Bastion

Circle

Issuer of USDC

Circle is a regulated fintech that issues USDC, the second-largest dollar stablecoin, plus the euro stablecoin EURC. It operates programmable-money infrastructure including CCTP and Circle Mint, and listed on the NYSE in 2025 under ticker CRCL.

Coinbase

Largest US crypto exchange and USDC co-issuer

Coinbase is the largest US-listed crypto exchange and a primary stablecoin trading venue. It co-founded USDC with Circle via the Centre consortium and earns a share of USDC reserve revenue, while operating Base (its L2), Coinbase Wallet, custody and on/off-ramp services. In 2026 it is positioning around stablecoins, Base, and an 'everything exchange' strategy.

MoonPay

Fiat-to-crypto on/off-ramp infrastructure

MoonPay is one of the largest fiat<>crypto on/off-ramp providers, letting businesses embed buy/sell flows via widget, SDK, or API across 180+ countries and most major fiat currencies and local payment methods. It has expanded aggressively through acquisitions since 2025, adding stablecoin payments, card, and wallet capabilities (including Helio and Iron).

Stripe

Global payments platform with native stablecoin checkout

Stripe is the dominant internet payments platform. After acquiring stablecoin infrastructure startup Bridge for ~$1.1B in early 2025 and stablecoin wallet firm Privy, Stripe rolled out native stablecoin acceptance: every Stripe merchant can accept USDC (and USDB) through standard checkout, and Stripe powers USDC payments for millions of Shopify merchants. It charges a flat ~1.5% on stablecoin transactions.

Agora

Digital dollar issuance with white-label stablecoins

Agora issues AUSD, a yield-sharing digital dollar, and offers a white-label issuance service letting partners launch self-branded stablecoins that share AUSD's reserves, liquidity and interoperability. Its reserve fund (cash, repo and short-term Treasuries) is managed with VanEck and State Street. Agora raised a $50M Series A led by Paradigm in 2025.

Anchorage Digital

First federally chartered crypto bank; stablecoin issuer and custodian

Anchorage Digital is the only federally chartered US crypto bank, providing qualified custody plus turnkey, federally regulated infrastructure for minting, redeeming and managing stablecoin issuance. It issues USDtb (with Ethena, reserves in BlackRock's BUIDL), acquired USDM issuer Mountain Protocol, and serves as a regulated issuance partner for stablecoin programs.