StablyticsThe Stablecoin Market Map
Directory
VNX logo

VNX

Non-USD stablecoins and tokenized gold from Liechtenstein

Visit site

About

VNX is a Liechtenstein-based issuer of regulated non-USD stablecoins and tokenized real-world assets, operating under the Liechtenstein Blockchain Act and licensed by the Financial Market Authority (FMA). Its products include VEUR (euro), VCHF (Swiss franc), VGBP (British pound) and VNXAU (tokenized gold), each fully backed 1:1 by reserves held in Swiss and Liechtenstein banks. VNX stablecoins are integrated with exchanges and institutions including Bitstamp, SwissBorg, Sygnum Bank and Wirex.

Regulatory-grade issuance layer for non-USD stablecoins and tokenized precious metals under the Liechtenstein Blockchain Act.

Stablecoins

VEURVCHFVGBP

Key products

VEURVCHFVGBPVNXAU

Chains

EthereumPolygonSolana
Founded
2020
HQ
Vaduz, Liechtenstein
Stage
Private

Related companies

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
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
A7A5 logo

A7A5

Sanctioned ruble stablecoin powering Russia's shadow crypto economy

Ruble-pegged stablecoin launched in January 2025 by Kyrgyzstan-registered Old Vector LLC, claimed to be backed 1:1 by ruble deposits at sanctioned Russian state defense bank Promsvyazbank and created for the A7 cross-border settlement network of sanctioned Moldovan fugitive Ilan Shor. Circulating on Ethereum and Tron, it became the primary settlement asset of Grinex, successor to the seized exchange Garantex, processing roughly $93 billion in its first year. A7A5 is a sanctioned asset: the UK sanctioned A7A5 developer A7 LLC in May 2025 and issuer Old Vector and Grinex on 20 August 2025, US OFAC designated Old Vector, Grinex, and the A7 network on 14 August 2025, and the EU's 19th sanctions package (23 October 2025) imposed an outright ban on all A7A5 transactions, effective 25 November 2025.

Fiat-Backed Issuers
ADDX logo

ADDX

Tokenized private market exchange for accredited investors

ADDX is a Singapore-headquartered private market exchange that uses blockchain to tokenize and fractionalize private equity, private credit, hedge funds, bonds and unicorn funds, lowering minimums from around USD 1 million to USD 20,000. Licensed by MAS as a recognised market operator with a capital markets services and custody license, it serves accredited investors across 50+ countries.

RWA & TokenizationExchanges
AS

AED Stablecoin LLC

Issuer of AE Coin, the UAE's first regulated dirham stablecoin

AED Stablecoin LLC is the issuer of AE Coin (AECoin), the first AED-denominated stablecoin licensed by the Central Bank of the UAE under the Payment Token Services Regulation. AE Coin is backed 1:1 by dirham reserves with guaranteed redemption, received final approval in 2024, and has been authorized by the UAE federal government as a payment method for public fees and services. It operates through the AEC Wallet infrastructure developed by Al Maryah Community Bank (Mbank).

Fiat-Backed Issuers