Bahrain introduced the Stablecoin Issuance and Offering (SIO) Module in July 2025 within CBB Rulebook Volume 6, creating a live, dedicated licensing regime for stablecoin issuers. It defines approved stablecoins as single-currency fiat-backed instruments (BHD/USD or approved fiat) with mandatory 100% HQLA reserves, legal/operational segregation, no rehypothecation, redemption at par within one business day, detailed whitepaper disclosure, quarterly reporting, governance, recovery plans, and AML/CFT obligations. The CBB granted the first license in June 2026. Yield-bearing structures are possible under additional securities-like oversight.
