AXG Revenue Surges 895% as Stablecoin and Fiat Trading Volume Reaches $1.04 Billion

AXG reports nearly tenfold revenue growth and sharp volume gains but remains loss-making while pushing licensed stablecoin and payments expansion.

Rhea-AI Summary

Solowin Holdings (AXG) reported fiscal 2026 revenue of $28.05 million for the year ended March 31, 2026, up about 895% from $2.82 million a year earlier.

Stablecoin and fiat trading volume rose 395% to $1.04 billion, adding roughly $830 million in annual activity as the company builds its institutional digital-finance business. Client assets under administration increased 347% to $848.8 million, AX ONE processed $226 million in payment volume, and FERION completed 10 tokenization projects representing $52 million in value. AI infrastructure contributed approximately $22.2 million, or 79% of group revenue, while Digital Asset Tokens contributed about $5.6 million.

The company recorded a net loss of $13.29 million. Following AX Coin Bahrain’s full stablecoin issuer license in June 2026, priorities include commercializing AXUSD and AXBHD and developing GCC–Asia and GCC–Africa payment corridors.

Positive

• Revenue rose to $28.05 million in FY 2026, up about 895% from $2.82 million
• Stablecoin and fiat trading volume increased 395% to $1.04 billion, adding about $830 million
• Client assets under administration grew 347% to $848.8 million
• AI infrastructure generated about $22.2 million, or 79% of group revenue
• AX ONE payment platform processed $226 million in volume
• FERION tokenization completed 10 projects representing $52 million in value

Negative

• Net loss of $13.29 million for the fiscal year despite strong topline growth

News Explained

The disclosed commercialization plan remains milestone-based: AXG names live integrations, transacting institutional customers and payment-volume growth as milestones, while product launches remain subject to applicable approvals and operational readiness.

Market Context

The 0% reaction to the June 3 stablecoin-license announcement showed limited market response to a di...

Analysis

The 0% reaction to the June 3 stablecoin-license announcement showed limited market response to a directly related regulatory milestone; this report added operating results across payments, trading and tokenization.

Key Figures

Revenue: $28.05 million Revenue growth: 895% Stablecoin and fiat trading volume: $1.04 billion +5 more

Revenue

$28.05 million

Fiscal year ended March 31, 2026

Revenue growth

895%

Year over year

Stablecoin and fiat trading volume

$1.04 billion

Fiscal year ended March 31, 2026

Trading volume growth

395%

Year over year

Client assets under administration

$848.8 million

Increased 347%

Payment volume

$226 million

Processed by AX ONE

Tokenization value

$52 million

10 FERION tokenization projects

Net loss

$13.29 million

Fiscal year ended March 31, 2026

Previous Crypto Reports

4 past events · Latest: Jun 03

Same Type 4 events

1. Jun 03

   Stablecoin license

   24h Move

   +0.0%

   AX Coin Bahrain received a full stablecoin issuer license from the Central Bank of Bahrain

2. Aug 03

   Sharia certification

   24h Move

   +0.0%

   AXBHD stablecoin framework received Sharia certification covering issuance and reserves

3. Jan 28

   License approval

   24h Move

   -0.2%

   AX Coin received in-principle stablecoin license approval subject to final regulatory approval

4. May 05

   Stablecoin MOU

   24h Move

   +1.9%

   AX Coin and Singapore Gulf Bank targeted stablecoin infrastructure and institutional payment rails

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

stablecoin, tokenization, assets under administration, stablecoin issuer license

4 terms

stablecoin financial

"Stablecoin and fiat trading volume increased 395% to $1.04 billion"

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

tokenization technical

"FERION completed 10 tokenization projects representing $52 million in value"

Tokenization is the process of converting real-world assets or rights into digital tokens stored on a computer network. This allows assets, such as property or investments, to be divided into smaller parts, making them easier to buy, sell, or transfer electronically. For investors, tokenization can increase access to a wider range of investments and make transactions faster and more efficient.

assets under administration financial

"Client assets under administration increased 347% to $848.8 million"

Assets under administration (AUA) is the total market value of clients’ investments and accounts that a financial firm oversees for recordkeeping, reporting, and transaction processing without necessarily deciding how the money is invested. Think of it like a warehouse that stores and tracks other people’s goods: bigger AUA shows a firm’s scale, steady fee potential and client trust, so changes can signal growing business or client withdrawals that matter to investors.

stablecoin issuer license regulatory

"AX Coin Bahrain’s receipt of its full stablecoin issuer license in June 2026"

A stablecoin issuer license is a regulatory permission that allows a company to create and distribute stablecoins—digital tokens designed to keep a steady value by being tied to cash, other assets, or rules. It sets legal, custody, capital and reporting rules the issuer must follow, like a bank charter for a new kind of money. Investors care because the license affects legal risk, oversight, and the likelihood that the stablecoin will be redeemable and compliant.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Company builds expansion strategy around institutional payments and treasury services as global stablecoin market grows 48.9% and business payment activity accelerates

HONG KONG, Sept. 18, 2026 (GLOBE NEWSWIRE) -- SOLOWIN HOLDINGS (Nasdaq: AXG) reported $28.05 million in revenue for the fiscal year ended March 31, 2026, approximately 895% above $2.82 million a year earlier. Stablecoin and fiat trading volume increased 395% to $1.04 billion, adding approximately $830 million in annual activity as the company develops its institutional digital-finance business.

AXG’s operating progress extended across its platforms. Client assets under administration increased 347% to $848.8 million, AX ONE processed $226 million in payment volume, and FERION completed 10 tokenization projects representing $52 million in value. AI infrastructure contributed approximately $22.2 million, or 79% of group revenue, while Digital Asset Tokens contributed approximately $5.6 million. The company recorded a $13.29 million net loss.

