Australia Clears Path for Stablecoin Market: Big Boost for Crypto Payments

Australia’s top financial regulator has approved a new set of exemptions that will make it simpler for firms to distribute stablecoin and wrapped tokens. The Australian Securities and Investments Commission (ASIC) revealed on Tuesday that it will grant “class relief” to intermediaries involved in the secondary distribution of certain stablecoins and wrapped tokens. 

This change aims to reduce red tape and lower costs for businesses dealing in digital assets. Under the new rules, companies will no longer need to hold separate, costly licences to function as intermediaries. Instead they can use “omnibus accounts” with proper record keeping. These are structures already common in the market. 

The exemptions remove the requirement to hold a full Australian Financial Services (AFS) licence when offering stablecoin or wrapped token related services. As a result, firms that previously faced high compliance costs now have a clearer, more streamlined route to operate in the stablecoin sector.

New Rules to Bring More Stablecoin Issuers

The regulator noted that omnibus account structures offer benefits in speed, transaction costs, and risk management, including cybersecurity safeguards. 

Drew Bradford, CEO of the Australian stablecoin issuer Macropod, believes that the clarification will provide equality for both new and established players. He further said that it gives the sector a more flexible environment for reserve management and asset safety.

Bradford added that the previous licensing requirements created friction for businesses, especially at a time when the industry was awaiting broader digital asset reforms. According to him, the new clarity supports real world applications such as payments, treasury management, cross-border transfers, and onchain settlement.

Industry Sees Wider Support from Experts

Industry observers also welcomed the updated framework. TRM Labs policy head Angela Ang said the decision is a positive sign for the digital assets space in Australia. She noted the country appears committed to shaping regulation that supports growth while offering certainty to businesses working with crypto. Many expect further regulation developments next year as the market matures.

Meanwhile global data shows that stablecoin adoption continues to accelerate. As of recent data by RWA.xyz, the total stablecoin market cap has reached about $316 billion. That value represents a 48% increase since the start of the year. The leader in the field remains Tether, which holds roughly 63% of that market share.