STABLECOINS

120) The FSRA recognises that the use of Digital Securities in ADGM may likely coincide with the use of fiat tokens. Further clarity on FSRA's regulatory position in relation to stablecoins is set out in paragraphs 158–162 of the OCAB Guidance. For RIEs or MTFs trading in Digital Securities, the FSRA's expectation is that paragraph 162d of the OCAB Guidance (where an infrastructure is using its own fiat tokens as a payment/transaction mechanism solely within its own platform/ecosystem) is likely to be the only scenario for the use of stable coins by a RIE or MTF trading in Digital Securities. Where Applicants consider that there are other business use cases for stable coins (particularly when used by a RIE, MTF or DSF), these would need to be raised (in writing, and for discussion) with the FSRA.