The directory profiles every issuer with at least one instrument in the tracked universe and ranks them by the aggregate market capitalization of their products.
| # | Issuer | Stage | Products | Aggregate market cap |
|---|---|---|---|---|
| 1 | Tether | Private | USDT · XAUT | $184.1B |
| 2 | Circle | Public | USDC · EURC | $73.4B |
| 3 | Sky Protocol | DAO | USDS · DAI · SUSDS · SDAI | $19.8B |
| 4 | Paxos | Private | USDP · PYUSD · USDG | $6.1B |
| 5 | Ethena | DAO | USDE · SUSDE | $6.0B |
| 6 | World Liberty Financial | Private | USD1 | $4.3B |
| 7 | Ripple | Private | RLUSD | $2.4B |
| 8 | Ondo Finance | Private | USDY | $2.3B |
| 9 | Falcon Finance | Private | USDF | $1.8B |
| 10 | TRON DAO | DAO | USDD | $1.6B |
| 11 | United Stables | Private | U | $1.6B |
| 12 | Maple Finance | Private | SYRUPUSDC · SYRUPUSDT | $1.3B |
| 13 | Binance | Private | BFUSD | $1.3B |
| 14 | Aave | DAO | GHO | $698M |
| 15 | Usual Protocol | Private | USD0 | $542M |
| 16 | Archblock / TrueUSD | Private | TUSD | $494M |
| 17 | Figure | Public | YLDS | $487M |
| 18 | Ethena / Anchorage Digital | Private | USDTB | $470M |
| 19 | USD.AI Foundation | Private | USDAI | $345M |
| 20 | First Digital Trust | IPO Filed | FDUSD | $324M |
| 21 | Apyx | Private | APXUSD | $315M |
| 22 | USDD Protocol | DAO | SUSDD | $217M |
| 23 | Curve Finance | DAO | CRVUSD | $211M |
| 24 | Solstice Labs | Private | USX | $211M |
| 25 | Société Générale – FORGE | Private | EURCV | $188M |
| 26 | Anchorage Digital | Private | USAT | $183M |
| 27 | Agora | Private | AUSD | $175M |
| 28 | Bridge | Private | CASH | $127M |
| 29 | OnRe | Private | ONYC | $106M |
| 30 | Frax Finance | DAO | FRXUSD | $106M |
| 31 | f(x) Protocol | DAO | FXUSD | $87M |
| 32 | Midas | Private | MTBILL | $77M |
| 33 | Cap Labs | Private | CUSD | $74M |
| 34 | Inverse Finance | DAO | DOLA | $70M |
| 35 | Liquity | Private | LUSD · BOLD | $64M |
| 36 | InfiniFi Protocol | Private | IUSD | $59M |
| 37 | Unitas | Private | USDU | $53M |
| 38 | Frankencoin | Private | ZCHF | $42M |
| 39 | Eurite / Banking Circle | Private | EURI | $37M |
| 40 | Gemini | Private | GUSD | $36M |
| 41 | Binance / Paxos | Private | BUSD | $34M |
| 42 | Terra Classic | DAO | USTC | $30M |
| 43 | Monerium | Private | EURE | $27M |
| 44 | Reserve Protocol | DAO | EUSD · USD3 | $25M |
| 45 | Strata | Private | SRUSDE | $17M |
| 46 | QiDao / Mai Finance | DAO | MAI | $12M |
| 47 | STASIS | Private | EURS | $7M |
| 48 | Origin Protocol | Private | OUSD | $6M |
| 49 | Fei Protocol | DAO | FEI | $4M |
| 50 | Abracadabra.money | DAO | MIM | $2M |
| 51 | Mountain Protocol | Private | USDM | $1M |
| 52 | Level | Private | LVLUSD | $402,549 |
| 53 | Angle Protocol | DAO | — | |
| 54 | JUSD Fund | Private | JUSD | — |
| 55 | Palm USD | Private | PUSD | — |
| 56 | Pleasing Golden | Private | PUSD | — |
| 57 | QIVALIS | Private | QIVALIS-EUR | — |
| 58 | River | Private | SATUSD | — |
| 59 | Synthetix | DAO | SUSD | — |