# What redemption rights do stablecoin holders have?

One row per jurisdiction on redeeming stablecoins (the deadline, fees and redemption at par): the rule for issuers and for intermediaries in separate columns, each with its status, a verbatim quote and the official link.

Canonical: https://achivx.org/regulation/stablecoin-redemption-rules/
Updated: 2026-11-13
As of: 2026-11-12

As of 12 November 2026, this table quotes official texts on redeeming stablecoins (the deadline, fees and redemption at par) for 16 of the 31 jurisdictions on this site, for issuers and for intermediaries; a "not found" cell shows where a full-text search found nothing.

Each cell gives the rule's status, the official text's words and the link, or, where a full-text search found nothing, the act that was searched and the date of the check. A jurisdiction that is not in the table is not a finding that it has no rule on redemption.

This page states what the official sources say. It is not legal advice.

| Jurisdiction | Issuers | Intermediaries | Source | Checked |
|---|---|---|---|---|
| [Argentina](/regulation/argentina/) | Not found in CNV Resolución General 1058/2025, checked 2026-11-01. | Not found in CNV Resolución General 1058/2025, checked 2026-11-01. | [CNV Resolución General 1058/2025](https://www.boletinoficial.gob.ar/detalleAviso/primera/322539/20250314) | 1 November 2026 |
| [Australia](/regulation/australia/) | **Proposed.** A tokenised SVF provider commits an offence if it unreasonably restricts a person who possesses a digital token attached to a tokenised SVF it issued from exercising the right to redeem an amount from it: "A tokenised SVF provider commits an offence if they unreasonably restrict a person, who possesses a digital token attached to a tokenised SVF that the provider has issued, from exercising the right to redeem an amount from the tokenised SVF."; **Proposed.** Fees for redeeming relevant PS money credited to an SVF issued by a payment system licensee must be proportionate and commensurate with the costs actually incurred: "Any fees for redeeming relevant PS money credited to an SVF issued by a payment system licensee must be proportionate and commensurate with the costs actually incurred."; **Proposed.** For a tokenised SVF, the amount that may be redeemed must be fixed, such as on a 1:1 basis, and denominated in a single currency: "For a tokenised SVF, the amount that may be redeemed when exercising this right must be fixed, such as on a 1:1 basis, and denominated in a single currency." | **In force.** To qualify as an eligible stablecoin under ASIC's distributor relief, each holder must have the right to redeem it for the underlying currency amount from the issuer, unconditionally or subject only to know-your-customer checks and/or a minimum redemption threshold: "each holder of a stablecoin in the class has the right to redeem the stablecoin for the underlying currency amount from the eligible stablecoin issuer, with the right being unconditional or subject only to one or both of the following: (i) the holder satisfying know your customer checks; (ii) a redemption of stablecoins in that class by the holder satisfying a minimum redemption threshold;" | [Treasury payment service provider draft legislation (Tranche 1), explanatory memorandum, para 1.139 (proposed section 985N of the Corporations Act)](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_explanatory_memorandum.pdf); Treasury payment service provider draft legislation (Tranche 1), explanatory memorandum, para 1.226 (proposed subsection 983HS(2) of the Corporations Act); Treasury payment service provider draft legislation (Tranche 1), explanatory memorandum, para 1.56 (proposed paragraph 761EC(1)(b) of the Corporations Act); [ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867, section 5 (definition of eligible stablecoin, paragraph (b))](https://www.legislation.gov.au/F2025L01512/asmade/text) | 2 November 2026 |
