solowin Holdings, has signed a memorandum of understanding with BENEFIT to explore potential stablecoin applications within Bahrain’s payments ecosystem.

The agreement establishes a framework for the two companies to assess how stablecoin technology could complement Bahrain’s national payments infrastructure over time. The collaboration will focus on evaluating technical, operational and regulatory considerations linked to digital asset-based payment solutions.

Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin, said, “This strategic MOU with BENEFIT represents an important turning point towards supporting payment services in the region. By combining a national payments backbone with stablecoin-powered infrastructure, we aim to help connect local economies with global financial networks.”

Under the memorandum, AX Coin and BENEFIT will examine a range of potential use cases across payments and financial services. The companies also plan to explore how stablecoin capabilities could potentially integrate with BENEFIT’s existing national payment systems, subject to regulatory approval and technical feasibility.

Abdulwahed AlJanahi, Chief Executive of BENEFIT, said, “The MOU with AX Coin represents an important step in BENEFIT’s strategy to explore how Bahrain’s national payment solutions could evolve alongside emerging digital asset infrastructure.”

AX Coin recently received in-principle approval from the Central Bank of Bahrain as part of its efforts to develop regulated stablecoin infrastructure in the region. The companies said the partnership is intended to support ongoing discussions around digital financial infrastructure and stablecoin adoption within Bahrain’s regulated framework.

The initiative reflects growing interest across the Gulf region in exploring blockchain-based payment technologies and regulated digital asset infrastructure. Financial institutions and payment operators in the region have increasingly been evaluating stablecoins and tokenised payment systems as part of broader efforts to modernise payment networks and support cross-border digital transactions.