Directory

0x (Matcha)

DEX liquidity aggregation API and Matcha trading app

0x is DeFi liquidity infrastructure providing swap and trade APIs (Swap API, Gasless API) that aggregate on-chain liquidity for wallets, apps and exchanges, including stablecoin routing. Matcha is its consumer-facing DEX aggregator app. 0x powers swap features across many major wallets and platforms.

1inch

DEX aggregator and DeFi platform

1inch is a leading DEX aggregator that sources liquidity across hundreds of decentralized exchanges to deliver optimal swap pricing, including for stablecoin pairs. It operates the 1inch Aggregation Protocol, Fusion (intent-based, gasless swaps), a Limit Order Protocol, and a self-custody wallet.

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.

21 Analytics

FATF Travel Rule and self-hosted wallet compliance

21 Analytics provides a self-hosted FATF Travel Rule solution, connecting VASPs via TRUST and other networks and verifying self-hosted wallets with AOPP, emphasizing data sovereignty and privacy for regulated institutions.

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.

Aave

Largest DeFi lending protocol

Aave is the largest decentralized money market, where users supply and borrow assets across multiple chains. Stablecoins (USDC, USDT, USDS, DAI) dominate its borrow markets, and Aave also issues its own overcollateralized stablecoin GHO. Aave V3 holds roughly $19B+ TVL as of 2026, making it the deepest source of onchain stablecoin liquidity. Its V4 architecture and Horizon RWA markets extend lending to institutional and tokenized assets.

Abracadabra (MIM)

Magic Internet Money stablecoin backed by interest-bearing assets

Abracadabra.money is a lending protocol that issues MIM (Magic Internet Money), a decentralized overcollateralized stablecoin minted against interest-bearing and yield-bearing collateral via isolated CDP cauldrons. SPELL is the governance token.

Abstract

Consumer crypto L2 from Pudgy Penguins' creators

Abstract is a consumer-focused Ethereum Layer 2 ZK-rollup built with the ZK Stack by Igloo Inc., the company behind the Pudgy Penguins NFT brand. It emphasizes seamless onboarding via the Abstract Global Wallet (passkey-based, gasless account abstraction) and supports stablecoins such as USDC for consumer payments and DeFi.

Acala (aUSD)

Polkadot-native overcollateralized stablecoin aUSD

Acala is the DeFi hub of Polkadot and issues aUSD, a decentralized overcollateralized stablecoin backed by crypto collateral via a CDP system. aUSD suffered a misconfiguration exploit in 2022 that was largely remediated.

Accrue

Send money across Africa and the US in minutes

Accrue is an African payments startup running a stablecoin-powered wallet and a human agent network (Cashramp) for on/off-ramping stablecoins across 11 African countries. Users send money in local currencies while Accrue settles on the backend via stablecoins, and offers stablecoin-backed cards and USD savings.

Across Protocol

Intent-based optimistic cross-chain bridge

Across is an intents-based bridge where users deposit on the origin chain and relayers fill on the destination in seconds, settling via UMA's optimistic oracle. It co-authored the ERC-7683 cross-chain intents standard and offers fast, low-cost stablecoin bridging across major L2s.

Acurast is a decentralized compute and oracle network that uses idle smartphones as TEE-secured processors to fetch and sign off-chain data and run confidential computation. It provides trust-minimized oracle feeds and serverless functions for Web3 applications.

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.

Adyen

Unified commerce PSP exploring stablecoin rails

Adyen is a Dutch global payments platform powering enterprise merchants like Uber, Spotify and Meta. It has been piloting and integrating stablecoin settlement and acceptance options as the card networks and merchants adopt USDC, leveraging its single platform across acquiring, issuing and payouts.

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).

Aegis

Bitcoin-backed yield-bearing dollar (YUSD)

Aegis issues YUSD, a decentralized, Bitcoin-backed yield-bearing stablecoin pegged 1:1 to the US dollar. BTC collateral is held with institutional custodians (Fireblocks, Copper, CEFFU) and kept off centralized exchanges, while a delta-neutral hedging strategy using BTC-margined perpetuals keeps the peg stable. YUSD earns yield from perpetual funding-rate capture and basis trading, distributed to holders without staking or lockups, with full proof-of-reserves transparency. Aegis also offers a Yield-as-a-Service product for wallets and exchanges.

Aerodrome

Central liquidity hub on Base

Aerodrome is the leading DEX and liquidity marketplace on Base, using a ve(3,3) model to direct emissions toward pools including major stablecoin pairs (USDC, USDe, USDS). As Base's dominant venue it is a critical source of onchain stablecoin liquidity in the Coinbase-driven ecosystem.

Afriex

Stablecoin-powered remittances for Africa

Afriex is a remittance app using stablecoins to power instant, low-cost cross-border transfers, with a focus on US-to-West-Africa corridors and diaspora users. It supports multi-currency transfers in USD, GBP and EUR.

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.

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.

Al Maryah Community Bank (Mbank)

UAE digital bank powering the AE Coin stablecoin wallet

Al Maryah Community Bank, known as Mbank, is the UAE's first fully integrated digital bank serving consumers and SMEs. It developed and operates the AEC Wallet, the region's first wallet for the AED-denominated stablecoin AE Coin, and powers AE Coin's distribution and government-fee payment use cases. Mbank has signed partnerships with e& UAE, Network International and others to enable AE Coin payments across telecom, point-of-sale and e-commerce channels.

Alchemix

Self-repaying loans with alUSD

Alchemix issues alUSD, a synthetic stablecoin minted against yield-bearing collateral, where the yield generated automatically repays the user's debt over time (self-repaying loans, 0% interest). It also offers alETH.

Alchemy Pay

Global fiat<>crypto payment and ramp gateway

Alchemy Pay is a hybrid fiat-crypto payment gateway connecting merchants and on/off-ramps across 173 countries and 300+ payment channels. In 2025 it launched Alchemy Chain, a blockchain purpose-built for stablecoin payments and cross-border remittances, aggregating global and local stablecoins.

Algorand

Payments-focused L1 expanding USDC stablecoin use

Algorand is a low-fee, fast-finality Layer-1 oriented toward payments and tokenized assets. It supports native USDC and EURC and has expanded consumer stablecoin payments through partnerships such as Wirex, bringing USDC payments to Visa-accepting merchants.

Allium

Enterprise blockchain and stablecoin data

Allium indexes and cleans raw data from 150+ blockchains into enterprise-grade datasets, with a flagship stablecoin analytics product tracking supply, volume and transfers across issuers and chains. It powers Visa's Onchain Analytics dashboard and serves Stripe, Uniswap Labs, Phantom and Brevan Howard Digital.

Allora

Self-improving decentralized AI inference network

Allora (formerly Upshot/Allora Labs) is a decentralized AI inference network that produces context-aware, machine-learning-based predictions usable as on-chain signals and an AI oracle. Built as a Cosmos SDK L1 with worker, reputer and consumer roles, it powers price predictions and risk signals for DeFi protocols and agents. It also priced NFTs and RWAs via its Upshot origins.

Alloy

Identity and fraud risk decisioning platform

Alloy is an identity risk decisioning platform orchestrating KYC/KYB, AML screening, fraud signals and transaction monitoring across data vendors, used by banks, fintechs and crypto companies to automate onboarding and ongoing compliance.

AllUnity

Issuer of EURAU, Germany's first MiCAR-compliant euro stablecoin

AllUnity is a joint venture established by DWS (Deutsche Bank's asset manager), Flow Traders and Galaxy that issues EURAU, Germany's first fully reserved, MiCAR-compliant euro stablecoin. AllUnity holds an E-Money Institution license from BaFin (granted July 2025) and issues EURAU 1:1 backed under a multi-bank reserve model, launching on Ethereum with Flow Traders as designated market maker and expansion to Solana.

Almond FinTech

Intelligence layer for cross-border FX settlement

Almond FinTech is a B2B settlement-orchestration platform that powers near-instant cross-border FX for banks, fintechs and corporate treasuries. Its execution engine evaluates thousands of routes per transaction across 100+ stablecoins, blockchains and exchange pairs to optimize path, timing and composition, compressing settlement from T+2 to T+0 while improving FX rates by tens of basis points.

Amberdata

Institutional digital-asset data infrastructure

Amberdata provides comprehensive digital-asset market, blockchain, and DeFi data to institutions, including spot/derivatives pricing, on-chain analytics, and reference data used for valuation and risk. It serves trading firms, banks, and issuers needing auditable stablecoin and crypto data.

Ambire Wallet

Self-custodial smart-account Web3 wallet

Ambire is a self-custodial smart-account wallet where each account is a smart contract, bringing account-abstraction features (EIP-7702, gas paid in stablecoins/ERC-20s via paymasters, batched transactions) to EVM users. It supports Ethereum, Base, Optimism, Arbitrum, BNB Chain, Gnosis and Scroll, has been audited 10+ times, and is governed by the WALLET token.

AMINA Bank

Swiss-regulated crypto bank (formerly SEBA Bank)

AMINA Bank (formerly SEBA Bank) is a FINMA-licensed Swiss bank offering custody, trading, lending and staking for digital assets. It provides regulated bank-grade custody for institutions and is active in stablecoin and tokenized asset services.

AMLBot

Crypto AML checks and wallet risk screening

AMLBot is a crypto compliance provider offering wallet risk checks, transaction monitoring, KYC and AML screening tools for businesses and individuals, popular as an affordable self-serve risk-scoring service.

Ampleforth

Elastic-supply rebasing currency (AMPL) and SPOT stable asset

Ampleforth issues AMPL, an elastic-supply token whose balances rebase daily to push price toward a target (the 2019 CPI-adjusted dollar) rather than holding a fixed peg. The protocol also issues SPOT, a flatcoin-style inflation-resistant store of value collateralized by AMPL derivatives via the Buttonwood/Tranche system. It is governed by the FORTH token.

AnChain.AI

AI blockchain analytics and risk

AnChain.AI provides AI-powered blockchain analytics, transaction monitoring, smart-contract auditing and risk/fraud detection for exchanges, financial institutions and government agencies.

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.

Anchored Coins

Issuer of AEUR, a euro-backed stablecoin

Anchored Coins AG is a Swiss company based in Zug, founded in 2022, that issued AEUR, a euro stablecoin backed 1:1 by EUR reserves and natively available on Ethereum and BNB Chain. Its reserves were exposed to the bankruptcy of FlowBank in 2024 before being restored at Swissquote Bank. Because MiCA now requires EUR stablecoin issuers to be licensed within the EU, Anchored Coins, as a Swiss company, announced it would stop issuing new AEUR and wind down its stablecoin business in an orderly manner.

Anchorpoint

HKD-backed stablecoin JV of Standard Chartered, Animoca and HKT

Anchorpoint Financial Limited is a joint venture established by Standard Chartered Bank (Hong Kong), Animoca Brands and HKT to issue a regulated Hong Kong dollar-backed stablecoin, HKDAP (HKD At Par). The venture was granted a stablecoin issuer licence by the Hong Kong Monetary Authority under the Stablecoins Ordinance, combining Standard Chartered's banking infrastructure, Animoca's Web3 expertise and HKT's mobile wallet reach across payments, finance and cross-border use cases.

Anemoy

On-chain tokenized US Treasury fund issuer

Anemoy is a tokenized real-world-asset fund issuer founded in 2023 by Martin Quensel and Anil Sood, building fully on-chain funds on Centrifuge's blockchain. Its flagship product, now the Janus Henderson Anemoy Treasury Fund (JTRSY) managed in partnership with Janus Henderson Investors, invests in short-term US Treasury bills and has grown to hundreds of millions in assets. JTRSY received an AA+f/S1+ rating from S&P Global, the highest assigned to a tokenized fund.

Angle Protocol

Decentralized over-collateralized USD and EUR stablecoins

Angle Protocol is a decentralized, capital-efficient, over-collateralized stablecoin protocol running on multiple chains. Its main products are USDA, a dollar stablecoin, and EURA (formerly agEUR, rebranded in March 2024), one of the most liquid euro stablecoins in DeFi, along with savings products. Every USDA and EURA is fully collateralized and redeemable 1:1. The protocol is built by Angle Labs and focuses on on-chain forex efficiency.

Animoca Brands

Web3 giant co-issuing a licensed HKD stablecoin via Anchorpoint

Animoca Brands is a Hong Kong-based Web3, gaming and digital-property company that has expanded into stablecoins through Anchorpoint, a joint venture with Standard Chartered (Hong Kong) and HKT. Anchorpoint was granted a stablecoin issuer licence by the Hong Kong Monetary Authority under the Stablecoins Ordinance in 2025 and plans to issue HKDAP, a Hong Kong dollar-backed stablecoin.

Ant Digital Technologies

Ant Group's blockchain arm for RWA tokenization-as-a-service

Ant Digital Technologies is the blockchain subsidiary of Ant Group, operating the AntChain platform and a full-stack DT Tokenization Suite for real-world asset issuance. It has tokenized over $8B in energy and infrastructure assets, launched the Anvita platform for AI-agent payments using stablecoins, and is pursuing stablecoin licenses in Hong Kong, Singapore and Luxembourg alongside a USDC integration with Circle.