| [Brazil](/regulation/brazil/) | Not found in Resolução BCB nº 520, checked 2026-11-01. | **In force.** Where the issuer of a fiat-referenced virtual asset is discontinued, VASPs must state in the service contract the client's rights to the reserve assets, indicate how to claim them in Brazil or abroad, and clarify how they will act on the client's right to claim redemption: "§ 2º Com relação ao disposto no inciso IV do caput , as prestadoras de serviços de ativos virtuais devem, adicionalmente, nas situações de descontinuidade do emissor do ativo virtual referenciado em moeda fiduciária: I - indicar, de forma clara e inequívoca, no contrato de prestação de serviços, os direitos e eventuais restrições do cliente ou usuário em relação ao acesso aos ativos de reserva do ativo virtual referenciado em moeda fiduciária, conforme aplicável; II - indicar os meios e a forma de reivindicação desses ativos pelo cliente ou usuário, nas situações aplicáveis, estejam eles disponíveis no país ou no exterior; e III - esclarecer como a prestadora de serviços de ativos virtuais atuará nas situações que envolvam o direito do cliente ou usuário de reivindicar o resgate de seus recursos financeiros ou dos ativos de reserva do ativo virtual referenciado em moeda fiduciária." | [Resolução BCB nº 520, art. 65, § 2º](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520); Resolução BCB nº 520 | 1 November 2026 |
| [Canada](/regulation/canada/) | **Pending.** An issuer must redeem outstanding stablecoins in the reference currency, at par value and in accordance with the regulations, if any: "35 An issuer must redeem outstanding stablecoins in the reference currency, at par value and in accordance with the regulations, if any."; **Proposed.** Under the proposed Regulations, an issuer must redeem on request of any holder regardless of the value, complete the redemption within three business days and not charge a redemption fee above 1% of the redeemed amount: "15 (1) For the purposes of section 35 of the Act, an issuer must (a) redeem the outstanding stablecoin on request of any holder, regardless of the value; (b) complete the redemption within three business days on which the request is made; and (c) not charge a redemption fee that exceeds 1% of the redeemed amount." | **Published.** Under the CSA terms for trading value-referenced crypto assets, the asset entitles a holder with an account at the issuer to a right of redemption, subject only to reasonable publicly disclosed conditions, on demand for the reference fiat currency one-to-one, less only a publicly disclosed fee, with payment within a reasonable period disclosed by the issuer: "entitles a VRCA holder who maintains an account with the issuer of the VRCA to a right of redemption, subject only to reasonable publicly disclosed conditions, on demand directly against the issuer of the VRCA or against the reserve of assets, for the reference fiat currency on a one -to-one basis, less only any fee that is publicly disclosed by the issuer of the VRCA, and payment of the redemption proceeds within a reasonable period as disclosed by the issuer of the VRCA." | [Stablecoin Act, s. 35](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html); [Proposed Stablecoin Regulations (Canada Gazette, Part I, 2026-10-24), s. 15(1)](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html); [CSA Staff Notice 21-333, terms and conditions for trading VRCAs, condition (1)(c)](https://www.osc.ca/sites/default/files/2023-10/csa_20231005_21-333_crypto-platforms-vrca.pdf) | 1 November 2026 |
| [European Union](/regulation/european-union/) | **In force.** On request, the issuer of an e-money token shall redeem it at any time and at par value, by paying the monetary value in funds other than electronic money: "Upon request by a holder of an e-money token, the issuer of that e-money token shall redeem it, at any time and at par value, by paying in funds, other than electronic money, the monetary value of the e-money token held to the holder of the e-money token."; **In force.** Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee: "Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee."; **In force.** Holders of asset-referenced tokens shall have a right of redemption at all times against the issuers: "Holders of asset-referenced tokens shall have a right of redemption at all times against the issuers of the asset-referenced tokens"; **In force.** Without prejudice to Article 46, the redemption of asset-referenced tokens shall not be subject to a fee: "Without prejudice to Article 46, the redemption of asset-referenced tokens shall not be subject to a fee." | – | [MiCA (Regulation (EU) 2023/1114), Article 49(4)](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1); MiCA (Regulation (EU) 2023/1114), Article 49(6); MiCA (Regulation (EU) 2023/1114), Article 39(1); MiCA (Regulation (EU) 2023/1114), Article 39(3) | 1 November 2026 |
