Where things stand 

On 18 September 2025, the Australian Securities and Investments Commission (ASIC) released ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631 (Instrument 2025/631), granting class relief for intermediaries engaging in the secondary distribution of a ‘Named Stablecoin’ issued by an Australian Financial Services Licence (AFSL) holder. Under this relief, eligible intermediaries are exempt from the requirement to hold an AFSL, a market licence or a clearing and settlement licence in relation to the Named Stablecoin. Conditions to the relief include making a Product Disclosure Statement (PDS) available to retail clients. Currently, the only Named Stablecoin covered by the instrument is AUDM, issued by Catena Digital.

Proposed changes

On 25 September 2025, ASIC proposed amending Instrument 2025/631 to include AUDF, issued by Forte Securities, as a second Named Stablecoin alongside AUDM.

The proposed amending instrument also clarifies that the obligation to provide a PDS only arises where one has been prepared by the issuer of the stablecoin.

Comments on the proposed amendments closed on 2 October 2025.

Regulatory implications

The relief instrument and proposed amendment operate on the basis that AUDM and AUDF are financial products (that is non-cash payment facilities), despite the overall regulatory status of stablecoins not being finalised.

By extending relief, ASIC is implying a default position that may shape the regulatory treatment of other stablecoins ahead of a finalised legislative framework.

What’s next

The government has stated that it plans to release exposure draft legislation for public consultation in 2025, covering a regulatory framework for payment stablecoins under the stored-value facility regime. However, as of October 2025, this draft legislation is yet to be released.

Read our insight on digital assets licensing here.