Ant International

Global cross-border payments arm of Ant Group (Alipay+ / Whale)

Ant International is the global arm of Ant Group, operating the Alipay+ cross-border wallet network and the Whale blockchain-based treasury platform, which processed over $600bn in global fund flows in 2025 with 95%+ same-day settlement. It is pursuing stablecoin licenses in Singapore and Hong Kong and integrates tokenized deposits from banks including JPMorgan Kinexys, DBS, Standard Chartered, and Deutsche Bank, favoring tokenized deposits over public-chain stablecoins.

Anzen Finance

Issuer of USDz private-credit-backed stablecoin

Anzen Finance issues USDz, a stablecoin backed by a diversified portfolio of tokenized private credit assets, with sUSDz as the staked yield-bearing version. Backed by Circle Ventures, Mechanism Capital and Frax. USDz experienced a depeg episode that pressured the protocol.

API3

First-party oracles with OEV recapture

API3 delivers first-party oracle data where the data provider signs the API response directly, removing the intermediary node. Its dAPIs aggregate signed first-party feeds and support OEV (oracle extractable value) recapture, returning MEV-style value to dApps. Used for stablecoin and DeFi price feeds.

Apollo Global Management

Asset manager bringing private credit on-chain for yield reserves

Apollo Global Management is a leading alternative asset manager whose tokenized fund (ACRED, via Securitize) and credit strategies are used as on-chain reserve and collateral assets, positioning it among institutional asset managers backing yield-bearing dollar products.

Aquanow

Digital asset liquidity and infrastructure for institutions

Aquanow is a digital-asset liquidity and infrastructure provider serving 300+ institutional clients across 50 countries with trading, custody, payments and stablecoin settlement through a single backend integration. Its Pay product enables crypto and stablecoin payments and cross-border settlement, and the company holds a VARA VASP license in Dubai.

Arbitrum

Leading Ethereum L2 with deep stablecoin liquidity

Arbitrum is a leading optimistic-rollup Ethereum Layer-2 with deep native USDC and USDT liquidity and a large DeFi ecosystem. It is a core venue for stablecoin yield, lending, and trading, and underpins infrastructure for chains like Converge.

Arc

Circle's open L1 for stablecoin finance

Arc is an open Layer-1 blockchain developed by Circle and purpose-built for stablecoin-native finance, using USDC as the native gas token for low, predictable fees. It features Malachite BFT consensus with sub-second finality, full EVM compatibility, a built-in FX engine, instant settlement, and opt-in privacy. Arc entered public testnet in 2025 with a 2026 mainnet target and participation from institutions including Visa, BlackRock, and Coinbase.

Archax

FCA-regulated digital-asset exchange and tokenizer

Archax is a UK FCA-regulated digital-securities exchange, broker and custodian that tokenizes and distributes institutional funds (including money-market funds from abrdn, BlackRock and Fidelity International). It bridges traditional finance and on-chain RWA markets.

Arf

On-demand stablecoin liquidity for cross-border payments

Arf is a global transaction settlement and liquidity platform that provides on-demand USDC-based working capital to licensed financial institutions for cross-border payments and remittances, removing the need for prefunded nostro accounts. Built with Stellar and Circle's USDC, Arf merged with Huma Finance in 2024 to combine its settlement network with Huma's PayFi tokenization, and is integrating with the Circle Payments Network.

Argent

Smart-contract wallet with social recovery

Argent is a pioneering smart-contract wallet known for seedless onboarding and social recovery, with strong presence on Starknet and Ethereum L2s. It supports stablecoins and DeFi yield within the app and runs the Ready (formerly Argent) brand for Starknet.

Arkham Intelligence

On-chain intelligence and entity deanonymization

Arkham is an on-chain intelligence platform that maps wallet addresses to real-world entities using its AI engine (Ultra) and operates an intelligence marketplace. It is used for investigations, compliance research and tracing funds across chains.

ARQ

Stablecoin-first digital dollar super app for Latin America

ARQ (formerly DolarApp) is a stablecoin-first financial platform for Latin America that lets users convert pesos to digital dollars (USDC) and back in seconds, with US-style account details and an international ARQ Mastercard usable in 180+ countries. It serves around 2 million users across Mexico, Argentina and Colombia and raised $70M from Sequoia and Founders Fund in 2026.

Artemis

Institutional crypto and stablecoin analytics

Artemis is an institutional-grade crypto data platform standardizing on-chain fundamentals across 50+ chains, with leading stablecoin analytics covering supply, volume, transfers and cross-chain flows. It is used by McKinsey, T. Rowe Price, VanEck, Visa, Circle, Sequoia and Tether, and offers a Sheets/Excel data plugin.

Aspora

Stablecoin-powered cross-border banking for the Indian diaspora

Aspora (formerly Vance) is a London-based remittance and cross-border banking platform serving non-resident Indians and global diaspora communities, built on stablecoin rails for instant, low-cost settlement that bypasses SWIFT. It serves 250,000+ users and has processed over $2B in transaction volume. Backed by Sequoia and Greylock, it has raised $93M+ across three rounds.

Avalanche

L1 with subnets and institutional stablecoin/RWA use

Avalanche is a Layer-1 with a customizable subnet (Avalanche L1s) architecture used for institutional tokenization and stablecoin settlement. It hosts native USDC, EURC, and AUSD and is a target chain for RWA and enterprise payment deployments.

Avalanche ICM / Teleporter

Native cross-L1 messaging for Avalanche

Interchain Messaging (ICM) and its Teleporter contracts are Avalanche's native cross-chain messaging layer built on Avalanche Warp Messaging. The TeleporterMessenger contract lets dApps and assets, including stablecoins, move and invoke functions across Avalanche L1s with relayer incentives, replay protection and a standard developer interface.

Avalon Labs

Bitcoin-backed stablecoin USDa

Avalon Labs is a Bitcoin-focused DeFi protocol that issues USDa, an overcollateralized stablecoin minted against Bitcoin and BTC liquid staking assets, with a fixed borrowing rate. It is a leading BTCFi credit and stablecoin platform.

Avant Protocol

Issuer of avUSD stable-value token on Avalanche

Avant Protocol is an Avalanche-based DeFi platform issuing avUSD, a stable-value token backed by USDC/USDT deposits managed via market-neutral strategies, with savUSD as the staked yield-bearing version. Launched in 2024.

Axelar

Universal interoperability network

Axelar is a proof-of-stake interoperability network with a permissionless validator set and slashing, providing General Message Passing (GMP) and cross-chain token transfers across 70+ chains. It connects Cosmos and EVM ecosystems and underpins aggregators like Squid Router.

AZA Finance

Cross-border payments and FX infrastructure for frontier markets

AZA Finance (formerly BitPesa/AZA) provides cross-border payments, FX and treasury infrastructure across Africa and frontier markets, with deep liquidity in African currencies and a long history of using crypto/stablecoin rails for settlement.

Baanx

Self-custody crypto card infrastructure

Baanx is a UK-based payments and digital-banking provider that powers white-label, self-custodial crypto and stablecoin cards for wallets and DeFi apps under EMI licenses, bridging IBAN accounts with tokenized assets. It and its regulated entities were acquired by MetaMask/Consensys for ~$175M in late 2025.

Backed Finance

Tokenized stocks, ETFs and bonds (xStocks)

Backed Finance is a Swiss issuer of tokenized securities, including bIB01 (short-term Treasury ETF tracker) and the xStocks suite of tokenized equities (e.g. AAPLx, TSLAx) distributed via exchanges like Kraken and Bybit. It issued the first tokenized security on Base.

Backpack

Exchange and wallet from the Solana ecosystem

Backpack is a crypto exchange and self-custody wallet that grew out of the Solana ecosystem and Mad Lads NFT community. It supports spot and perps trading with USDC as a core stablecoin and has expanded into regulated markets after acquiring FTX EU.

Bakkt

NYDFS-qualified custodian (publicly traded)

Bakkt is an NYDFS-qualified custodian owned by publicly-traded Bakkt Holdings, providing institutional cold custody for assets including BTC, ETH and USDC. It is expanding into stablecoin payments and crypto infrastructure for enterprises.

Balancer

Programmable AMM and liquidity

Balancer is a flexible AMM supporting weighted, stable and boosted pools, widely used for stablecoin and yield-bearing-asset liquidity. Its boosted pools route idle stablecoins to lending protocols for extra yield, and Balancer v3 plus hooks make it core infrastructure for stable liquidity.

Band Protocol

Cross-chain oracle on Cosmos

Band Protocol is a cost-effective, scalable cross-chain oracle leveraging the Cosmos SDK and IBC for interoperability. It provides price feeds and custom data to Ethereum, BNB Chain, Solana, Cosmos, and other chains, serving as a lower-cost alternative for DeFi and stablecoin protocols.

Bank of America

Global banking giant exploring stablecoins

Bank of America is one of the largest US banks and has signaled plans to issue its own stablecoin and integrate digital-dollar payment rails as US stablecoin regulation matured under the GENIUS Act. It provides banking, payments, and treasury services relevant to stablecoin reserves and settlement.

Banking Circle

Issuer of EURI

Banking Circle, a Luxembourg-based bank supervised by the CSSF, issues EURI, a MiCA-compliant euro stablecoin, integrating it with its cross-border banking and payments infrastructure for financial institutions.

Banxa

Compliance-first fiat-to-crypto on/off-ramp

Banxa is a publicly listed (now acquired) fiat<>crypto on/off-ramp focused on regulatory compliance and local payment methods, integrated into exchanges and wallets globally. It was acquired by OSL Group for ~CAD $85.2M in January 2026.

Base

Coinbase's OP-stack L2 with large stablecoin activity

Base is an Ethereum Layer-2 built on the OP Stack and incubated by Coinbase. It has become one of the largest chains by cumulative stablecoin transaction volume, with deep native USDC liquidity, consumer payment apps, and a fast-growing DeFi and onchain-app ecosystem.

Bastion

Regulated stablecoin issuance & wallet infrastructure

Bastion is a stablecoin infrastructure provider with a regulated trust-company posture (via Dibbs Trust), focused on enterprise stablecoin issuance, embedded wallets and compliance. It offers turnkey minting/redeeming, custody and orchestration for fintechs and enterprises looking to launch compliant stablecoin programs.

BBVA

Global bank settling stablecoins and offering crypto services

BBVA is a major Spanish global bank that settles stablecoin transactions (USDC/USDT) within Visa's program on Ethereum and offers regulated crypto trading and custody, positioning it as a banking and settlement partner in the stablecoin ecosystem.

BDACS

Korean custodian behind KRW1, the first won-backed stablecoin

BDACS (Busan Digital Asset Custody Services) is a regulated South Korean digital asset custodian that launched KRW1, the country's first won-backed stablecoin, on the Avalanche blockchain. KRW1 is backed 1:1 by Korean won held in escrow at Woori Bank, with real-time API-based reserve verification. BDACS has partnered with Plume to enable Korean institutions to access tokenized real-world assets denominated in KRW1.

Beam (Beam.fi)

Stablecoin payment & money-movement infrastructure

Beam provides stablecoin-native payment and money-movement infrastructure, offering APIs for businesses to send, receive and settle in stablecoins across borders, abstracting wallets, conversion and compliance into a single orchestration layer.

Beanstalk

Credit-based algorithmic stablecoin BEAN

Beanstalk is a decentralized credit-based stablecoin protocol issuing BEAN, which maintains its peg through algorithmic supply/demand incentives (the Silo and Field) rather than collateral. It famously suffered a $182M governance exploit in 2022 and later relaunched.

Beefy Finance

Multichain yield optimizer

Beefy is a decentralized multichain yield optimizer whose vaults auto-compound farming rewards, including a wide range of stablecoin LP and lending strategies across dozens of chains. It is a core auto-compounder for retail stablecoin yield.

Belo

International virtual wallet for Latin America

Belo is an Argentine crypto-powered digital wallet founded in 2021 that lets users hold local currencies, digital dollars (USDC/USDT) and Bitcoin in one app, with a Mastercard prepaid card offering crypto cashback and low-cost cross-border transfers. It has over 3 million users across Latin America and raised a $14M Series A led by Tether in 2026.

Benqi

Lending and liquid staking on Avalanche

Benqi is the leading lending, borrowing and liquid-staking protocol on Avalanche. Its money market lets users supply and borrow assets including USDC and USDT, while BENQI Liquid Staking issues sAVAX. The Ignite product supports Avalanche validator and subnet/L1 launches. The protocol is governed by the QI token.

Beraborrow

Liquity-style CDP issuing the NECT stablecoin on Berachain

Beraborrow is a collateralized-debt-position protocol on Berachain that lets users deposit Berachain assets into 'Dens' to mint NECT (Nectar), an overcollateralized, Proof-of-Liquidity-powered stablecoin. Built on a Liquity v2-style design, it supports collateral such as iBGT, WBERA, BTC/ETH variants, and Kodiak LP positions, and is one of the largest native stablecoins on Berachain.

