Regulation · Regime · Abu Dhabi Global Market (ADGM) · Regulator rule or rulebook · ADGM Financial Services Regulatory Authority
ADGM FSRA regulatory framework for Fiat-Referenced TokensUpdated 18 Oct 2026
Abu Dhabi Global Market's regime for stablecoins, made a distinct regulated activity in December 2024. Issuers face rules on reserve composition, independent attestation and stress testing, white papers and ongoing disclosure, capital, and redemption at par. Amendments effective 1 January 2026 set how the FSRA accepts fiat-referenced tokens for use in ADGM, widen the regulated activities that can involve them and add rules for firms holding clients' tokens.
In force
Key points
- Issuing a fiat-referenced token is a separate regulated activity in ADGM.[1]
- Reserve assets are tightly constrained, with periodic independent attestation and stress testing.[1]
- Holders can redeem at par within defined timeframes; issuers face capital requirements and business restrictions.[1]
- The FSRA publishes a consolidated list of accepted fiat-referenced tokens that authorised firms may use, each only on the networks listed; the 1 September 2026 list has USDC, USDT, RLUSD, USD1, EURC, PYUSD, USDG, USDP and USDU.[2]
What it covers
Timeline
- 5 Dec 2024 · In forceFSRA introduces the framework for issuing fiat-referenced tokens.[1]
- 31 Oct 2025 · FinalFSRA finalises amendments following Consultation Paper No. 9 of 2025.[3]
- 1 Jan 2026 · AmendedAmendments take effect.[3]
Deployments operating under it
None recorded with a source yet.
Sources
- [1]FSRA introduces a regulatory framework to support the issuance of Fiat-Referenced Tokens in ADGM — Abu Dhabi Global Market, 5 Dec 2024. Accessed 12 Oct 2026.A
- [2]FSRA Consolidated List of Accepted Fiat-Referenced Tokens — ADGM Financial Services Regulatory Authority, 1 Sep 2026. Accessed 18 Oct 2026. File name says Feb 2026 but the document is dated 1 September 2026..A
- [3]ADGM FSRA finalises regulatory framework for Regulated Activities involving Fiat-Referenced Tokens — Abu Dhabi Global Market, 31 Oct 2025. Accessed 12 Oct 2026.A