StablyticsThe Stablecoin Market Map
Directory

About

Noble is purpose-built stablecoin and real-world-asset issuance infrastructure for the Cosmos / IBC and broader appchain ecosystem. It is the native home of USDC on Cosmos and launched USDN (powered by M0's building blocks). Noble provides issuance, distribution and interoperability rails so assets can move across connected appchains.

Native stablecoin issuance and distribution hub for the Cosmos ecosystem.

Stablecoins

USDCUSDNUSDYEUReUSDC (Noble)

Key products

Noble appchainnative USDCUSDNNative USDC (Cosmos)Asset issuancenative USDC issuance

Chains

NobleCosmosEthereumNoble (Cosmos/IBC)
Founded
2023
HQ
Remote
Stage
Private
Funding
Venture-backed (Polychain, others)

Related companies

Converge logo

Converge

Ethena & Securitize L1 for digital dollars and tokenized assets

Converge is an EVM-compatible Layer-1 built by Ethena Labs and Securitize as a settlement layer for digital dollars and tokenized real-world assets. It uses Ethena's USDe and USDtb as gas tokens, a validator network secured by staked ENA, and an Arbitrum/Celestia stack. It supports both permissionless DeFi and permissioned institutional applications, with mainnet launched in 2025.

Stablecoin ChainsRWA & TokenizationYield-Bearing Dollars
Frax Finance logo

Frax Finance

Stablecoin DeFi ecosystem

Frax Finance, originator of the FRAX/frxUSD stablecoins, offers GENIUS-compatible white-label stablecoin infrastructure with modular smart contracts and hybrid/RWA reserve models, distributed cross-chain via LayerZero. Partners (e.g. Sonic Labs) can launch branded stablecoins on top of Frax's issuance and liquidity stack.

DeFi: Lending & YieldDecentralized StablecoinsStablecoin Chains
M0 logo

M0

Modular stablecoin issuance infrastructure

M0 (M^0) is modular, programmable stablecoin infrastructure that separates token logic from custody and reserves. Its Stablecoin Core and onchain orchestration give fintechs day-one liquidity (1:1 conversion vs USDC/USDT), multi-chain reach and interoperability between M0-powered tokens. It powers branded stablecoins for MetaMask (mUSD), Noble (USDN), Usual and others, with $40M Series B raised in 2025.

Issuance & OrchestrationYield-Bearing DollarsFiat-Backed Issuers
OpenTrade logo

OpenTrade

Stablecoin yield & RWA issuance infrastructure

OpenTrade provides infrastructure that lets fintechs and platforms offer stablecoin yield products backed by real-world assets (tokenized Treasuries and credit). It reports $200M+ TVL and $250M+ transaction volume, and raised $17M in 2026 (Mercury Fund, Notion Capital), bringing total funding above $30M.

Issuance & OrchestrationRWA & TokenizationYield-Bearing Dollars
Paxos logo

Paxos

Regulated stablecoin issuance & infrastructure

Paxos is a regulated blockchain infrastructure and issuance company that issues and operates stablecoins for partners — PayPal's PYUSD, Global Dollar (USDG), and its own USDP — plus tokenization and custody. As the leading regulated US issuer by program count, Paxos provides white-label issuance, minting, custody and reserve management as a service, having processed $180B+ in activity.

Issuance & OrchestrationFiat-Backed IssuersCustody & Security
Tether logo

Tether

Issuer of USDT, the largest stablecoin

Tether issues USDT, the world's largest dollar stablecoin with the dominant share of total stablecoin market cap. It also issues EURT, the gold-backed XAUT, and the US-regulated USAT. Tether's reserves are heavily allocated to US Treasuries and it has become one of the most profitable companies in crypto.

Fiat-Backed IssuersYield-Bearing DollarsIssuance & Orchestration