Berachain

Layer-1 with Proof-of-Liquidity and HONEY stablecoin

Berachain is an EVM-identical Layer-1 blockchain using a Proof-of-Liquidity (PoL) consensus model that aligns incentives across validators, protocols and liquidity providers. It runs a tri-token system: BERA for gas, BGT for governance, and HONEY, a fully collateralized US-dollar stablecoin minted by depositing eligible collateral (such as USDC, BTC or ETH) into vaults. The BERA token launched on February 6, 2025. Berachain originated from the Bong Bears NFT project before evolving into a blockchain.

BiLira

Issuer of TRYB, the Turkish lira stablecoin

BiLira is a Turkish fintech that issues TRYB, a stablecoin pegged 1:1 to the Turkish lira and fully backed by reserves held in Turkish bank accounts with regular audits. Launched in 2019, TRYB is available across multiple blockchains including Ethereum, Avalanche and Solana, and is used primarily by institutions, high-net-worth individuals and crypto-native retail for trading and cross-border settlement. BiLira is also building a crypto exchange (BiLira Kripto) and an on/off-ramp product (BiLira Direct).

Binance

World's largest crypto exchange by volume

Binance is the world's largest crypto exchange by trading volume and the dominant venue for USDT and FDUSD stablecoin pairs. It previously issued BUSD (via Paxos, wound down in 2024) and operates BNB Chain, a major stablecoin settlement network. It promotes FDUSD and yield products like its RWA-backed offerings.

BingX

Social and copy-trading crypto exchange

BingX is a crypto exchange founded in 2018 offering spot, derivatives, copy trading and asset management. Known for its social/copy-trading features that let users mirror successful traders, it provides perpetual futures with high leverage to a global user base.

Bitbond

Tokenization technology and security token issuance

Bitbond is a German tokenization technology firm whose Token Tool lets issuers create and deploy compliant smart contracts and tokens (including ERC-1400 security tokens) across 11+ public blockchains with built-in issuer controls like clawback, transfer restrictions and KYC gating. It has served tokenized bonds, equity, funds, real estate and collectibles.

Bitcoin Suisse

Switzerland's crypto-native financial pioneer

Founded in 2013, Bitcoin Suisse is the largest crypto custodian in Switzerland and one of the largest custodial-staking providers worldwide, offering brokerage, custody, staking, lending and payments. Its proprietary Bitcoin Suisse Vault stores keys in Swiss-based HSMs that never leave the country, and the firm operates as a FINMA-recognized SRO member.

Bitfinex

Veteran exchange affiliated with Tether

Bitfinex is a veteran crypto exchange sharing ownership (iFinex) with Tether, the issuer of USDT. It is a major institutional venue and historically central to USDT liquidity and the broader stablecoin market.

bitFlyer

Leading regulated Japanese exchange

bitFlyer is a major Japanese crypto exchange operating in Japan, the US and EU. It is a key regulated venue in Japan's market, which has built one of the earliest legal frameworks for stablecoins.

Bitget

Exchange and issuer of yield-bearing BGUSD

Bitget is a global crypto exchange and copy-trading platform that launched BGUSD in May 2025, a yield-bearing stable asset certificate backed by tokenized US Treasury funds (including Superstate's USTB) offering ~4% yield. It also operates Bitget Wallet.

BitGo

Qualified custodian and digital asset infrastructure

BitGo is a pioneering institutional custodian with a long Bitcoin custody track record, operating OCC and state trust charters. It provides multisig and MPC custody, off-exchange settlement (Go Network), wallet infrastructure and stablecoin issuance (USDS via World Liberty / WBTC custody). BitGo completed the first crypto custodian IPO in January 2026.

Bithumb

Major South Korean exchange

Bithumb is a major South Korean crypto exchange and a key venue in the Korean market. It supports stablecoin trading and is positioned for Korea's emerging won-pegged stablecoin landscape.

Bitkub

Leading Thai crypto exchange

Bitkub is the dominant crypto exchange in Thailand and a key Southeast Asian venue. It supports stablecoin trading and is central to Thailand's growing regulated digital asset market.

Bitmama

Crypto payments and wallets for Africa

Bitmama is a Nigerian blockchain payments platform offering a wallet, exchange, virtual crypto cards and remittances built on stablecoin infrastructure to address dollar shortages and high remittance costs. Users can fund cards with USDT, USDC or cUSD. Its remittance product Changera enables cheaper international transfers. Cards are available in Nigeria, Ghana and Kenya.

BitMart

Global exchange and USDG network partner

BitMart is a global crypto exchange offering spot and futures trading across a wide range of assets. It is a Global Dollar Network partner integrating Paxos's USDG stablecoin.

Bitnob

Bitcoin and stablecoin rails for Africa

Bitnob is an African crypto infrastructure company offering wallets, swaps, payouts, virtual cards, treasury, an OTC desk and a non-custodial enterprise platform, all under one API. It combines global crypto rails with deep local liquidity across African currencies, and partnered with Strike to power Bitcoin- and stablecoin-based remittances into Africa. Over $4.5B has moved through its infrastructure.

Bitnovo

European fiat<>crypto on/off-ramp and vouchers

Bitnovo is a Spain-based on/off-ramp offering crypto buy/sell via cards, bank transfers, and prepaid vouchers, plus an embeddable ramp API for European-focused crypto products.

Bitpanda

Visa card linked to Bitpanda assets

The Bitpanda Card is a Visa debit card linked to a Bitpanda brokerage account, letting European users spend crypto, stablecoins and other assets in real time with rewards.

BitPay

Veteran crypto payment processor with native stablecoins

BitPay is one of the oldest crypto payment processors, settling merchant payments to bank fiat. It has added native USDC across six chains plus other stablecoins, serving large enterprises with checkout, invoicing, payouts and card programs.

Bitrace

On-chain risk and anti-fraud analytics

Bitrace is an Asia-focused blockchain data analytics and on-chain risk firm providing address risk scoring, fund tracing, anti-fraud and AML tools, with particular strength in tracking stablecoin (notably USDT/Tron) illicit flows.

Bitrue

Crypto exchange with broad XRP and altcoin support

Bitrue is a centralized cryptocurrency exchange founded in 2018 supporting 700+ cryptocurrencies for spot and derivatives trading, with yield products and its native BTR token. It is notable for its strong XRP ecosystem support and wide altcoin coverage.

Bitso

Leading Latin American exchange and stablecoin rails

Bitso is the leading crypto exchange in Latin America and a major stablecoin on/off-ramp for cross-border payments between the US and Mexico. Its Bitso Business arm uses stablecoins for remittances and B2B settlement, making it a primary regional stablecoin venue.

Bitso Business

Stablecoin payments and FX for enterprises in Latin America

Bitso Business is the B2B arm of Latin American exchange Bitso, providing local payment rails and stablecoin-powered cross-border settlement for 1,900+ institutions. It enables faster euro and USD settlement across Brazil, Colombia, Mexico and Argentina, replacing slow correspondent banking.

Bitstamp

Long-running EU-licensed exchange (now Robinhood)

Bitstamp is one of the oldest crypto exchanges, EU-licensed and institutionally focused. It was acquired by Robinhood (completed 2025), extending Robinhood's regulated exchange and stablecoin reach. It supports major stablecoin pairs and is a Global Dollar Network adjacent venue.

Bitvavo

Largest European-domiciled retail exchange

Bitvavo is one of Europe's largest retail crypto exchanges, MiCA-regulated and based in the Netherlands. It is a major EU venue for euro and dollar stablecoin trading, including MiCA-compliant tokens like EURC and USDC.

Bitwage

Crypto and stablecoin payroll for global teams

Bitwage is a global payroll and invoicing platform letting companies pay international workers and contractors in stablecoins and crypto, serving as a cross-border payout rail for distributed teams.

Bitwise Asset Management

Crypto-focused asset manager and ETF issuer

Bitwise Asset Management is one of the largest crypto-specialist asset managers, offering index funds and ETFs spanning Bitcoin, Ether and broader digital asset strategies. It has filed for a Stablecoin & Tokenization ETF that pairs an equity sleeve of stablecoin issuers, payment processors and tokenization platforms with a regulated crypto-asset sleeve, giving investors structured exposure to the stablecoin and RWA economy.

BlackRock

World's largest asset manager; manages Circle's USDC reserves

BlackRock is the world's largest asset manager and manages the Circle Reserve Fund, a registered government money market fund holding the bulk of the Treasury reserves backing USDC. It also issues BUIDL, a tokenized money market fund used as collateral and reserve backing across the stablecoin and RWA ecosystem.

Blast

Ethereum L2 with native yield

Blast is an Ethereum Layer 2 (optimistic rollup) known for offering native yield on ETH and stablecoins held on the network, where bridged stablecoins automatically earn yield via on-chain T-bill and staking strategies. It launched with a large airdrop campaign and hosts DeFi, gaming and consumer applications.

Bleap

Self-custodial stablecoin Mastercard

Bleap is a fintech card company offering a self-custodial Mastercard debit card with 0% FX fees and stablecoin cashback, spending USDC/USDT directly from wallets across eight chains. It is available in the EEA and expanding across Latin America.

Block (Square)

Merchant payments giant adding stablecoin acceptance

Block, the parent of Square and Cash App, is integrating stablecoin payments into its merchant ecosystem, enabling small businesses to accept USDC and settle to fiat, and exploring Lightning/Bitcoin and stablecoin rails across Cash App.

Blockaid

Web3 security and transaction risk prevention

Blockaid provides real-time transaction and dApp risk detection embedded in wallets and platforms (e.g., MetaMask, Coinbase Wallet), screening transactions for scams, malicious approvals and risky addresses to protect users and meet risk-monitoring needs.

Blockradar

Stablecoin wallet infrastructure for fintechs

Blockradar is an Africa-founded wallet-as-a-service provider offering plug-and-play, non-custodial, multi-chain stablecoin wallet infrastructure for emerging-market fintechs. Through a single API, businesses can issue wallets, send and receive USDC/USDT and other stablecoins, run AML/KYT checks and manage treasury, with gasless transactions. It crossed $300M+ in volume and ~100,000 wallets in 2025.

Blocksense

ZK-rollup oracle network

Blocksense is a programmable ZK-rollup oracle that lets anyone create custom data feeds verified with zero-knowledge proofs, aiming to deliver price and arbitrary off-chain data at low cost with cryptographic verifiability. It is a recent entrant focused on scalable, permissionless feed creation.

BMO (Bank of Montreal)

North American bank holding stablecoin issuer reserves

BMO is a major North American bank that holds portions of stablecoin reserves for issuers including Paxos, providing cash deposits and banking services to regulated stablecoin businesses.

BNB Chain

High-volume EVM L1 with large stablecoin liquidity

BNB Chain is a high-throughput, low-fee EVM Layer-1 associated with Binance, hosting large USDT, USDC, and FDUSD liquidity. It is a major retail venue for stablecoin trading, payments, and DeFi activity, particularly in Asia.

BNY Mellon

World's largest custodian; primary bank for stablecoin reserves

BNY (Bank of New York Mellon) is the world's largest custodian bank and has become the bank of choice for stablecoin reserves, providing custody and cash management for issuers including Circle, Ripple and Societe Generale FORGE. In 2025 it launched the BNY Dreyfus Stablecoin Reserves Fund, a money market fund designed specifically for GENIUS Act-compliant issuer reserves.

Bracket

Institutional yield vault infrastructure (bsUSD)

Bracket (Bracket Labs) is institutional-grade vault infrastructure for digital assets, securely scaling on- and off-chain yield. Originating as a DeFi derivatives protocol in 2021-2022, the team was an overall runner-up in the Binance Labs Incubator's Build-the-Block competition in 2023. Bracket offers strategy vaults such as brUSDC (risk-adjusted USDC yields) and brktETH (a composite of liquid staking tokens), and powers stablecoin products including bsUSD for issuers and strategy managers seeking yield.

Brale

US-regulated stablecoin issuance & orchestration platform

Brale is a US-regulated stablecoin-as-a-service platform that acts as the legal issuer of record for custom, fiat-backed branded stablecoins. Operating under US money transmitter licenses, it unifies custody, compliance, mint/burn infrastructure and fiat on/off-ramps into a single API, using a revenue-share pricing model. It has expanded issuance support to chains including Algorand and Stacks.

Brave Wallet

Native browser self-custody wallet

Brave Wallet is a self-custody multichain wallet built natively into the Brave browser, requiring no extensions. It supports Ethereum, Solana, and EVM chains plus stablecoins, with swaps and dApp connectivity for the browser's large user base.

Breadcrumbs

Community-powered blockchain investigation

Breadcrumbs is a community-powered blockchain analytics platform for investigating, monitoring and tracing crypto activity, offering visual fund-flow analysis and alerts for analysts and compliance researchers.

