Tether
Issuer of USDT, the largest stablecoin
About
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.
Stablecoins
Key products
Chains
- Founded
- 2014
- HQ
- El Salvador / Lugano
- Stage
- Private
- Funding
- Self-funded (highly profitable)
Related companies
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.
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.
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.
Noble
Cosmos appchain for native stablecoin issuance
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.
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.
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.