| [Hong Kong](/regulation/hong-kong/) | **In force.** A licensee must provide specified stablecoin holders with a right to redeem the specified stablecoins at par value: "A licensee must provide specified stablecoin holders with a right to redeem the specified stablecoins at par value."; **In force.** Valid redemption requests must be honoured by the licensee without charging an unreasonable fee in connection with redemption or attaching any unduly burdensome condition: "Valid redemption requests made by a specified stablecoin holder must be honoured by the licensee, without charging an unreasonable fee in connection with redemption or attaching any unduly burdensome condition" | – | [HKMA Guideline on Supervision of Licensed Stablecoin Issuers, para 3.3.1 (citing Stablecoins Ordinance (Cap. 656), Schedule 2, section 6)](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf); HKMA Guideline on Supervision of Licensed Stablecoin Issuers, para 3.3.3 | 1 November 2026 |
| [Indonesia](/regulation/indonesia/) | Not found in POJK 27/2024 (text read 2026-11-01) or its amendment POJK 23/2025 (text read 2026-11-12), checked 2026-11-12. | Not found in POJK 27/2024 (text read 2026-11-01) or its amendment POJK 23/2025 (text read 2026-11-12), checked 2026-11-12. | [POJK 27/2024 as amended by POJK 23/2025](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/POJK%2023%20Tahun%202025%20Perubahan%20POJK%2027%20Tahun%202024%20tentang%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf) | 12 November 2026 |
| [Japan](/regulation/japan/) | **In force.** A specified trust company carrying on specified fund transfer business under paragraph 1 must, without delay, meet a beneficiary's request for redemption of all or part of the trust principal by partially cancelling the trust contract, except in cases set by Cabinet Office Ordinance where user protection is unlikely to be impaired: "第一項の規定により特定資金移動業を営む特定信託会社は、当該特定資金移動業に係る特定信託受益権の受益者が信託契約期間中に当該特定信託受益権について信託の元本の全部又は一部の償還を請求した場合には、遅滞なく、当該特定信託受益権に係る信託契約の一部を解約することによりその請求に応じなければならない。ただし、利用者の保護に欠けるおそれが少ない場合として内閣府令で定める場合は、この限りでない。"; **Published.** Per the FSA (2022 presentation), stablecoin issuers are required to be licensed as a bank, fund transfer service provider or trust company and to provide users with clear redemption rights: "stablecoin issuers are required to be licensed as a bank, fund transfer service provider, or trust company and to provide users with clear redemption rights." | **In force.** When an exchange service provider handles foreign electronic payment instruments, the measures include its commitment, if the issuer has difficulty performing its obligations or the instrument's value falls sharply, to buy back the instruments it manages for users at the same amount as the obligation amount: "電子決済手段等取引業者が、外国電子決済手段を取り扱う場合にあっては、次に掲げる措置その他の利用者の保護及び電子決済手段等取引業の適正かつ確実な遂行に必要な措置 イ 外国電子決済手段について、当該外国電子決済手段を発行する者がその債務の履行等（法第二条第七項に規定する債務の履行等をいう。）を行うことが困難となった場合その他当該外国電子決済手段の価値が著しく減少した場合に、当該電子決済手段等取引業者が、利用者（国内にある利用者と国外にある利用者とを区分することができる場合にあっては、国内にある利用者。イにおいて同じ。）のために管理をする当該外国電子決済手段について、当該債務の履行等が行われることとされている金額と同額で買取りを行うことを約する措置" | [Payment Services Act (資金決済に関する法律), Article 37-2(4)](https://laws.e-gov.go.jp/api/1/lawdata/421AC0000000059); [FSA presentation on Japan's regulatory framework for crypto assets and stablecoins (7 December 2022)](https://www.fsa.go.jp/inter/etc/20221207/01.pdf); [電子決済手段等取引業者に関する内閣府令 (Cabinet Office Ordinance No. 48 of 2023), Article 30(1)(vi)(a)](https://laws.e-gov.go.jp/api/1/lawdata/505M60000002048) | 12 November 2026 |