Bretton AI

AI agents for financial-crime compliance

Bretton AI (formerly Greenlite AI) builds AI agents that automate financial-crime compliance work, performing KYC, KYB, AML and sanctions investigations by combining language models with 200+ data sources to clear false positives and produce audit-ready narratives. It serves banks, fintechs and crypto firms.

Brickken

Tokenization toolkit for businesses

Brickken is a Spain-based tokenization platform helping companies create, manage and automate compliant digital assets, from equity and debt to real estate and funds. It targets operational tokenization for SMEs and enterprises across multiple jurisdictions.

BRLA Digital

Issuer of BRLA, a Brazilian real stablecoin

BRLA Digital, which rebranded as Avenia in 2025, is a Brazilian stablecoin and payments-infrastructure company that issues BRLA, a fully reserve-backed stablecoin pegged 1:1 to the Brazilian real. It powers stablecoin-based FX, treasury and cross-border payment flows across Latin America and the US, integrating with Brazil's PIX instant-payment system.

Brown Brothers Harriman

Private bank and custodian for stablecoin reserves

Brown Brothers Harriman (BBH) is one of the oldest private banks in the United States, providing custody, asset servicing and cash management. It has served as a reserve custodian and banking partner for stablecoin issuers backing their tokens with cash and short-duration Treasuries.

Bucket Protocol

CDP protocol issuing the BUCK stablecoin on Sui

Bucket Protocol is a collateralized-debt-position protocol on the Sui network that mints BUCK, an overcollateralized stablecoin pegged to the US dollar. Users lock collateral such as SUI, BTC, ETH and liquid-staking tokens at a minimum 110% collateral ratio, with fixed borrowing rates, and the protocol uses a Peg Stability Module, a Tank, and Recovery Mode to defend the peg.

Buenbit

Latin American crypto exchange and financial app

Buenbit is a Latin American crypto exchange and financial services platform founded in 2018, offering fiat<>crypto on/off-ramps, stablecoin savings yield, loans and a Mastercard-linked card across Argentina and Peru. It serves more than 4 million users and agreed in late 2025 to be acquired by Nexo to expand regulated crypto services across the region.

Bullish

Institutional exchange that IPO'd in stablecoins

Bullish is an institutional-focused digital asset exchange (parent of CoinDesk) backed by Peter Thiel and Block.one. In August 2025 it became the first US IPO settled entirely in stablecoins, raising ~$1.15B predominantly in USDC plus EURC, PYUSD, RLUSD, USDG and others. It is a founding USDG / Global Dollar Network partner.

Bungee

Consumer bridge aggregator by Socket

Bungee is the consumer-facing cross-chain bridge aggregator built by Socket that finds the cheapest and fastest route across many bridges and DEXs in one click. It is a popular front-end for stablecoin and token transfers across EVM chains.

Busha

Nigerian crypto exchange and on-ramp

Busha is a Nigerian cryptocurrency exchange that lets users buy, sell, store and swap crypto and stablecoins using local fiat rails. Founded by Michael Adeyeri and Moyo Sodipo, it serves users across Nigeria and Kenya and received a provisional Digital Assets Exchange license from Nigeria's SEC.

BVNK

Stablecoin payments infrastructure for global businesses

BVNK is a stablecoin payments platform powering cross-border B2B payments, merchant settlements, treasury movements and global payroll. It processed $30B+ in flows in 2025, roughly half from cross-border B2B, and holds US state-wide coverage plus EU authorization with payouts in 130+ countries.

Bybit

Major derivatives and spot exchange

Bybit is a leading global crypto exchange known for derivatives and perpetuals, with USDT, USDC and USDe carrying the bulk of stablecoin volume across spot and perp markets. It is one of the largest non-US trading venues by volume.

Caliza

Real-time USD accounts and payments using USDC

Caliza provides an API and dashboard that use USDC and real-time payment networks to give international merchants US digital dollar accounts, instant settlement, automated treasury and programmable compliance across the US, Mexico, Brazil, Hong Kong and Bermuda.

Camelot

Native, community-driven DEX on Arbitrum

Camelot is a leading native decentralized exchange and liquidity layer on Arbitrum (and Orbit chains), offering both V2 and concentrated-liquidity V3 AMMs, customizable spNFT staking and a launchpad for ecosystem projects. Stablecoin pairs (USDC, USDT) are among its core pools, and it serves as a key liquidity venue for new Arbitrum-native tokens. Governed by the GRAIL/xGRAIL tokens.

Canton Network

Privacy-enabled public blockchain for institutional stablecoin payments

Canton is a privacy-enabled public blockchain built on Daml smart contracts, designed for synchronized institutional financial markets. It supports private stablecoin payments on a public network and is used by major financial institutions for tokenized assets and regulated settlement, and is included among Mastercard's supported settlement networks.

Cantor Fitzgerald

Primary-dealer custodian and reserve manager for Tether

Cantor Fitzgerald is a Wall Street investment firm and US primary dealer that custodies and manages the bulk of Tether's nearly $100B US Treasury reserves and holds an equity stake in Tether. It also serves as reserve custodian and primary-dealer settlement agent for Tether's GENIUS Act-compliant USAT stablecoin.

Cap Labs

Issuer of cUSD and stcUSD verifiable-yield stablecoin

Cap is a stablecoin protocol on MegaETH issuing cUSD and its yield-bearing staked version stcUSD, which earns returns from an operator network of vetted yield strategies with restaking-backed financial guarantees. Integrates with Aave to deploy idle capital.

Capital Layer

Asia's digital asset orchestration layer

Capital Layer is a stablecoin orchestration and digital-asset operations platform purpose-built for Asia's financial system, sitting between institutions and stablecoin infrastructure. Its products include Digital Asset Stacks (DAS), a bank-facing operations platform, and StableX, a clearinghouse adding multilateral netting and settlement for cross-border and intercompany treasury flows. It is backed by Coinbase Ventures and Octopus Ventures and operates as an AMF-regulated VASP in France.

Casa

Self-custody multisig for Bitcoin, Ethereum and stablecoins

Casa is a self-custody security company (founded 2018) offering collaborative multisig vaults that distribute keys across a user's phone, hardware wallets and a Casa-held recovery key, so Casa never controls funds unilaterally. It supports Bitcoin, Ethereum and stablecoins and provides inheritance planning and key health checks, targeting individuals seeking sovereign yet resilient custody.

Cash App

Block's payment app with USDC stablecoin support

Cash App is Block, Inc.'s mobile payments app with nearly 60 million monthly active users. In 2026 it rolled out USDC stablecoin send/receive across Solana, Ethereum, Polygon and Arbitrum, with received stablecoins auto-converting to dollars in a unified balance. The integration enables faster, cheaper cross-border transfers and remittances alongside its Cash Card spending product.

Castellum.AI

Real-time sanctions and AML screening

Castellum.AI provides real-time sanctions, PEP and adverse-media screening plus AML risk data and transaction monitoring, with content used by financial institutions, fintechs and crypto firms, including stablecoin AML guidance.

Cata Labs

Cross-chain liquidity protocol (Catalyst)

Cata Labs was a New York-based team building Catalyst, an open-source permissionless cross-chain liquidity protocol for modular blockchains that used a 'unit of liquidity' abstraction to enable atomic swaps of native assets across rollups and app-chains. The Catalyst AMM wound down and Cata Labs was acquired by LI.FI in February 2025.

Catena Labs

AI-native stablecoin financial infrastructure

Catena Labs, founded by Circle co-founder Sean Neville, is building AI-native financial infrastructure and an agentic stablecoin payments stack — including an Agent Commerce Kit — to let AI agents hold, send and settle in stablecoins. It raised an $18M seed led by a16z crypto in 2025.

cBridge / Multichain alternatives — Allbridge

Cross-chain stablecoin transfer protocol

Allbridge is a cross-chain bridge focused on stablecoin transfers between EVM and non-EVM chains (including Solana, Tron, Stellar, and Sui), offering Allbridge Core stable pools and Allbridge Classic wrapped-asset bridging.

Cedar Money

Stablecoin cross-border payments for emerging-market businesses

Cedar Money enables businesses to send cross-border payments into hard-to-reach emerging markets using stablecoin rails, bypassing slow correspondent banking with faster, cheaper settlement.

Ceffu

Institutional custody (formerly Binance Custody)

Ceffu, formerly Binance Custody, is an institutional-grade custody and liquidity platform using MPC and segregated cold storage (Qualified Wallet). It offers off-exchange settlement (MirrorX) with Binance and is ISO 27001/27701 certified and SOC attested.

Celer Network

Inter-chain messaging via cBridge and IM

Celer Network is an interoperability platform offering cBridge for cross-chain asset transfers and Celer Inter-chain Messaging (IM) for generic cross-chain dApps. It supports broad multi-chain stablecoin transfers across 40+ blockchains.

Celo

Mobile-first payments chain for stablecoins

Celo is a mobile-first, EVM-compatible chain (now an Ethereum Layer-2) focused on accessible stablecoin payments in emerging markets. It supports native USDC, USDT, and local-currency stablecoins (cUSD, cEUR, cREAL), allowing gas fees to be paid in stablecoins.

Centrifuge

Onchain real-world-asset credit

Centrifuge brings real-world assets such as receivables, credit and tokenized treasuries onchain, financed with stablecoin liquidity. One of the most battle-tested RWA credit protocols by cumulative volume, it underpins yield-bearing stablecoin products and tokenized treasury funds (e.g. its deRWA / JTRSY collaborations).

CertiK

Web3 security audits and on-chain monitoring

CertiK is a blockchain security firm offering smart contract audits, formal verification, and the Skynet real-time on-chain monitoring platform. It provides security and risk ratings used across stablecoin protocols, exchanges, and DeFi.

Chainalysis

Blockchain data platform for investigations and compliance

Chainalysis is the market leader in blockchain analytics, providing transaction monitoring, wallet screening (KYT), entity attribution, sanctions screening and investigation tools to government agencies, exchanges, banks and stablecoin issuers. It serves 70+ government agencies across 60+ countries and acquired Web3 security firm Hexagate and stablecoin/identity firm Alterya.

ChainArgos

Stablecoin and on-chain forensic analytics

ChainArgos is a Singapore-based on-chain analytics firm specializing in stablecoin flow analysis, forensic investigations and risk research, known for deep-dive reporting on stablecoin issuance, redemptions and illicit flows.

Chainflip

Native cross-chain DEX and swap protocol

Chainflip is a decentralized cross-chain swap protocol with its own validator network and just-in-time AMM that enables native asset swaps across chains, including Bitcoin, Ethereum, Solana, and stablecoins, without wrapped tokens or bridges.

Chainlink

Industry-standard decentralized oracle network

Chainlink is the dominant decentralized oracle network, securing the largest share of DeFi TVL via decentralized node operators that deliver price feeds, Proof of Reserve, and verifiable data on-chain. It powers price oracles and PoR for most major stablecoins and also offers CCIP for cross-chain messaging and token transfers. Chainlink has become the standard data layer for institutional tokenization.

Chainlink CCIP

Cross-Chain Interoperability Protocol

Chainlink CCIP is an enterprise-grade cross-chain messaging and token transfer protocol secured by Chainlink's decentralized oracle networks plus a separate Risk Management Network. Its Cross-Chain Token (CCT) standard enables self-serve burn/mint token deployment, and CCIP was selected by Coinbase as the exclusive bridge for its wrapped assets.

Changelly

Instant non-custodial crypto swaps and fiat on-ramp

Changelly is one of crypto's longest-running instant exchange services, operating since 2015. It offers non-custodial crypto-to-crypto swaps, a card-based fiat on-ramp, a PRO trading interface, a DEX aggregator (Changelly DEX) and a B2B API embedded by many wallets and platforms, serving over 2.6 million monthly users.

Chaos Labs

Risk oracles and on-chain risk management

Chaos Labs provides risk management and risk oracles for DeFi protocols, including its Edge oracle network and Proof-of-Reserve and risk-parameter feeds. It combines simulation-driven risk analytics with on-chain data delivery used by lending markets and stablecoin issuers to set safe collateral parameters.

Checker

One API connecting institutions to stablecoin markets

Checker is a stablecoin infrastructure company that connects exchanges, OTC desks, banks and payment providers into a single programmable network, giving financial institutions one API for stablecoin liquidity, cross-border payments, treasury and credit. It has processed over $3B in volume (about 1% of global B2B stablecoin payments) for 30+ regulated institutions.

Checkout.com

Enterprise PSP with stablecoin settlement

Checkout.com is an enterprise-focused global payment processor. It has built stablecoin capabilities for merchant settlement and payouts, offering USDC-based settlement and stablecoin acceptance to its large enterprise merchant base, and partners with stablecoin issuers and on-chain rails.

Chintai

Regulated layer-1 blockchain for tokenized RWAs

Chintai is a Singapore-based digital asset infrastructure company operating a regulated, permissioned Antelope-based layer-1 blockchain purpose-built for tokenizing, trading and custodying real-world assets. Its operating entity is MAS-licensed as a Capital Markets Services provider and Recognized Market Operator, and the network's native CHEX token powers fees and staking.

