AXG’s AX Coin Announces Successful BlockSec Security Audit of AXUSD Ethereum Smart Contract Infrastructure

MANAMA, Bahrain — July 27, 2026 — COIN BAHRAIN B.S.C. Closed (“AX Coin”), the regulated stablecoin issuer of Solowin Holdings (Nasdaq: AXG), today announced the successful completion of an independent security audit of its core Ethereum smart contract infrastructure. The comprehensive review was conducted by BlockSec, a leading blockchain security firm renowned for protecting decentralized finance ecosystems.

The audit rigorously evaluated the core issuance contract acting as a permissioned mint gate for AXUSD, AX Coin's Fireblocks ERC20 stablecoin. This smart contract introduces a critical security layer routing issuance through a multi-signature Operations vault. This ensures that every AXUSD minted is subject to strict operational and reserve verification requirements.

BlockSec’s methodology included a combination of manual code review, automated analysis, and semantic verification. The evaluation successfully validated several core security mechanisms of the AXUSD minting process. To guarantee token integrity, the system enforces Proof-of-Reserve validation so that every issuance request passes a real-time reserve check before new tokens can be minted. Additionally, strict cryptographic checks consume reference IDs to securely prevent replay attacks.

Minting capabilities are firmly restricted to approved requesters and enforce optional per-call limits. AX Coin also immediately implemented BlockSec's recommendations, updating the contract to Version 2 by integrating zero-address checks and zero-amount validations to eliminate edge-case vulnerabilities.

As the first licensed stablecoin issuers regulated by the Central Bank of Bahrain (CBB), AX Coin is building a highly secure infrastructure for enterprise payments, treasury management, and cross-border settlements. The findings from BlockSec confirm that the protocol’s architecture aligns with the rigorous institutional standards expected by regulators and enterprise partners.

Xavier George, Managing Director of AXG and CEO of AX Coin, commented: 

"Security is fundamental to building trust in regulated digital money. Completing an independent audit by BlockSec demonstrates our commitment to delivering institutional-grade stablecoin infrastructure with robust controls around issuance, reserve verification, and operational governance. As we continue expanding AXUSD across global payment ecosystems, security and compliance will remain at the core of everything we build."

Furthermore, guided by BlockSec's architectural notes on network expansion, AX Coin is designing future Layer-2 deployments to account for specific infrastructure assumptions, such as sequencer availability and time-sensitive state data. This ensures seamless and secure scalability as AXUSD prepares for broader integrations with banks, payment providers, digital asset exchanges, and fintech innovators worldwide.

About AXG

AXG is a leading global regulated fintech company. Established in 2016, AXG combines blockchain and artificial intelligence technologies to operate a fully compliant dual-token digital economy super platform.

Guided by the mission “Mobilizing Tokens 24/7”, the Company operates two core business pillars: Digital Asset Tokens and AI Tokens. Its offerings span stablecoin issuance and payments, asset tokenization, securities trading and asset management, as well as AI-powered services including cloud infrastructure, Know-Your-Agent verification, and token router.

Through its integrated ecosystem, including AX COIN, AX ONE, FERION, SOLOMON, AGENTX, and KOVAR, AXG empowers global institutions and investors to capitalize on the rapid growth of the dual-token economy.

For more information, visit www.alloyx.com and follow us on LinkedIn at AXG (Solowin Holdings).

About BlockSec

BlockSec is a blockchain security company specializing in smart contract auditing, on-chain security monitoring, and security infrastructure for Web3. Founded by leading blockchain security researchers and industry experts, BlockSec has worked with numerous leading blockchain protocols and DeFi projects to strengthen the security of digital asset ecosystems. According to the audit report, BlockSec employs a combination of automated analysis, manual verification, and semantic review in its audit methodology.