Stablecoin Issuers

Tether Limited is a leading financial technology company specializing in stablecoins, with USDT as its flagship product.

Circle Internet Group, Inc. is a financial technology company specializing in digital currency and blockchain-based financial services, known for its main stablecoin, USDC.

Sky Protocol, formerly MakerDAO, is a decentralized finance ecosystem known for its USDS stablecoin, focusing on scalability and regulatory compliance.

Paxos Trust Company is a New York-based financial technology firm specializing in blockchain solutions, known for its regulated stablecoin, Pax Dollar (USDP).

Ethena is a decentralized finance protocol known for its stablecoin, USDe, which maintains a $1 peg through delta-neutral hedging.

World Liberty Financial, Inc. is a private DeFi project associated with members of the Trump family, offering the USD1 stablecoin for institutional and cross-border use.

Ondo Finance is a leader in tokenizing real-world assets, offering stablecoin products like USDY for stable returns linked to U.S. Treasury yields.

TRON DAO is the community-governed organization associated with the TRON blockchain ecosystem. USDD is issued through the TRON DAO Reserve and documented as an overcollateralized USD-pegged stablecoin backed by crypto collateral.

Ripple Labs, Inc. is a private American technology company specializing in enterprise blockchain solutions for global payments. Their main stablecoin is Ripple USD (RLUSD).

Falcon Finance is a financial technology company specializing in synthetic dollar protocols, notably the USDf stablecoin.

Maple Finance is a decentralized finance platform specializing in on-chain asset management and institutional lending, offering stablecoin products like syrupUSDC.

Aave is a decentralized finance protocol enabling cryptocurrency lending and borrowing. Its main stablecoin is GHO.

Figure Technology Solutions is a public blockchain-native capital-markets company. YLDS is issued by Figure Certificate Company, a Figure subsidiary registered with the SEC as a face-amount certificate company under the Investment Company Act of 1940.

Usual Protocol is a decentralized stablecoin platform by Usual Labs, offering USD0, a fully-backed stablecoin that democratizes access to U.S. Treasury yields.

TrueUSD is the USD-pegged stablecoin historically associated with TrustToken, TrueCoin, and Archblock. Archblock announced that ownership of TUSD had been transferred to Techteryx in December 2020 and that Techteryx fully took over TUSD operations, including minting, redemption, onboarding, compliance, fiat reserve banking, and product development, effective July 13, 2023.

Anchorage Digital Bank National Association is a federally chartered U.S. national trust bank regulated by the Office of the Comptroller of the Currency. USDtb was initially launched by Ethena-related entities in 2024, and Anchorage Digital Bank became the sole issuer and reserve manager in October 2025.

First Digital Trust is a Hong Kong-based financial services firm specializing in digital asset custody and trust solutions, known for issuing the FDUSD stablecoin.

Paxos Trust Company, LLC is a New York limited purpose trust company supervised by NYDFS. Paxos issued Binance USD under the Binance brand until NYDFS directed Paxos to cease minting new BUSD in February 2023.

Agora is a stablecoin issuer whose AUSD product is issued through Agora Bermuda Limited. Agora states that it currently operates in Bermuda with a full license and has filed an application to form Agora National Trust Bank in the United States.

Curve Finance is a DAO-governed decentralized exchange focused on stable-asset liquidity and the issuer of the crvUSD stablecoin.

Société Générale – FORGE is a private subsidiary of Société Générale, specializing in digital assets with a focus on stablecoins like EUR CoinVertible.

Gemini Trust Company, LLC is a New York trust company supervised by the New York State Department of Financial Services. Gemini issues Gemini Dollar, a U.S. dollar stablecoin approved by NYDFS in 2018.

Frax Finance is a decentralized finance protocol specializing in stablecoins, including frxUSD, which is backed by BlackRock's USD Institutional Digital Liquidity Fund.

f(x) Protocol is a decentralized protocol incubated by Aladdin DAO. Its documentation describes a system that separates collateral exposure into a stablecoin component, fxUSD, and leveraged xPOSITION instruments.

Liquity AG is the Swiss developer of the Liquity borrowing protocol, issuer of the decentralized stablecoins LUSD (V1) and BOLD (V2), both backed by crypto collateral.

Midas Software GmbH issues blockchain-based certificate products structured as debt instruments. Midas documentation states that its mTokens are financial instruments and not stablecoins or DeFi vaults.

Inverse Finance is a DAO-governed DeFi protocol and the issuer of DOLA, a debt-backed US-dollar stablecoin created through its FiRM lending market.

Frankencoin Association is a Swiss non-profit association based in Zug that supports the Frankencoin ecosystem. The association states that it does not control the protocol, which is implemented as an overcollateralized on-chain stablecoin system.

Banking Circle S.A. is a Luxembourg credit institution supervised by the CSSF. Eurite is the public brand for EURI, a euro e-money token issued by Banking Circle S.A. under the EU MiCA framework.

Monerium is an Icelandic fintech company specializing in issuing e-money on blockchain networks, with its main product being the euro-backed stablecoin, EURe.

Terra Classic is the community-maintained continuation of the original Terra blockchain after the 2022 Terra ecosystem collapse and Terra 2.0 fork. The original Terra protocol used algorithmic stablecoins, including UST, which was later renamed USTC on Terra Classic.

Reserve Protocol is a decentralized protocol for creating and using asset-backed basket tokens. ABC Labs LLC operates the Reserve website and contributes to protocol tooling, while the Reserve documentation describes minting and redemption of DTF tokens as permissionless smart-contract activity.

Mountain Protocol Limited is a Bermuda-regulated digital-asset business that issued USDM. In 2025, Mountain announced a USDM wind-down process connected to Anchorage Digital's announced acquisition of Mountain Protocol.

STASIS is a European fintech company that issues EURS, a euro-backed stablecoin. Its public materials state that STASIS operates from Malta and that EURS reserves are subject to transparency and verification processes involving BDO Malta.

Origin Protocol develops yield-bearing token products including Origin Dollar. Its documentation describes OUSD as a liquid, yield-bearing stablecoin that earns yield automatically while remaining transferable.

Synthetix is a DAO-governed decentralized derivatives protocol whose legacy stablecoin, sUSD, is being wound down and converted to vested SNX under governance proposal SIP-423.

Abracadabra.money is a DAO-governed, omnichain DeFi lending platform and the issuer of Magic Internet Money (MIM), a US-dollar stablecoin backed by interest-bearing collateral.

Fei Protocol was a decentralized stablecoin protocol built around protocol-controlled value, direct incentives, and TRIBE governance. After the 2022 Rari Fuse exploit and Tribe DAO wind-down process, Fei Protocol was no longer under active development.

Level is a DeFi stablecoin protocol developed by Peregrine Exploration. In 2025, Level announced that the team was joining Sky's Grove initiative and that lvlUSD and slvlUSD would be sunset.

Angle Protocol is a decentralized finance platform known for issuing the euro-pegged stablecoin EURA.

QiDao is a DAO-governed overcollateralized stablecoin protocol. Mai Finance is the public frontend and dashboard used to access the QiDao Protocol and its MAI stablecoin markets.

Qivalis is a growing consortium of European banks — founded by twelve institutions, with around 37 reported by May 2026 — developing a MiCA-compliant euro-backed stablecoin.