Chronicle Protocol

Oracle network born inside MakerDAO

Chronicle is a decentralized oracle network originally built within MakerDAO to power DAI. It offers 65+ data feeds covering crypto assets, yield rates, and RWAs, sourced only from Tier 1 primary sources like Coinbase, Binance, Uniswap, and Curve. Chronicle focuses on gas-efficient verification and infrastructure for tokenized assets.

Cielo Finance

On-chain wallet tracking and alerts

Cielo is an on-chain wallet tracking and alerting platform that monitors wallet activity across chains in real time, used for signal generation, research and monitoring of address behavior.

Circle

Issuer of USDC

Circle is a regulated fintech that issues USDC, the second-largest dollar stablecoin, plus the euro stablecoin EURC. It operates programmable-money infrastructure including CCTP and Circle Mint, and listed on the NYSE in 2025 under ticker CRCL.

Citi

Global bank building tokenized cash and reserve services

Citigroup is a global systemically important bank operating Citi Token Services for tokenized deposits and cross-border liquidity, and is exploring stablecoin issuance and reserve banking, positioning it as a major banking partner in the digital-dollar ecosystem.

Clearpool

Institutional uncollateralized lending

Clearpool is a decentralized marketplace for institutional unsecured lending, where vetted borrowers raise stablecoin (USDC) liquidity from permissionless pools. It also runs Ozean, an RWA-focused L2, and offers credit and yield products bridging institutions and DeFi liquidity.

Cobalt / Coinpath (Bitquery)

On-chain data APIs and money-flow analytics

Bitquery provides blockchain data APIs and Coinpath money-flow analytics enabling transaction tracing, wallet risk analysis and AML investigations across 40+ blockchains for compliance and analytics teams.

Cobo

Custody and wallet-as-a-service platform

Cobo provides full-suite stablecoin payment operations combining MPC custody, payment APIs and Wallet-as-a-Service across 80+ chains. It launched a stablecoin payment solution for cross-border business and integrated Plasma early, positioning as a qualified custodian and orchestration layer for stablecoin treasury and payments.

Cobre

Real-time cross-border treasury and payments for Latin America

Cobre is a Colombian B2B payments and treasury platform enabling real-time cross-border payments across Latin America, increasingly using stablecoin rails for faster FX and settlement for enterprises and financial institutions.

Cobru

Colombian payments wallet and operational payments infrastructure

Cobru is a Barranquilla-based Colombian fintech operating as a hybrid payment gateway and electronic wallet, letting people and businesses charge, collect, send, reload and withdraw money across multiple methods including QR payments and blockchain rails. It aims to democratize electronic payments and collections in Colombia and has incorporated stablecoin and blockchain technology into its payments infrastructure.

Coca

Self-custodial MPC wallet card

Coca is a self-custodial MPC wallet and Visa/Mastercard card that lets users spend stablecoins and crypto from their own keys with cashback rewards, marketed to retail users globally.

Codex

Stablecoin-first L2 rollup for B2B payments

Codex is an Optimism-stack Layer-2 rollup marketed as a stablecoin-first chain, with USDC paying for gas and a focus on B2B payments and stablecoin treasuries rather than DeFi speculation. Backers include Coinbase Ventures and Dragonfly. It reached mainnet by 2026.

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.

Coin Metrics

Crypto financial intelligence & indexes

Coin Metrics is a provider of crypto financial intelligence, delivering network data, market data, indexes and risk analytics to institutions. Its data offerings cover stablecoin supply and flows, exchange transparency and on-chain risk monitoring, and it operates reference rates and indexes used by regulated products.

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.

Coincheck

Nasdaq-listed Japanese exchange

Coincheck is a leading Japanese crypto exchange (subsidiary of Coincheck Group, Nasdaq-listed via SPAC in 2024). It is a key venue in Japan's regulated market, where stablecoin frameworks for JPY-pegged tokens have been advancing.

Coincover

Crypto protection, recovery and risk for institutions

Coincover, founded in 2018 by a team from the UK's Royal Mint, provides digital-asset protection: non-custodial key recovery, fraud prevention and real-time transaction risk screening. It protects over 200 crypto firms and partners with custody providers like Fireblocks (third-party key recovery) and Cobo. Based in Cardiff, Wales, it raised $30M in 2023 led by Foundation Capital.

CoinDCX

Indian crypto exchange unicorn

CoinDCX is a leading Indian crypto exchange and unicorn, offering spot and derivatives trading. It is a major venue in India's market for stablecoin pairs and crypto investing.

Coinfirm

Blockchain analytics and AML risk

Coinfirm is a blockchain analytics and AML platform providing risk scoring, transaction monitoring, investigations and counterparty assessment. It was an early entrant in crypto AML and was acquired into the Lukka data ecosystem.

Coinflow

Payments and on/off-ramp for stablecoin apps

Coinflow provides card acceptance, payouts, and fiat<>crypto on/off-ramp infrastructure aimed at consumer apps, enabling instant settlement to stablecoins and bank rails with built-in compliance.

CoinGate

Licensed crypto payment gateway with EUR/USD settlement

CoinGate is a licensed crypto payment gateway charging ~1% and settling into EUR or USD next business day. It supports USDT, USDC, DAI and EURC across Ethereum, Tron, BNB, Polygon, Solana and Lightning, with plugins for major e-commerce platforms.

Coinme

Licensed cash-to-crypto on/off-ramp

Coinme is a licensed fiat on/off-ramp known for cash-based crypto access through retail kiosk and partner networks across the US. It was acquired by Polygon Labs in 2025 to expand stablecoin ramp coverage.

Coinone

South Korea's third-largest crypto exchange

Coinone is a South Korean cryptocurrency exchange founded in 2014 and one of Korea's 'big four' won-trading venues alongside Upbit, Bithumb and Korbit. It supports 200+ digital assets, partners with Kakao Bank for KRW deposits, and operates under FSC real-name verification and KYC/AML rules.

CoinPayments

Veteran multi-coin crypto payment processor

CoinPayments is a long-standing global crypto payment processor supporting a wide range of coins and stablecoins, with merchant checkout, plugins, invoicing and payouts for online businesses.

Coins.ph

Philippines crypto exchange and wallet

Coins.ph is a leading Philippine crypto exchange and e-wallet, central to stablecoin remittances and payments in a major remittance-receiving market. It launched a peso-pegged stablecoin (PHPC) and is a key on/off-ramp.

Coinshift

Institutional yield-bearing stablecoin (csUSDL)

Coinshift issues csUSDL, a self-custodial, institutional-grade yield-bearing stablecoin built on top of USDL, a fully backed, FSRA-regulated stablecoin issued by Paxos International. csUSDL blends real-world yield from US Treasury bills with onchain lending returns via Morpho Blue, plus token rewards, with yield auto-compounded into the token price or claimable by users. Launched in January 2025, csUSDL surpassed $100M in TVL within four months, positioning Coinshift as a rival to Sky's sUSDS in the yield-stablecoin market.

Coinstore

Emerging-markets focused global crypto exchange

Coinstore is a global centralized cryptocurrency exchange offering spot and derivatives trading with a focus on emerging markets across Asia, the Middle East and beyond. It is known for early listings of new tokens and supports stablecoin trading pairs.

CoinSwitch

One of India's largest crypto investing platforms

CoinSwitch, which began as a crypto aggregator and evolved into a full Indian crypto exchange, is one of India's largest platforms with over 20M users. It offers a simple, beginner-friendly interface for buying and trading crypto with INR on/off-ramps and strong domestic regulatory compliance.

ComplyAdvantage

AI-driven AML and sanctions screening

ComplyAdvantage provides AI-driven AML risk data, sanctions/PEP/adverse-media screening, transaction monitoring and KYB tools used by banks, fintechs and crypto firms for onboarding and ongoing compliance.

Compound

Pioneer DeFi money market

Compound is one of the original DeFi lending protocols, popularizing algorithmic interest rates and the cToken model. Compound III (Comet) uses single-borrow-asset markets (often USDC-centric) for capital efficiency. Stablecoins are core supply and borrow markets, and the protocol holds roughly $2-3B TVL.

Conduit

Onchain cross-border payments for emerging markets

Conduit connects domestic payment rails to a unified onchain payments layer for B2B payouts, supplier payments and treasury, with strong presence in Latin America, Africa and Southeast Asia. It reports costs up to 22% lower than traditional rails and dramatically faster settlement.

Confirmo

Crypto and stablecoin payment gateway for business

Confirmo is a crypto payment gateway for businesses offering merchant acceptance, invoicing, mass payouts and settlement in crypto or fiat, with growing emphasis on fast stablecoin settlement for global merchants.

Connext / Everclear

Clearing layer for cross-chain liquidity

Connext rebranded to Everclear, the first clearing layer that nets and settles cross-chain liquidity between solvers, bridges, and market makers to reduce rebalancing costs. It functions as backend interoperability infrastructure for stablecoin and asset transfers rather than a consumer bridge.

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.

Convex Finance

Boosted yield for Curve LPs

Convex lets Curve liquidity providers and CRV holders earn boosted rewards without locking CRV themselves, aggregating veCRV voting power. It became a central player in the 'Curve Wars' governing stablecoin pool emissions, and expanded to boost Frax and other pools, making it key infrastructure for stablecoin LP yield.

Copper is a UK-founded institutional custody provider built on MPC technology, best known for its ClearLoop off-exchange settlement network that lets institutions trade on connected exchanges without moving assets out of custody. It serves funds, exchanges and treasuries with custody, prime services and collateral management.

Cordial Systems

Self-custody and policy infrastructure for institutions

Cordial Systems builds institutional self-custody and key-management infrastructure focused on policy-driven governance, secure signing and operational controls. Founded by former Coinbase Custody engineers, it targets exchanges, custodians and large treasuries needing programmable, auditable custody.

CoW Protocol

Intent-based trading with batch auctions and MEV protection

CoW Protocol (Coincidence of Wants) is an intent-based DEX meta-aggregator that settles trades via batch auctions, matching coincidences of wants peer-to-peer and routing the rest through solvers for best execution with MEV protection. Its CoW Swap frontend is a major venue for stablecoin and large-order swaps; it also runs CoW AMM and MEV Blocker.

Credix

On-chain private credit marketplace

Credix is a credit marketplace that tokenizes private-credit deals (especially in emerging markets and Latin America), connecting institutional borrowers and fintech originators with on-chain capital from accredited investors.

Cronos

Crypto.com's EVM and Cosmos chain

Cronos is an EVM-compatible blockchain built on the Cosmos SDK and tied to the Crypto.com exchange ecosystem, serving as a bridge between Crypto.com's user base and on-chain DeFi, payments and gaming. It supports major stablecoins including USDC and USDT and uses CRO as its native asset.

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.

Crossmint

All-in-one stablecoin & wallet infrastructure (50+ chains)

Crossmint is an all-in-one stablecoin and wallet infrastructure platform supporting 50+ blockchains. It provides embedded wallets, stablecoin issuance/minting, and enterprise payout orchestration with broad multi-chain coverage, positioning itself as a Bridge alternative for businesses building stablecoin products.

Crypto.com

Exchange, card issuer and Cronos chain operator

Crypto.com is a large consumer crypto exchange and card program operator. Its 2025 roadmap included launching its own stablecoin and filing for a Cronos ETF. It operates the Cronos chain and a widely used crypto Visa card program, making it a major stablecoin spending and trading venue.

Crystal Intelligence

Blockchain analytics and investigations

Crystal Intelligence (formerly Crystal Blockchain, by Bitfury) offers blockchain analytics, transaction monitoring, wallet screening and investigation tools for compliance teams, financial institutions and law enforcement across a broad set of assets and chains.

CUBE3.AI

Real-time web3 transaction security & compliance

CUBE3.AI is a web3 security and compliance platform that uses AI to assess risk and block malicious or non-compliant blockchain transactions in real time. It provides transaction firewalls, fraud prevention and compliance tooling for protocols, exchanges and wallets, competing in the same on-chain firewall space as Forta Network.

Curv

MPC-based digital asset security (acquired by PayPal)

Curv was an Israel-based provider of cloud-based, software-only digital-asset security infrastructure powered by multi-party computation (MPC), eliminating single points of failure by distributing key shares. PayPal acquired Curv in 2021 for under $200M to provide a security layer for its crypto operations and cross-border movement of digital assets.

Curve Finance

The stablecoin DEX

Curve is the dominant automated market maker for stablecoin and pegged-asset swaps, using its StableSwap invariant to minimize slippage between assets like USDC, USDT, DAI and USDS. It is the central liquidity venue for stablecoin pegs and also issues crvUSD, an LLAMMA-based overcollateralized stablecoin. The 'Curve Wars' over CRV emissions made it a backbone of DeFi stablecoin liquidity.

Custodia Bank

Digital asset bank and custodian

Custodia Bank is a Wyoming SPDI (special purpose depository institution) chartered bank providing digital asset custody and payments, including its own Avit tokenized dollar. It focuses on bank-grade custody and on-chain settlement for institutions.