The results place AXG’s expansion against a substantial increase in global stablecoin adoption. Stablecoin market capitalization grew 48.9% during calendar 2025, adding $102.1 billion to reach $311 billion. AXG’s revenue increased nearly tenfold during its fiscal year; company revenue, trading activity and industry market capitalization are distinct measures with different reporting periods.

A concentrated market with emerging institutional alternatives.

Tether’s USDT and Circle’s USDC remain the dominant stablecoins. At June 2026, their respective market capitalizations of $184.4 billion and $73.5 billion represented approximately 84.5% of the $305.1 billion global stablecoin market. Separately, Tiger Research estimated in February 2026 that approximately 99% of stablecoin market capitalization was U.S. dollar-pegged, underscoring both demand for digital dollars and policy concerns surrounding domestic-currency sovereignty.

Regional payment activity is beginning to diversify. CoinDesk Research reports that USDT’s share of identified Asia-Pacific stablecoin payment volume declined from 98% at the beginning of 2025 to 91% in July 2026. The shift suggests growing participation by alternative stablecoins as institutions evaluate licensing, reserve transparency, custody and integration capabilities alongside liquidity.

Business payments create a measurable expansion opportunity

McKinsey and Artemis estimate that stablecoin payments reached $390 billion on an annualized basis using December 2025 activity, more than double the previous year’s level. Business-to-business payments accounted for approximately $226 billion, increasing 733% year over year.

Asia-originated payments represented approximately $245 billion, followed by $95 billion from North America and $50 billion from Europe. These flows provide a commercial foundation for institutional supplier payments, cross-border settlement, payroll and treasury management.

Inflation and transaction costs reinforce the demand for more efficient financial services. Annual inflation reached 33.5% in Argentina and 31.51% in Türkiye in August 2026, while the World Bank’s third-quarter 2025 benchmark placed the average cost of sending a $200 remittance at 6.36%. Such conditions can encourage demand for dollar access and lower-cost transfers, although a dollar peg does not eliminate U.S. inflation exposure.

From regulatory capability to recurring commercial activity

Following AX Coin Bahrain’s receipt of its full stablecoin issuer license in June 2026, AXG’s stated priorities include commercializing AXUSD and AXBHD, integrating banking and payment partners, and developing GCC–Asia and GCC–Africa payment corridors. Commercial milestones include live integrations, transacting institutional customers and payment-volume growth. Product launches remain subject to applicable approvals and operational readiness.

Ling Ngai Lok, Chairman and CEO of Solowin,

"First, the mechanics, because most people missed them. Monday's vote wasn't on the CLARITY Act itself. It was a cloture vote on the motion to proceed — a procedural gate that needs 60 senators just to open floor debate. It got 49, against 50. Every Republican but four voted yes; the Democrats who had negotiated the text for months voted no, over an ethics clause on politicians' own crypto holdings. Nobody voted against the substance: a clear split of digital asset oversight between the SEC and the CFTC, with the CFTC taking digital commodities and the SEC keeping securities. That framework passed the House 294 to 134 and cleared Senate Banking 15 to 9. It's still on the Senate calendar. The battle is not over.

I want to thank the people who did the work — Senator Lummis and the Banking and Agriculture committee staff, the House sponsors who moved it last year, and the teams at both commissions who have been drafting rules in parallel. More than a hundred amendments were absorbed to get this far. That effort isn't wasted; it's the base for the next attempt.

And here's why I'm optimistic. Both commissions are moving regardless. The CFTC chairman said this week he'll act under existing statutory authority. The SEC's crypto rulemaking is open for comment until October 20. Stablecoins already have their federal law in GENIUS. So the U.S. market structure is being built right now, agency by agency, with Congress catching up.

Best of all, it's happening in public. Imagine this had passed quietly, buried in a spending bill — most of the market would have learned about it a year late. Instead it's the biggest story in finance this week. Every institution, treasury desk and family office is being forced to form a view on digital assets now. More attention brings more participants, more participants bring deeper liquidity, and liquidity is what turns crypto from a trade into a market.

AXG chose the license-first path early — central-bank oversight in Bahrain, the SFC framework in Hong Kong. When the U.S. rules land, we won't be scrambling. We'll be operating. Washington's delay isn't a threat to us. It's runway."

Media contact
Charlotte QI
ir@solowin.io 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How is AXG’s revenue split between its main business lines?

AI infrastructure contributed approximately $22.2 million, which was about 79% of group revenue, while Digital Asset Tokens contributed about $5.6 million during the fiscal year ended March 31, 2026.

What operational metrics did AXG report beyond revenue and net income?

AXG reported $1.04 billion in stablecoin and fiat trading volume, $848.8 million in client assets under administration, $226 million in AX ONE payment volume, and 10 FERION tokenization projects representing $52 million in value.

What are AXG’s stated priorities after obtaining a stablecoin issuer license in Bahrain?

Following AX Coin Bahrain’s receipt of its full stablecoin issuer license in June 2026, the company’s stated priorities include commercializing its AXUSD and AXBHD stablecoins, integrating banking and payment partners, and developing GCC–Asia and GCC–Africa payment corridors, with product launches subject to approvals and operational readiness.

How does AXG position its regulatory approach relative to evolving U.S. crypto rules?

The company’s chairman said AXG chose a “license-first” path, citing central-bank oversight in Bahrain and the SFC framework in Hong Kong, and expressed the view that when U.S. rules arrive, the firm expects to already be operating under established regulatory regimes rather than adjusting from scratch.