| [Kazakhstan](/regulation/kazakhstan/) | **In force.** NBK rules: the issuer may not withhold fees for the buy-back and/or redemption of stablecoins: "Не допускается удержание эмитентом стейблкоинов комиссий за обратный выкуп и (или) погашение стейблкоинов. Погашение стейблкоинов осуществляется эмитентом стейблкоинов путем перечисления суммы денег на банковский счет держателя стейблкоинов равной стоимости стейблкоинов при первичном размещении."; **In force.** AIFC: holders should be able to redeem Fiat or Commodity stablecoins at any moment and at par value against the referenced asset: "Holders should be able to redeem their Fiat stablecoins or Commodity stablecoins at any moment and at par value against the referenced asset"; **In force.** AIFC: redemption requests for a Fiat stablecoin must be processed and completed promptly and no later than 5 working days: "promptly and no later than 5 working days of any such requests, in case of a Fiat stablecoin"; **In force.** AIFC: the issuer is allowed to charge a reasonable redemption fee, which must be disclosed on its website and be proportionate and commensurate with the actual costs incurred: "Issuer of a Fiat stablecoin or Commodity stablecoin is allowed to charge a reasonable fee for processing and completing redemption requests. The redemption fee must be clearly disclosed on the website of the issuer of a Fiat stablecoin or Commodity stablecoin and must be proportionate and commensurate with the actual costs incurred" | – | [NBK Board Resolution No. 39 of 10 April 2026 (Rules for issuance, placement, circulation and redemption of digital financial assets), para 3](https://nationalbank.kz/file/download/124521); [AIFC Rules on Digital Asset Activities (DAA), Rule 4.11.2(2)](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf); AIFC Rules on Digital Asset Activities (DAA), Rule 4.11.2(3)(a); AIFC Rules on Digital Asset Activities (DAA), Rule 4.11.2(4) | 1 November 2026 |
| [Mexico](/regulation/mexico/) | Not found in Ley Fintech, checked 2026-11-01. | Not found in Ley Fintech, checked 2026-11-01. | [Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech)](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf) | 1 November 2026 |
| [Nigeria](/regulation/nigeria/) | **Published.** Every Licensed Issuer shall maintain operational systems and sufficient reserve liquidity to redeem its stablecoins at par, in the reference currency, by the end of the Business Day after a valid redemption request is received: "Every Licensed Issuer shall maintain operational systems and sufficient reserve liquidity to redeem its stablecoins at par, in the reference currency, no later than the end of the Business Day following the day on which a valid redemption request is received."; **Published.** Redemption shall remain available at par, within the prescribed period and without standard redemption charges, subject only to the exceptions the Guidelines permit: "Redemption shall remain available at par, within the prescribed period and without standard redemption charges, subject only to the exceptions expressly permitted by these Guidelines."; **Proposed.** An issuer shall maintain clear, fair and enforceable redemption arrangements and redeem within a timeframe the Commission may prescribe: "(c) An issuer shall maintain clear, fair and enforceable redemption arrangements and shall redeem stablecoins within such timeframe as may be prescribed by the Commission." | – | [CBN Regulations for the Operations of Non-Security Virtual Assets in Nigeria, Section 23](https://www.cbn.gov.ng/Out/2026/CCD/REGULATIONS%20FOR%20THE%20OPERATIONS%20OF%20NON-SECURITY%20VIRTUAL%20ASSETS%20IN%20NIGERIA.pdf); CBN Regulations for the Operations of Non-Security Virtual Assets in Nigeria, Section 13; [SEC Nigeria Proposed Rules on Digital and Virtual Asset Operations, Custody and Markets, Part 11, rule (2)(c)](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf) | 6 November 2026 |
| [Russia](/regulation/russia/) | Not found in Federal Law No. 282-FZ, checked 2026-11-01. | Not found in Federal Law No. 282-FZ, checked 2026-11-01. | [Federal Law No. 282-FZ On Digital Currencies and Digital Rights (2026)](http://kremlin.ru/acts/bank/53543) | 1 November 2026 |
| [Singapore](/regulation/singapore/) | **Proposed.** Core obligations include requiring issuers to maintain reserve assets at least equal to the par value of all stablecoins in circulation and to fulfil redemption requests in the pegged currency within MAS-prescribed timeframes: "Core obligations include requiring the issuers to maintain reserve assets at least equal to the par value of all stablecoins in circulation, and to fulfil redemption requests in the pegged currency within MAS-prescribed timeframes."; **Published.** MAS's media release on its 2023 stablecoin framework says issuers must return the par value of the stablecoin to holders within five business days from a redemption request: "Redemption at Par: Issuers must return the par value of SCS to holders within five business days from a redemption request." | – | [MAS consultation paper on Payment Services Act amendments for stablecoins, para 2.9](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf); [MAS stablecoin regulatory framework (media release of 15 August 2023)](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework) | 1 November 2026 |