Customers Bank

Crypto-friendly bank holding stablecoin issuer cash reserves

Customers Bank is a US commercial bank that has become a key banking partner for crypto firms and stablecoin issuers, holding cash deposit reserves and operating CBIT, a real-time blockchain-based instant payments network used by digital-asset clients.

Cybrid

Stablecoin payment orchestration API for B2B

Cybrid is a payments orchestration platform connecting stablecoin and fiat rails through developer-first APIs, letting businesses launch cross-border payments, stablecoin products and treasury tools. It offers fiat<>stablecoin on/off-ramps (USDC, USDT) over ACH, wires, RTP, EFT and Interac, FBO virtual accounts, and built-in KYC/KYB/KYT/AML compliance.

Cypher

Self-custodial multichain crypto card

Cypher is a self-custodial wallet and card that lets users spend stablecoins and crypto across chains including Ethereum, Cosmos and Solana directly from their wallet.

Daimo

The ramp for ambitious stablecoin apps

Daimo provides stablecoin payment infrastructure centered on Daimo Pay, which lets apps accept funds from any chain and any token while settling as USDC on a single target chain. It routes deposits from Solana, Tron, major EVMs and exchanges across 12+ networks, and is used by Optimism, Worldcoin, MetaMask, Polymarket, Opera and EtherFi.

Dakota

Globally accessible business banking on stablecoin rails

Dakota is a crypto-integrated business banking platform that combines stablecoin speed with the safety of US Treasuries, letting companies hold and move funds in USD or stablecoins across ACH, Fedwire, SWIFT and SEPA without handling crypto directly. Founded by alumni of Coinbase, Square and Airbnb, it serves 500+ business customers across 100+ jurisdictions and raised a $12.5M Series A led by CoinFund in 2025.

dappOS

Intent execution network for Web3

dappOS is an intent execution network that abstracts away cross-chain complexity, gas and asset management so users can express intents and have them executed across chains. It positions itself as an operating system for dApps with intent-driven transactions and assets, used by projects including GMX, BENQI and QuickSwap.

Davos Protocol issues DUSD (and later DAVOS), an overcollateralized, yield-bearing stablecoin minted against liquid staking tokens, with cross-chain availability. It is a notable LSDFi-era stablecoin protocol.

DBS Bank

Singapore bank with digital-asset and stablecoin services

DBS Bank is Singapore's largest bank and a digital-asset pioneer, operating institutional crypto custody and trading via DBS Digital Exchange and offering stablecoin-related banking and reserve services. It has explored tokenized deposits and provides banking infrastructure for digital-asset clients.

deBridge

High-performance cross-chain value transfer

deBridge is a decentralized cross-chain interoperability and liquidity network whose DLN (deBridge Liquidity Network) uses a solver-auction model to fill cross-chain trades with zero slippage. It supports 75+ blockchains and is a leading venue for fast stablecoin transfers, including Solana <> EVM routes.

Decaf

Stablecoin wallet that feels like a global bank

Decaf is a non-custodial consumer wallet on Solana and Stellar designed to onboard the unbanked in emerging markets. It lets users hold and spend stablecoins like USDC and USDT with gas-free transfers, supports 180+ local currencies, and offers cash-out at 350,000+ MoneyGram locations. Decaf also provides a payments platform for NGOs and employers to disburse stablecoins globally, including via WhatsApp.

DeCard

Stablecoin spending card from former Diners Club Singapore

DeCard is the stablecoin card brand of DCS Card Centre, the MAS-regulated Singapore card issuer founded in 1973 as Diners Club Singapore. Launched with Visa in May 2025, it lets users top up USDT and USDC across Ethereum, Polygon, Solana, Tron and Base via its D-Vault account and spend at 150M+ Visa merchants, with the premium DeCard Luminaries credit card added in September 2025. Standard Chartered became its banking partner in November 2025, handling fiat and stablecoin settlement.

Deel

Global HR and payroll with native stablecoin payouts

Deel is a global HR, payroll and contractor-management platform operating in 150+ countries, and one of the largest fintechs to bring stablecoin payroll mainstream. Businesses can fund payroll in USDC/USDT, and Deel launched DLUSD, a USD-denominated yield-bearing payroll stablecoin issued via Bridge and settled on Tempo, with Privy wallets and optional Morpho-backed earn. Over 10,000 contractors are paid in stablecoins through Deel.

DefiLlama

Open DeFi & stablecoin data aggregator

DefiLlama is the leading open-source DeFi data aggregator, tracking total value locked across thousands of protocols and chains. Its widely cited Stablecoins dashboard tracks circulating supply, chain distribution and peg data for hundreds of stablecoins, making it a primary public reference for stablecoin market data.

Deribit

Leading crypto options venue (acquired by Coinbase)

Deribit is the dominant crypto options and derivatives exchange, with most contracts settled in USDC. Coinbase agreed to acquire Deribit in 2025, expanding its institutional derivatives and stablecoin-settled trading footprint.

Deutsche Bank

Global bank building stablecoin and digital-asset custody

Deutsche Bank is a major global bank developing digital-asset custody and exploring stablecoin and tokenized-deposit initiatives (including via Project Agora and partnerships), positioning it as a European banking and reserve partner in the stablecoin ecosystem.

DFNS

Wallet-as-a-service and key management API

Dfns is a wallet infrastructure and key-management platform offering API-driven MPC wallets, policy enforcement and HSM-backed key security, positioned as a core banking platform for digital assets. Clients include Circle, MoonPay, Broadridge and banks; it processed $26B+ of digital assets in 2025.

dForce

Decentralized stablecoin and DeFi protocol issuing USX

dForce is a multi-chain DeFi protocol that issues USX, a decentralized, overcollateralized and yield-bearing stablecoin minted against approved crypto assets through dForce / Unitus Lending. USX is deployed as an omnichain (OFT) token across Ethereum, Arbitrum, Optimism and BNB Chain, positioning it as a crypto-backed alternative to stablecoins like crvUSD. The protocol is governed by the DF token.

DIA

Trustless, transparent custom oracles

DIA is a trustless oracle providing custom, transparent price feeds, randomness (VRF), and real-time Proof of Reserve for stablecoins across complex multi-chain backing structures. It sources data from on-chain and off-chain venues and offers fair-value pricing and reserve verification tailored to stablecoin and RWA protocols.

DigiFT

Regulated on-chain RWA exchange

DigiFT is a Singapore MAS-licensed on-chain exchange for tokenized real-world assets, offering tokenized US Treasury and money-market products (including a tokenized BlackRock-backed fund) and an AMM-based secondary market for institutional and accredited investors.

DigiShares

White-label real estate and asset tokenization platform

DigiShares provides an end-to-end white-label tokenization platform covering the full lifecycle of digital securities — KYC, e-signing, minting, compliance, cap table management, distributions, payments and secondary trading. It focuses on real estate and private equity tokenization across 40+ countries with integrations to 90+ wallets, KYC providers and blockchains.

Dinari

Tokenized US equities (dShares)

Dinari issues dShares, tokenized US equities backed 1:1 by real shares, and became the first tokenized-equity platform to secure US broker-dealer registration for that business. It offers an API for fintechs and apps to embed tokenized stock access.

dLocal

Local payment rails for emerging markets with stablecoin settlement

dLocal is a Nasdaq-listed cross-border payments company connecting global merchants to local payment methods across 40+ emerging markets, increasingly combining stablecoin rails with local infrastructure to compress settlement cycles and reduce prefunding.

Dolomite

Capital-efficient lending, borrowing and trading money market

Dolomite is a decentralized money market and DEX that supports over 1,000 unique assets while letting users retain the native utility (staking, governance, rewards) of collateral via its Dynamic Collateral system. It is one of the largest lending apps on Arbitrum and has expanded to Berachain and Ethereum, and powers World Liberty Financial's lending market. Stablecoins like USDC and USDT are core borrowable and collateral assets.

Drift Protocol

Solana perps and lending

Drift is a leading decentralized exchange on Solana for perpetuals, spot and borrow-lend, using USDC as primary collateral. It offers stablecoin lending markets and an insurance fund yield, serving as core DeFi infrastructure on Solana.

Drosera

On-chain security and automated incident response

Drosera is a decentralized incident-response protocol that uses on-chain 'traps' to monitor for exploits and automatically trigger protective responses. Its traps can also automate actions for treasuries, DEXes, DAOs, and stablecoins, providing real-time security and monitoring infrastructure.

DTCC

Post-trade market infrastructure tokenizing securities

The Depository Trust & Clearing Corporation (DTCC) is the central post-trade clearing and settlement infrastructure for US capital markets. It has launched a tokenized collateral platform and received SEC no-action relief to tokenize US securities including Treasuries, with plans to support distributions in stablecoins and tokenized deposits.

dtcpay

Singapore MAS-licensed stablecoin payments provider

dtcpay (Digital Treasures Center) is a Singapore-based payments company holding a Major Payment Institution licence from the Monetary Authority of Singapore. It provides omnichannel stablecoin and fiat payment acceptance for merchants, including the first regulated Digital Payment Token in-store POS in Singapore, supporting USDC, USDT and WUSD across point-of-sale, e-commerce and APIs, with integrations including WalletConnect Pay.

Dunamu (Upbit)

Operator of Upbit, Korea's largest crypto exchange

Dunamu Inc. operates Upbit, South Korea's largest cryptocurrency exchange, and is a central player in the country's emerging won-stablecoin race. Dunamu has partnered with Naver Pay to develop a Korean won-pegged stablecoin and has confirmed plans to collaborate with Hana Bank on won-backed stablecoins. The company has drawn strategic investment from Samsung units and Hana Bank, and is being integrated with Naver's fintech arm.

Dune

On-chain data analytics platform

Dune is a crypto on-chain data analytics platform that lets analysts query, visualize, and share blockchain data via SQL, widely used to track stablecoin supply, flows, and DeFi metrics. While not a price oracle, it is a key on-chain data provider for the stablecoin ecosystem.

dYdX

Decentralized perpetuals exchange

dYdX is a leading decentralized perpetual futures exchange running on its own Cosmos-based app-chain, with USDC as the primary collateral and settlement asset. It remains a major onchain derivatives venue and stablecoin collateral sink.

Dynamic

Embedded and external wallet auth (acquired by Fireblocks)

Dynamic is an MPC-based embedded-wallet and authentication platform with unified support for embedded and external wallets. Acquired by Fireblocks in October 2025, it operates as its own brand within Fireblocks, forming a custody-to-consumer stack.

e-Money

Cosmos-based interest-bearing currency stablecoins (now Mover)

e-Money was a Danish blockchain payments project built on Cosmos that issued interest-bearing, currency-backed stablecoins reflecting European currencies including the euro (eEUR), Swiss franc, Swedish krona, Norwegian krone and Danish krone, with a staking token NGM. In January 2023, citing the EU's MiCA regulation, e-Money A/S announced it would unwind and cancel its stablecoins (eEUR, eCHF, eDKK, eSEK, eNOK). The team subsequently pivoted toward the consumer payments brand Mover.

Eco

Stablecoin orchestration layer (routing, not a rail)

Eco positions itself as a stablecoin orchestration layer — 'an orchestrator, not a rail' — that routes payments across stablecoin standards (USDC, USDT, USDG, PYUSD) and underlying chains/rails. Its routes and intents abstract liquidity and bridging so apps can move dollars across tokens and networks with a single integration.

Ekubo Protocol

Capital-efficient concentrated-liquidity AMM

Ekubo is a highly gas-optimized, concentrated-liquidity AMM founded by Moody Salem, an early Uniswap v3 contributor. It features a singleton architecture, extensions and stableswap pools, and originated as Starknet's leading DEX before going EVM-compatible to deploy on Ethereum, Arbitrum and other chains. Its stableswap pools are central to stablecoin liquidity on Starknet.

Elixir

Issuer of deUSD synthetic dollar

Elixir is a network whose deUSD is a fully collateralized, yield-bearing synthetic dollar minted from stETH and sDAI with delta-neutral hedging, designed for decentralized liquidity across exchanges. sdeUSD is the staked yield-bearing version. Elixir also operates decentralized market-making infrastructure.

Elliptic

Blockchain analytics for crypto compliance

Elliptic is a London-based pioneer of blockchain analytics (since 2013) offering wallet and transaction screening, monitoring and investigations via its Lens and Navigator products. It covers ~99% of crypto assets and serves banks, exchanges (Revolut, Bitstamp) and regulators, with strong UK/EU institutional penetration. Raised a ~$120M Series D in 2026.

eOracle

EigenLayer-restaked oracle network

eOracle is a programmable oracle network secured by Ethereum restaking via EigenLayer, leveraging restaked ETH and a decentralized validator set to deliver price feeds and verifiable off-chain data. It aims to bring Ethereum-grade economic security to oracle services.

