ASIC Approves New Stablecoin Exemptions to Boost Australia’s Digital Asset Framework

TLDR:

• ASIC expands relief to cover stablecoins and wrapped tokens whose issuers have applied for required licences.
• New measures allow intermediaries to operate without separate AFS or market licences for eligible assets.
• Omnibus custody relief requires strong record-keeping and reconciliations to safeguard regulated digital assets.
• Global stablecoin value reaches $310B, reflecting sustained growth and rising network diversification.

ASIC finalises new exemptions as the regulator moves to support Australia’s evolving digital asset sector with new class relief. 

The measures are designed to provide intermediaries with a clearer path to manage stablecoin-related services without additional licensing burdens during the transition to upcoming government frameworks. 

The approach reflects ASIC’s continued effort to maintain orderly oversight while responding to market demand for structure and certainty.

The updated relief enables intermediaries to engage in the secondary distribution of eligible stablecoins and wrapped tokens under a unified licensing framework. 

It also allows providers to hold financial-product digital assets in omnibus accounts, provided that detailed record-keeping and reconciliation procedures are maintained.

Expanded Relief for Stablecoins and Wrapped Tokens

ASIC’s measures build on earlier guidance released in INFO 225, which introduced a framework for assessing digital assets that fall under financial product regulations. 

The new class relief stems from Consultation Paper 381, which evaluated areas where temporary regulatory flexibility would support industry compliance as broader digital asset regimes are developed. 

This includes stablecoins and wrapped tokens that pose operational challenges under existing rules.

Feedback from Simple Consultation 32 shaped the final measures. Industry submissions requested clearer definitions and broader eligibility requirements aligned with global standards. 

In response, ASIC expanded the scope to include stablecoins and wrapped tokens issued by entities that have already applied for the relevant licence. The move offers intermediaries more operational continuity while issuers transition toward full regulatory approval.

ASIC also clarified issues raised during the consultation through its Explanatory Statement. The statement addressed operational expectations, custody obligations and the use of omnibus structures. 

These updates aim to support smoother industry adoption while preserving investor protections during the transition period.

Stablecoin Market Growth and Sector Momentum

The global stablecoin market continues to expand, with Token Terminal reporting a record market cap of $310 billion.  

According to a recent market data, the long-term trend shows steady growth since 2020, supported by rising institutional and retail engagement. Tether remains the dominant issuer, while USDC continues to gain share across multiple networks.

Ethereum holds the largest share of stablecoin distribution at $171.1 billion, followed by TRON at $80.6 billion.

Other networks such as Solana, BNB Chain and Arbitrum account for smaller, yet steadily increasing portions. This distribution pattern suggests broadening adoption across ecosystems as developers explore more scalable settlement options.

Transfer volume has eased despite growing market cap, suggesting a period of market recalibration. 

Yet Tether and USDC continue to anchor the sector, while emerging stablecoins such as USDS, Ethena USD and PayPal USD expand their presence. 

Against this backdrop, ASIC’s updated framework arrives as industry participants prepare for further regulatory and technological development.

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