| [South Korea](/regulation/south-korea/) | Not found in the Act on the Protection of Virtual Asset Users (가상자산 이용자 보호 등에 관한 법률), checked 2026-11-12.; **Proposed.** A bill (no. 2211784, pending in committee since 2025-11-24, not law) would place a redemption duty on issuers of value-stable digital assets: "가치안정형 디지털자산 발행인의 상품설명서 작성ㆍ공시의무, 준비자산의 안전한 관리의무 및 이자 지급 금지 의무, 상환의무 등을 규정함(안 제13조부터 제19조까지)." | Not found in the Act on the Protection of Virtual Asset Users (가상자산 이용자 보호 등에 관한 법률), checked 2026-11-12. | [가상자산 이용자 보호 등에 관한 법률 (법률 제21857호)](https://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=290735&efYd=20261002); [가치안정형 디지털자산의 발행 및 유통에 관한 법률안 (의안번호 2211784, bill; 정무위 소위 회부 2025-11-24, pending)](https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_K2L5J0I7I2G8H0C9D0B9C3A7B5Z3A7) | 12 November 2026 |
| [Spain](/regulation/spain/) | **In force.** Under MiCA, on the holder's request the issuer of an e-money token shall redeem it at any time and at its nominal value, in funds other than electronic money: "A petición del titular de una ficha de dinero electrónico, el emisor de dicha ficha de dinero electrónico la reembolsará, en cualquier momento y por su valor nominal, pagando en fondos distintos del dinero electrónico el valor monetario de la ficha de dinero electrónico al titular de la ficha de dinero electrónico."; **In force.** Under MiCA, without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee: "Sin perjuicio de lo dispuesto en el artículo 46, el reembolso de las fichas de dinero electrónico no estará sujeto a una comisión."; **In force.** Under MiCA, holders of asset-referenced tokens shall have a right of redemption at all times against the issuers: "Los titulares de fichas referenciadas a activos tendrán un derecho de reembolso en todo momento frente a los emisores de las fichas"; **In force.** Under MiCA, without prejudice to Article 46, the redemption of asset-referenced tokens shall not be subject to a fee: "Sin perjuicio de lo dispuesto en el artículo 46, el reembolso de las fichas referenciadas a activos no estará sujeto a una comisión." | – | [MiCA (Regulation (EU) 2023/1114), Article 49(4)](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1); MiCA (Regulation (EU) 2023/1114), Article 49(6); MiCA (Regulation (EU) 2023/1114), Article 39(1); MiCA (Regulation (EU) 2023/1114), Article 39(3) | 11 November 2026 |
| [Switzerland](/regulation/switzerland/) | **Proposed.** Consultation draft amending the Financial Institutions Act (opened by the Federal Council on 22 October 2025; not law): the holder of a value-stable crypto-based means of payment can demand from the payment instrument institution at any time the repayment of its nominal value: "Die Inhaberin oder der Inhaber eines wertstabilen kryptobasierten Zahlungsmittels kann vom Zahlungsmittelinstitut jederzeit die Rückzahlung von dessen Nennwert"; **Proposed.** Consultation draft amending the Financial Institutions Act (opened by the Federal Council on 22 October 2025; not law): repayment must take place within a short period, and the Federal Council regulates the repayment modalities: "Die Rückzahlung hat innert kurzer Frist zu erfolgen. 4 Der Bundesrat regelt die Rückzahlungsmodalitäten." | – | [FinIA amendment (consultation draft), Article 51m(1)](https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf); FinIA amendment (consultation draft), Article 51m(3) and (4) | 1 November 2026 |
| [Thailand](/regulation/thailand/) | **Proposed.** Holders must be able to redeem THB stablecoin for baht at 1:1 within 1 business day: "และผู้ถือเหรียญต้องสามารถขอไถ่ถอนเหรียญเป็นเงินบาทในอัตรา 1 ต่อ 1 ภายใน 1 วันทำการ" | – | [BOT public hearing on THB stablecoin principles, 2.1(1)](https://www.bot.or.th/content/dam/bot/documents/th/laws-and-rules/hearing/public-hearing-20261019-THB-stablecoin.pdf) | 1 November 2026 |