Ethena

Synthetic dollar with delta-neutral yield

Ethena issues USDe, a synthetic dollar backed by delta-neutral hedged crypto positions, and sUSDe, its staked yield-bearing version earning from perp funding and staking. USDe is the largest non-fiat-backed stablecoin (~$5-6B+), and sUSDe is one of the most widely integrated DeFi yield assets across Pendle, Aave, Morpho and Curve. Ethena also backs the Converge institutional chain.

ether.fi Cash

Crypto-native Visa credit card from ether.fi

Ether.fi Cash is a non-custodial Visa card from the ether.fi DeFi platform, settled on Scroll via a Gnosis Safe, that lets users spend or borrow against crypto holdings without selling, with stablecoin and USDC spending.

Ethereum

Largest settlement layer for stablecoins by supply

Ethereum is the original smart-contract Layer-1 and the dominant chain by stablecoin circulation and supply, anchoring the majority of USDC, USDT, DAI/USDS, and most yield-bearing dollar assets. It is the core settlement and DeFi liquidity hub for the stablecoin ecosystem.

Euler Finance

Modular permissionless lending

Euler is a modular lending protocol whose V2 introduced the Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC), letting anyone deploy customizable, composable lending vaults. After recovering from a 2023 exploit, Euler V2 has grown strongly as flexible infrastructure for stablecoin and yield-bearing-asset lending markets.

Eventus

Trade surveillance and AML monitoring

Eventus provides the Validus platform for trade surveillance, market risk and AML transaction monitoring across traditional and crypto markets, used by exchanges, brokers and crypto trading venues.

Exodus

Multi-asset desktop and mobile wallet

Exodus is a self-custody multi-asset wallet supporting 350+ cryptocurrencies with built-in swaps, staking, fiat on-ramps, NFT/Web3 support and optional Trezor/Ledger hardware integration. It supports stablecoins including USDT and USDC.

f(x) Protocol

Decentralized stablecoin fxUSD and leveraged positions

f(x) Protocol issues fxUSD, a decentralized stablecoin backed by ETH and WBTC, alongside leveraged long/short positions (up to ~7x) with no funding costs or liquidation risk. It splits volatile collateral into a stable token and a leveraged token.

Falcon Finance

Issuer of USDf overcollateralized synthetic dollar

Falcon Finance issues USDf, an overcollateralized synthetic dollar minted against stablecoins and non-stable assets (BTC, ETH, select altcoins), with sUSDf as the yield-bearing staked version earning from market-neutral strategies. USDf grew rapidly to be one of the largest yield-bearing stablecoins (~$2B+ in late 2025).

Family

Beautifully designed self-custody Ethereum wallet

Family is a non-custodial, design-led Ethereum wallet with built-in messaging, transaction simulation, Flashbots protection, approval management and swaps across Ethereum L2s. Its Pocket account service lets users set up a wallet with email or phone plus a passkey or password. Family (originally built by Los Feliz Engineering, led by Benji Taylor) was acquired by Avara, the company behind Aave.

Fasset

Stablecoin-powered Shariah-compliant neobank for emerging markets

Fasset is a stablecoin-powered digital bank built to Shariah-compliant standards, routing payments and savings through stablecoin rails instead of correspondent banking. It targets Muslim-majority populations across Southeast Asia, South Asia and the Middle East, processing over $32B in annualized transaction volume across 125 countries. It has partnered with Tether on a gold-backed neobanking card tied to tokenized assets.

Federated Hermes

Money market fund manager for GENIUS Act stablecoin reserves

Federated Hermes is a major money market fund manager (over $680B in MMF assets) that launched a fund giving stablecoin issuers access to cash and short-term US Treasuries structured to satisfy GENIUS Act eligible-reserve requirements.

Fei Protocol launched FEI in 2021 as an algorithmic, protocol-controlled-value stablecoin governed by the TRIBE token. After a rocky launch, an $80M+ Rari Fuse hack, and a merger with Rari Capital, the Tribe DAO voted in August 2022 to shut down and unwind the protocol, redeeming FEI for collateral. The project is no longer operational.

Felix

Lending and stablecoin on HyperEVM

Felix is the leading lending protocol on Hyperliquid's HyperEVM, built on Liquity V2 architecture, issuing the feUSD stablecoin against HYPE and other collateral and offering stablecoin money markets. It is a fast-growing native DeFi venue in the Hyperliquid ecosystem.

Felix Pago

WhatsApp-based stablecoin remittances to Latin America

Felix Pago lets users send remittances directly through WhatsApp with no app download, using Circle's USDC to lower FX costs and settle in minutes. It has powered over $3B in payment volume across US-to-Mexico and Central America corridors.

Fern

One API for global money movement across fiat and stablecoins

Fern is a money-movement infrastructure company whose API unifies fiat, stablecoins, crypto and bank rails so businesses can launch global payments, on/off-ramps and currency conversion with built-in compliance, going live in as few as three API calls. It supports stablecoins such as USDC, USDT, EURC and PYUSD across chains including Solana, and is now part of Rain, the stablecoin cards and payments company.

Fidelity Digital Assets

Institutional custody from Fidelity

Fidelity Digital Assets is Fidelity Investments' institutional crypto custody and trading arm, offering integrated, in-house-built cold custody for Bitcoin and Ethereum. It custodies assets for Fidelity's spot crypto ETFs and serves institutions, advisors and funds with bank-of-record-grade security.

Fidelity Investments

Asset manager launching stablecoin reserve money market fund

Fidelity is a major US asset manager and custodian that launched a money market fund tailored to stablecoin issuer reserves and has expanded tokenized money market and digital-asset offerings under the GENIUS Act framework.

Figure Markets

Exchange for crypto, stocks, credit and RWAs; issuer of YLDS

Figure Markets is a decentralized-custody marketplace for crypto, stocks, bonds, credit and other assets, built on the Provenance Blockchain. It issued YLDS, the first SEC-registered yield-bearing stablecoin, which pays SOFR minus 0.50% and is backed by prime money-market securities. The platform offers MPC self-custody wallets and 24/7 trading.

Finoa

European institutional custody and staking

Finoa is a German institutional digital asset custodian offering BaFin-regulated custody, staking and settlement for funds, corporates and crypto businesses. It is one of Europe's established qualified custody providers for institutional crypto and stablecoins.

Fipto

Enterprise stablecoin payments infrastructure

Fipto is a European enterprise stablecoin payments company offering B2B cross-border payouts via its 'Stablecoin Sandwich' model, which uses stablecoins as a middle layer for fiat-to-fiat transfers to bypass correspondent banking. It is the first European stablecoin payment player to hold both a Payment Institution license (France) and a full MiCA CASP license, and is a VASP in France and Luxembourg. It partners with Worldline on stablecoin payment rails.

Fireblocks

MPC-based digital asset custody and transfer platform

Fireblocks is the most widely deployed institutional wallet and custody infrastructure provider, using MPC-CMP key management and a hardware-isolated transaction security layer. Its Fireblocks Network connects 2,000+ exchanges, banks, market makers and treasuries for direct settlement, and it is a leading rail for institutional stablecoin movement. Regulated custody workflows route through partner trusts and NYDFS-licensed subsidiaries.

First Abu Dhabi Bank (FAB)

UAE's largest bank issuing a dirham-backed stablecoin

First Abu Dhabi Bank (FAB), the UAE's largest lender, announced plans in April 2025 to issue a dirham-backed stablecoin in partnership with conglomerate IHC and sovereign investor ADQ. The stablecoin will be fully regulated by the Central Bank of the UAE and issued on the ADI blockchain, targeting consumer, corporate, institutional, cross-border and AI machine-to-machine payments.

First Digital

Issuer of FDUSD

First Digital (via First Digital Trust / FD121) issues FDUSD, a Hong Kong-based USD stablecoin that grew rapidly as a Binance trading pair. It also offers trust and custody services out of Hong Kong.

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.

Fiserv

Payments giant launching FIUSD for banks and merchants

Fiserv is a leading payments and financial-technology provider for banks and merchants (owner of Clover). In 2025 it announced FIUSD, a stablecoin built with Paxos and Circle, to embed stablecoin issuance, settlement and merchant acceptance across its banking and merchant base.

Flare Network

L1 with native enshrined oracle data

Flare is an EVM Layer-1 blockchain that enshrines decentralized data acquisition at the protocol level via the Flare Time Series Oracle (FTSO) for price feeds and the Flare Data Connector (FDC) for external data. It positions itself as the blockchain for data, providing oracle services natively to its ecosystem.

Flipside Crypto

Blockchain analytics & on-chain data

Flipside Crypto is a blockchain analytics company that provides free SQL-based access to curated on-chain data across major networks, alongside growth and intelligence services for protocols. Its data covers stablecoin transfers, DeFi activity and wallet behavior, used by analysts, foundations and researchers.

Fluid

Lending and DEX in one protocol

Fluid, built by the Instadapp team, unifies lending and DEX liquidity into a single capital-efficient framework. Its 'smart collateral' and 'smart debt' primitives let LP positions act simultaneously as collateral and yield-bearing assets, enabling very tight liquidations. It has grown to ~$1.5B+ TVL and is a fast-rising venue for stablecoin lending and trading.

Flutterwave

Africa's largest payments infrastructure provider

Flutterwave is a Lagos-based payments company operating across 34+ African countries, providing payment processing, cross-border transfers and the consumer Send App. It is rolling out stablecoin-powered cross-border payments using USDC and USDT on Polygon for business and retail users, and is valued at $3.2B following a Series E with strategic investment from Ripple.

Flux (SEDA)

Cross-chain oracle for economically secured data

Flux is a cross-chain oracle and oracle aggregator that brings economically secured data feeds, including asset prices, on-chain via a staking and dispute mechanism. Originally launched on NEAR, the project rebranded to SEDA Protocol as a permissionless modular data layer for smart contracts.

Fnality

Regulated wholesale settlement in central-bank-backed digital cash

Fnality operates regulated wholesale payment systems that settle in digital cash backed 1:1 by funds held at the central bank. Its Sterling Fnality Payment System went live in 2023 as the world's first regulated DLT-based wholesale payment system, providing real-time DvP and PvP settlement for tokenized securities, repo and FX. A 2025 $136M Series C led by WisdomTree, Bank of America, Citi and Temasek funds expansion to more currencies and interoperability with stablecoins and tokenized deposits.

Fold

Bitcoin-native personal finance and rewards cards

Fold is the first publicly traded bitcoin financial services company (NASDAQ: FLD), offering a bitcoin-rewards debit and credit card, exchange, custody and banking services. Its Visa-network credit card is powered by Stripe Issuing and pays bitcoin back on everyday spending. Fold has processed over $3.1B in transaction volume and distributed $83M+ in bitcoin rewards.

Fonbnk

Turn prepaid airtime into stablecoins

Fonbnk bridges cash- and mobile-first economies to Web3 by letting users in emerging markets convert prepaid mobile airtime credits into stablecoins such as USDC. It pairs airtime, mobile-money and local banking rails to enable on/off-ramps, cross-border treasury flows and stablecoin acceptance across Africa, Latin America and Southeast Asia, with over 1 million users across 17 markets.

Fordefi

MPC wallet platform built for DeFi-active institutions

Fordefi is an institutional MPC wallet and custody platform purpose-built for DeFi interaction, with transaction simulation, a DeFi-aware policy engine and real-time risk alerts. It targets funds, market makers and treasuries that need secure on-chain access while enforcing granular controls.

Forta Network

On-chain threat detection & firewall

Forta is a decentralized security and compliance network that provides real-time threat detection and an on-chain firewall for smart contracts and rollups. Forta Firewall lets protocols and chains screen and block malicious or non-compliant transactions before execution, relevant for stablecoin issuers managing on-chain risk.

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.

Fortunafi

Tokenized Treasuries and RWA yield (ifBILL)

Fortunafi is an RWA platform offering tokenized US Treasury exposure (ifBILL / afUSD) and broader access to real-world yield. It also operates infrastructure for issuers to launch yield-bearing tokens and stable assets.

Franklin Templeton

Asset manager with tokenized MMF for stablecoin-grade reserves

Franklin Templeton is a global asset manager that runs the Franklin OnChain U.S. Government Money Fund (BENJI), a tokenized money market fund, and has expanded tokenized cash and reserve offerings positioned to back stablecoins under the GENIUS Act framework.

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.

Fuel Network

High-performance Ethereum rollup OS

Fuel is a modular execution layer and Ethereum rollup built around the custom FuelVM and the Sway language. It launched the first optimistic rollup on Ethereum in 2020 and now offers Fuel Ignition, a high-throughput L2 with parallel execution. Its Rollup OS targets compute-heavy DeFi and gaming, hosting DeFi protocols like Mira (AMM) and Swaylend (lending).

Galaxy Digital

Digital-asset financial services and infrastructure

Galaxy Digital is a publicly traded digital-asset and data-center financial services firm offering trading, asset management, investment banking, prime brokerage and institutional custody. It owns institutional custody/tokenization platform GK8 and is building the GalaxyOne prime platform combining trading, lending, derivatives and custody.

Galileo Financial Technologies

Payments and card-issuing infrastructure powering fintechs and banks

Galileo is a payments and card-issuing platform owned by SoFi, processing transactions for fintechs and bank partners across more than 160 million accounts. In 2025 Galileo became the distribution backbone for SoFiUSD, SoFi's bank-issued stablecoin, letting partners plug into 24/7 stablecoin settlement and Mastercard-network spending without building blockchain infrastructure themselves.

