Lead Bank

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.

Cross River Bank

Crypto-native partner bank for stablecoin reserves and settlement

Cross River is a technology-forward US bank providing embedded banking, payments and reserve banking to fintech and digital-asset firms. It holds stablecoin reserves, powers stablecoin payment flows, and was a first live participant in Visa's US USDC settlement program.

Tassat

Tokenized deposits & real-time settlement infrastructure

Tassat provides tokenized-deposit and real-time B2B settlement infrastructure for banks, with its TassatPay network and Digital Interbank Network enabling instant, 24/7 dollar settlement and tokenized money movement — adjacent issuance/orchestration rails for institutional dollar transfers.

1Money Network

Purpose-built L1 dedicated solely to stablecoin payments

1Money is a Layer-1 network engineered exclusively for stablecoin payments, using a patent-pending Byzantine Consistent Broadcast (BCB) consensus that delivers sub-second, instant-finality transfers, industry-low fees, and built-in compliance. It emerged from stealth in early 2025 with over $20M in funding and a team from Circle, Ripple, Binance, Uber, and Meta, launching a public testnet in August 2025 with mainnet targeted for late 2025.

Airwallex

Global payments and financial infrastructure platform

Airwallex is a global payments and treasury platform offering cross-border payments, multi-currency accounts, and embedded finance APIs. In 2025 it began building a dedicated stablecoin platform team to enable customers to buy, hold, send, and settle tokens worldwide, despite CEO Jack Zhang's public skepticism that stablecoins meaningfully improve G10-currency cross-border flows. It passed toward $1bn annualized revenue 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.