| [Türkiye](/regulation/turkey/) | Not found in Law No. 7518 or CMB Communiqués III-35/B.1 and III-35/B.2, checked 2026-11-01. | Not found in Law No. 7518 or CMB Communiqués III-35/B.1 and III-35/B.2, checked 2026-11-01. | [Law No. 7518 (amending Capital Markets Law No. 6362); CMB Communiqués III-35/B.1 and III-35/B.2](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm) | 1 November 2026 |
| [Ukraine](/regulation/ukraine/) | Not found in Law of Ukraine No. 2074-IX On Virtual Assets (official text, Wayback capture of 2 February 2026; not in force in that text, which under Section VI(1) enters into force with the law amending the Tax Code on the taxation of virtual-asset operations), checked 2026-11-12. | Not found in Law of Ukraine No. 2074-IX On Virtual Assets (official text, Wayback capture of 2 February 2026; not in force in that text, which under Section VI(1) enters into force with the law amending the Tax Code on the taxation of virtual-asset operations), checked 2026-11-12. | [Law of Ukraine No. 2074-IX On Virtual Assets](https://web.archive.org/web/20260202202928/https://zakon.rada.gov.ua/laws/show/2074-20/print) | 2 February 2026 |
| [United Arab Emirates](/regulation/united-arab-emirates/) | **In force.** A Payment Token Issuer must, at the Tokenholder's request, without delay and in any case by the same time on the next Business Day (unless the Central Bank permits otherwise), redeem (or, for a Foreign Payment Token, initiate redemption) in Fiat Currency at par value the face value of the Payment Token: "at the request of the Tokenholder, without delay (and in any case by the same time on the next Business Day after the day on which the request was made, unless the Central Bank permits otherwise) redeem (or, in the case of a Foreign Payment Token, initiate redemption) in Fiat Currency at par value the Dirham (AED) or Foreign Currency denominated face value of the Payment Token"; **In force.** Redemption may be subject to a fee only where the fee is proportionate and commensurate with the costs actually incurred by the issuer: "Redemption may be subject to a fee only where the fee is proportionate and commensurate with the costs actually incurred by the Payment Token Issuer."; **In force.** Dubai (VARA): requests to redeem FRVAs at par must at all times be processed and completed within one Working Day: "to redeem the FRVA at par are, at all times, processed and completed— a. within one (1) Working Day of any such requests;"; **In force.** Dubai (VARA): FRVA issuers shall process and complete redemption requests without charging any fees: "VASPs Licensed to issue FRVAs shall process and complete redemption requests without charging any fees."; **In force.** ADGM: an issuer of a Fiat-Referenced Token must, at a holder's request, redeem the tokens presented no later than T+2 after customer due diligence (if required) and at par value, with payment in the referenced fiat currency: "at the request of a person holding a Fiat-Referenced Token, redeem the Fiat-Referenced Tokens presented for redemption: (i) no later than T+2 following the completion of Customer Due Diligence, if required; and (ii) at par value. (2) Redemption payments must be made in the fiat currency to which the Fiat-Referenced Token is referenced."; **In force.** ADGM: the T+2 redemption period may be extended following notification to or upon direction from the FSRA: "The redemption period specified by Rule 19A.4.1(1)(b)(i) may be extended following notification to or upon direction from the Regulator." | – | [CBUAE Payment Token Services Regulation (C 2/2024), Article (21)1(b)](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation); CBUAE Payment Token Services Regulation (C 2/2024), Article (21)5; [VARA Virtual Asset Issuance Rulebook, FRVA Rules (Annex 1), Rule III.C.2](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf); VARA Virtual Asset Issuance Rulebook, FRVA Rules (Annex 1), Rule III.C.3; [ADGM FSRA Conduct of Business Rulebook (COBS), Rule 19A.4.1(1)(b) and (2)](https://en.adgm.thomsonreuters.com/entiresection/27458); ADGM FSRA Conduct of Business Rulebook (COBS), Rule 19A.4.1(3) | 12 November 2026 |
