BitGo

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.

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.

Cogni / FV Bank

Regulated digital banking and custody platform for stablecoins

FV Bank is a U.S.-chartered (Puerto Rico) digital bank offering integrated banking, digital-asset custody and stablecoin settlement, and was the first U.S.-chartered depository institution to offer stablecoin invoicing (accepting USDC and PYUSD). It has expanded into a unified fintech platform with stablecoin cross-border payments, API-managed accounts and agentic virtual cards. Cogni is a digital-banking/neobank brand operating in the same orbit, having pioneered an in-app noncustodial Web3 wallet.

First Digital Trust (FDT) is a Hong Kong-based qualified custodian and trust company that holds the reserves backing First Digital USD (FDUSD) in fully segregated, independently attested accounts, and provides custody for the broader First Digital ecosystem.

Fortress Trust was a Nevada-chartered trust company building custody and payments infrastructure across fiat and crypto rails, offering virtual accounts, real-time payments, cross-border settlement and digital-asset custody. Founded by former Prime Trust CEO Scott Purcell, it served over 250,000 clients but was ordered to cease operations by Nevada regulators in October 2025 over insolvency, with a receiver appointed for parent Elemental Financial Technologies.

HSBC

Global bank and first-wave Hong Kong stablecoin issuer

HSBC is a global banking and financial-services group that in April 2026 became one of the first two entities granted a stablecoin issuer license by the Hong Kong Monetary Authority under the Stablecoins Ordinance. It plans to launch a Hong Kong dollar (HKD) denominated stablecoin in H2 2026, fully backed by high-quality liquid assets in segregated accounts, integrated into PayMe and the HSBC HK mobile app. HSBC is one of Hong Kong's three note-issuing banks.