Stablecoin Issuers

Stablecoin Issuers provide the settlement token used for the cash settlement on 21X financial market infrastructure.

Definition

A Stablecoin Issuer is a regulated Electronic Money Institution that issues E-Money Tokens (EMT) used for settlement of transactions on the platform.

Responsibilities

• Issue and redeem E-Money Tokens used for settlement.

• Ensure regulatory compliance for electronic money issuance and redemption.

• Maintain operational resilience and governance for the settlement token.

• Cooperate with 21X on settlement, risk management, and operational processes.

Requirements

• Hold authorization as an Electronic Money Institution.

• Enter into the Partnership Agreement with 21X.

• Maintain appropriate governance, compliance, and information security frameworks.

A detailed list of admission requirements for Stablecoins as a settlement currency on 21X can be found below

Stablecoin Requirements

Frequently Asked Questions

1) Why are stablecoins required on 21X?

Stablecoins are essential on 21X as the settlement currency for our regulated DLT-based trading and settlement system. Our platform operates order books where tokenized financial securities (e.g., shares, bonds, funds) are traded against regulated stablecoins. This setup enables atomic settlement on the blockchain, ensuring secure, efficient, and near-instantaneous transactions without intermediaries or counterparty risk.

2) What stablecoins/e-money tokens does 21X support?

21X currently supports e-Money tokens issued by Circle, AllUnity, and Quantoz. We continuously evaluate additional issuers and trading pairs based on customer demand and regulatory compliance. For the latest updates on supported stablecoins, please refer to our website or contact our team.

3) Does 21X provide fiat onramp or stablecoin distribution services?

No, 21X does not provide fiat onramp services or distribute stablecoins or other crypto assets directly. However, stablecoins can be accessed through our network of licensed partners. For assistance in connecting with these partners, please reach out to our customer success team.

4) Does 21X provide FX or stablecoin exchange services?

No, 21X currently does not offer exchange services for crypto assets, including FX conversions or stablecoin swaps. On our platform, stablecoins (as e-Money tokens under MiCAR) serve exclusively as settlement currencies for trading pairs with listed financial securities.

For exchanging or conversion of stablecoins, participants must use third-party services prior to trading on 21X.

5) Can a stablecoin/e-money token listed on 21X be freely transferable?

Yes, free transferability is strongly recommended for e-money tokens listed on 21X. To balance usability, liquidity, and compliance, we prefer stablecoins with a blacklist function (rather than a whitelist) to restrict transfers only when legally required (e.g., for sanctions compliance).

This approach ensures smooth trading while maintaining regulatory adherence.

6) What blockchain protocols does 21X support?

21X currently supports token issuance on public blockchains such as Polygon and Stellar, with access controlled via smart contract whitelisting.

Additional network support will be added based on client demand.

7) Does 21X support cross-chain transfers for stablecoins?

Trading pairs of tokenized assets and stablecoins on 21X are currently bound to one specific blockchain protocol (e.g., Polygon or Stellar). If you wish to use stablecoins on a blockchain protocol which isn't supported yet, you must convert the stablecoins first to a supported chain.

8) What are the admission requirements for stablecoins on 21X?

Stablecoins seeking admission to 21X must meet technical, legal, and regulatory standards to ensure compliance, security, and interoperability. The detailed requirements are available in our Stablecoin Admission Guidelines.

Key considerations include:

• Regulatory Compliance: Alignment with MiCAR (Markets in Crypto-Assets Regulation) and other applicable frameworks.

• Technical Standards: Compatibility with 21X's blockchain infrastructure (e.g., Polygon, Stellar).

• Stablecoin liquidity: Sufficient liquidity and participation of the respective stablecoin, measured by Market Capitalization.