| [United Kingdom](/regulation/united-kingdom/) | **Pending.** A firm must redeem a qualifying stablecoin it has issued at any time on receipt of a valid redemption request: "A firm must redeem a qualifying stablecoin it has issued at any time on receipt of a valid redemption request."; **Pending.** Redemption must be completed at the value of the redemption sum, as soon as practicable but no later than the end of the business day following the day the stablecoin is received: "(1) at the value of the redemption sum; (2) unless the holder requests a different currency, in money (excluding electronic money) denominated in the reference currency; and (3) as soon as practicable but no later than the end of the business day following the day on which the qualifying stablecoin is received."; **Pending.** A redemption fee must be proportionate and commensurate solely with the operational costs actually incurred by the issuer for that redemption, and must not include costs or losses from selling backing assets: "the fee is proportionate and commensurate solely with the operational costs actually incurred by the qualifying stablecoin issuer in respect of that redemption and does not include costs or losses incurred through the sale of core backing assets or expanded backing assets."; **Pending.** The redemption sum is the reference value of the stablecoins in the request, less any redemption fee and any currency exchange fees: "redemption sum the reference value of the sum total of qualifying stablecoins in respect of which a redemption request is received, less: (a) any redemption fee; and (b) any currency exchange fees" | – | [FCA PS26/10, CRYPTO 2.4.5R](https://www.fca.org.uk/publication/policy/ps26-10.pdf); FCA PS26/10, CRYPTO 2.4.14R; FCA PS26/10, CRYPTO 2.4.32R; FCA PS26/10, Glossary: redemption sum | 12 November 2026 |
| [United States](/regulation/united-states/) | **Pending.** Issuers must establish clear and conspicuous procedures for timely redemption of outstanding payment stablecoins; discretionary limits on timely redemption can only be imposed by the named regulators: "establish clear and conspicuous procedures for timely redemption of outstanding payment stablecoins, provided that any discretionary limitations on timely redemptions can only be imposed by a State qualified payment stablecoin regulator, the Corporation, the Comptroller, or the Board, consistent with section 7"; **Pending.** The issuer must publicly disclose in plain language all fees for purchasing or redeeming the payment stablecoins, and fees can only be changed on at least 7 days' prior notice to consumers: "publicly, clearly, and conspicuously disclose in plain language all fees associated with purchasing or redeeming the payment stablecoins, provided that such fees can only be changed upon not less than 7 days' prior notice to consumers"; **Pending.** By definition, the issuer of a payment stablecoin is obligated to convert, redeem, or repurchase it for a fixed amount of monetary value: "the issuer of which-- (I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value" | – | [GENIUS Act (Public Law 119-27), section 4(a)(1)(B)(i)](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm); GENIUS Act (Public Law 119-27), section 4(a)(1)(B)(ii); GENIUS Act (Public Law 119-27), section 2(22) | 1 November 2026 |
| [Vietnam](/regulation/vietnam/) | Not found in Government Resolution No. 05/2025/NQ-CP on the crypto-asset market pilot, Law No. 71/2025/QH15 on Digital Technology Industry or Decree No. 284/2026/ND-CP on administrative penalties for crypto-assets and the crypto-asset market (official full texts, read 12 November 2026), checked 2026-11-12. | Not found in Government Resolution No. 05/2025/NQ-CP on the crypto-asset market pilot, Law No. 71/2025/QH15 on Digital Technology Industry or Decree No. 284/2026/ND-CP on administrative penalties for crypto-assets and the crypto-asset market (official full texts, read 12 November 2026), checked 2026-11-12. | [Government Resolution No. 05/2025/NQ-CP; Law No. 71/2025/QH15; Decree No. 284/2026/ND-CP](https://xaydungchinhsach.chinhphu.vn/toan-van-nghi-quyet-so-5-2025-nq-cp-ve-trien-khai-thi-diem-thi-truong-tai-san-ma-hoa-tai-viet-nam-119250909184045221.htm) | 12 November 2026 |

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Cite as: What redemption rights do stablecoin holders have?, achivx.org, https://achivx.org/regulation/stablecoin-redemption-rules/, as of 2026-11-12, CC BY 4.0