Garden Finance

Fast, trustless Bitcoin cross-chain bridge

Garden Finance is an intent-based Bitcoin bridge that uses Hash Time Locked Contracts and a competitive solver network to move BTC to chains like Ethereum, Arbitrum, Base, Solana and HyperEVM in roughly 30 seconds with no custody risk. It suffered an ~$11M solver compromise in October 2025, which it said did not affect user funds.

Gas.zip

One-stop cross-chain gas refuel bridge

Gas.zip is a specialized refuel bridge that lets users send a single inbound transaction and receive native gas tokens on dozens of destination chains at once. Built on LayerZero v2, it supports 350+ networks and is widely used to bootstrap gas for moving and transacting stablecoins across chains.

Gas.zip / Jumper

Consumer cross-chain bridge by LI.FI

Jumper Exchange is the consumer-facing multi-chain bridge and swap app built by LI.FI, aggregating routes across dozens of bridges and DEXs over 35+ chains. It is one of the most-used front-ends for moving stablecoins and tokens across chains.

Gate (Gate.io)

Global exchange and USDG network partner

Gate (formerly Gate.io) is a large global crypto exchange with broad altcoin and stablecoin support. It joined the Global Dollar Network as a partner, integrating USDG alongside major USDT and USDC trading pairs.

Gatefi / Unlimit (Gate Pay)

Fiat<>crypto on/off-ramp aggregator

GateFi (now under Unlimit) is an on/off-ramp aggregator offering a single integration to multiple fiat-to-crypto liquidity sources and payment methods for Web3 apps.

Gauntlet

Quantitative risk management and vault curation for DeFi

Gauntlet is a quantitative risk firm that has managed risk parameters for protocols including Aave, Compound and Maker since 2020 using agent-based simulation. It has since become a major vault curator, running Prime, Core and Frontier stablecoin-yield vaults on Morpho and other lending venues, with over $2B in total vault TVL across Morpho, Drift and Kamino.

Gearbox is a generalized leverage protocol where passive lenders supply assets (including stablecoins) and borrowers open credit accounts to deploy leverage across integrated DeFi protocols. It serves as composable leverage infrastructure that channels stablecoin liquidity into leveraged yield strategies.

Gelato (Web3 Functions)

Automation and off-chain function infrastructure

Gelato provides Web3 automation and off-chain compute (Web3 Functions) that can fetch and deliver external data on-chain, acting as oracle/automation middleware for DeFi protocols including keeper jobs for liquidations and price updates. It also offers Rollup-as-a-Service infrastructure.

Gemini

Regulated US exchange and GUSD issuer

Gemini is a regulated US crypto exchange founded by the Winklevoss twins. It issues the Gemini Dollar (GUSD), an early NYDFS-regulated fiat stablecoin, and operates custody and a crypto credit card. Gemini went public in 2025 and joined the Global Dollar Network.

GK8 by Galaxy

Institutional self-custody and tokenization platform

GK8 is an institutional digital-asset custody and tokenization platform owned by Galaxy Digital. It is known for its patented air-gapped cold-vault technology that signs transactions without any internet connectivity, alongside an MPC vault, DeFi access, NFT support and a tokenization wizard. GK8's technology powers Galaxy's tokenization business and is licensed to regulated custodians worldwide.

Glassnode

On-chain market intelligence

Glassnode is an on-chain and financial market intelligence provider that delivers blockchain analytics, metrics and signals to traders, funds and institutions. Its data set includes stablecoin supply, exchange flows and network activity used for market and risk analysis.

Global Dollar Network

Issuer of USDG, the shared-revenue stablecoin

Global Dollar Network is a consortium-style stablecoin initiative behind USDG, issued by Paxos out of Singapore and the EU under MiCA, MAS and Finnish FIN-FSA oversight. Its model shares stablecoin revenue with ecosystem participants such as exchanges and wallets.

Global Ledger

Blockchain analytics and AML compliance

Global Ledger is a blockchain analytics provider offering AML transaction monitoring, wallet screening, risk scoring and investigation tooling with broad chain coverage, serving VASPs, banks and law enforcement.

Global Payments

Acquirer integrating stablecoin settlement (acquiring Worldpay)

Global Payments is a major US payments technology and acquiring company. It is acquiring Worldpay (~$22.7B) and is integrating stablecoin settlement options as merchant demand for USDC-based payouts and acceptance grows across its merchant base.

GMO-Z.com Trust Company

Issuer of yen stablecoin GYEN and dollar stablecoin ZUSD

GMO-Z.com Trust Company (GMO Trust), a NYDFS-regulated limited-purpose trust subsidiary of Japan's GMO Internet Group, issues GYEN, the first regulated Japanese yen stablecoin, and ZUSD, a USD-backed stablecoin. Reserves are held in insured institutions and short-dated US Treasuries / government money-market funds per NYDFS guidelines. Both tokens are issued on Ethereum and Stellar.

GMX

Decentralized perpetuals and spot

GMX is a decentralized perpetual and spot exchange where liquidity providers back trades via the GLP/GM pools, which hold significant stablecoin (USDC) exposure. It is a leading onchain derivatives venue on Arbitrum and Avalanche and a notable consumer of stablecoin liquidity.

Gnosis Chain

Stable-payments-oriented EVM L1

Gnosis Chain is an EVM-compatible Layer 1 (formerly xDai) whose native gas token is a stablecoin (xDAI), making transaction costs predictable and well-suited to payments. Stewarded by Gnosis, it underpins the Gnosis Pay Visa debit network that lets users spend EURe and other stablecoins on-chain, alongside a broad DeFi and DAO ecosystem.

Gnosis Pay

Non-custodial Safe-linked Visa debit card

Gnosis Pay is a self-custodial payment network that links a Safe smart-contract wallet directly to a Visa debit card, letting DeFi-native users in Europe spend stablecoins on-chain with up to 4% GNO rewards.

Goldfinch

Onchain private credit for the real economy

Goldfinch is a decentralized credit protocol providing USDC-denominated loans to real-world businesses, originally focused on emerging-market lenders and now extending to private-credit access via Goldfinch Prime. It pioneered uncollateralized onchain lending backed by offchain collateral.

Goldman Sachs

Investment bank launching stablecoin reserves fund

Goldman Sachs is a leading global investment bank and asset manager that launched a stablecoin reserves money market fund and is building tokenization and digital-asset infrastructure (GS DAP) relevant to stablecoin reserve assets.

Google (Agent Payments Protocol / AP2)

Open protocol for AI agent payments

Agent Payments Protocol (AP2) is an open protocol led by Google to let AI agents safely make payments on a user's behalf, using verifiable mandates (Intent, Cart, Payment). It is payment-method agnostic, with extension points for cards, ACH, real-time rails and stablecoins; Coinbase and MetaMask shipped USDC stablecoin extensions at launch via x402.

Gravita Protocol

Interest-free LST-backed stablecoin GRAI

Gravita Protocol is a Liquity-inspired interest-free borrowing protocol that issues GRAI, an overcollateralized stablecoin minted against liquid staking tokens such as wstETH and rETH, plus other collateral types.

Grayscale Investments

Digital asset manager bridging TradFi to crypto

Grayscale Investments is one of the largest digital asset managers, known for products such as the Grayscale Bitcoin Trust (now an ETF) that give traditional investors regulated exposure to crypto. Grayscale is an active voice on real-world-asset tokenization, viewing Ethereum and oracle infrastructure like Chainlink as core rails for bringing tokenized treasuries and other assets on-chain.

Grove

Institutional credit infrastructure protocol in the Sky ecosystem

Grove is a non-custodial, institutional-grade credit infrastructure DeFi protocol incubated by Grove Labs (a Steakhouse Financial subsidiary) within the Sky (formerly MakerDAO) ecosystem. It launched with a $1B allocation from Sky into the tokenized Janus Henderson Anemoy AAA CLO Strategy (JAAA), acting as a capital highway between DeFi liquidity and tokenized TradFi credit.

Guardarian

Compliant fiat<>crypto exchange and ramp

Guardarian provides on/off-ramp access to 1000+ cryptocurrencies and RWA tokens through compliance-integrated infrastructure, with embeddable widgets for partners and competitive rates for direct users.

Halborn

Blockchain security for Web3 and finance

Halborn is a cybersecurity firm specializing in blockchain and smart contract security, offering penetration testing, smart contract audits, and advisory services for stablecoin issuers, exchanges, and DeFi protocols.

Halliday

Safe on-chain AI agents & workflow orchestration

Halliday builds the Agentic Workflow Protocol (AWP), infrastructure that lets AI agents execute multi-step on-chain processes such as treasury management, recurring payments and B2B transactions within immutable, compliant guardrails. Its workflow engine orchestrates money movement across chains while enforcing predefined safety and compliance rules.

Hamilton Lane

Tokenized private-markets funds

Hamilton Lane, a leading private-markets investment firm, has tokenized several of its funds (including its Senior Credit Opportunities and Equity Opportunities funds) via Securitize and Libre, lowering minimums and broadening access to private equity and credit.

Hashflow

Cross-chain RFQ trading and bridging

Hashflow is a request-for-quote (RFQ) DEX that supports cross-chain swaps with zero slippage by sourcing quotes from professional market makers, including cross-chain stablecoin trades. It uses signed price quotes rather than AMM pools for execution.

HashKey

Hong Kong's largest licensed digital asset group

HashKey Group is a leading Asia-based Web3 financial infrastructure provider operating HashKey Exchange, the largest SFC-licensed virtual asset trading platform in Hong Kong, alongside institutional custody, brokerage, asset management and node services. It supports compliant stablecoin trading and the HKMA stablecoin regime, and listed on the Hong Kong Stock Exchange in December 2025 as the city's first publicly listed crypto exchange.

Hashnote

Issuer of USYC, now part of Circle

Hashnote issues USYC, a tokenized US Treasury / repo money-market fund that became one of the largest tokenized Treasury products. Hashnote was acquired by Circle in early 2025 and USYC is being integrated as yield collateral alongside USDC.

Hermetica (USDh)

Bitcoin-backed synthetic dollar USDh

Hermetica issues USDh, a Bitcoin-backed synthetic dollar that uses a delta-neutral hedging strategy on BTC collateral to maintain its peg while generating yield. It is a notable Bitcoin-native (BTCFi) stablecoin entrant.

Hex Trust

APAC-focused institutional custodian

Hex Trust is a leading APAC institutional custodian licensed by the Hong Kong SFC, Dubai VARA and Singapore MAS. It provides bank-grade custody, staking, markets and tokenization services, and is a common qualified-custody counterparty for stablecoin issuers and treasuries in Asia and the Middle East.

Hexagate

Real-time blockchain security (Chainalysis)

Hexagate is a real-time blockchain security platform (acquired by Chainalysis in 2025) that simulates and analyzes transactions before signing to detect key compromises, phishing, governance attacks and wallet takeovers, integrating as a co-signer or API.

Highnote

Modern card-issuing platform

Highnote is a US card-issuing and acquiring platform used by fintechs and increasingly by stablecoin-native programs to launch cards linked to digital-dollar balances with embedded ledger and program management.

Holyheld

Self-custodial DeFi debit card

Holyheld offers a self-custodial debit card that lets users spend stablecoins from their own wallet with USDC cashback, targeting DeFi-native users in Europe.

Hop Protocol

Rollup-to-rollup token bridge

Hop Protocol is a scalable rollup-to-rollup bridge that lets users move tokens (notably stablecoins and ETH) quickly between Ethereum L2s using bonded liquidity and AMM-based swaps. It pioneered fast canonical-token transfers between Optimism, Arbitrum, and Polygon.

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.

HTX

Global exchange (formerly Huobi)

HTX, formerly Huobi, is a long-running global crypto exchange associated with Justin Sun and the Tron ecosystem. It is a major venue for USDT trading, particularly on Tron, the dominant stablecoin settlement chain for USDT.

Huma Finance

PayFi income-backed lending

Huma is a PayFi network providing onchain financing against future income and receivables, powering stablecoin liquidity for cross-border payments and invoice settlement. It enables payment institutions to access instant stablecoin liquidity, blending DeFi credit with real-world payment flows.

Hummingbird

Unified financial-crime investigations & reporting

Hummingbird is a regtech platform that modernizes anti-money-laundering operations with case management, investigations and automated regulatory reporting, including SAR filing via API. It helps banks, fintechs and crypto firms run compliance investigations with design-driven workflows and large efficiency gains.

Hydration

Polkadot's DeFi hub with HOLLAR stablecoin

Hydration (formerly HydraDX) is Polkadot's leading DeFi appchain, unifying swaps via its Omnipool, an Aave-v3-style lending money market, and HOLLAR, a USD-pegged over-collateralized stablecoin backed by DOT, ETH and BTC. It is a core part of the Polkadot ecosystem and is governed by the HDX token.

Hyperlane

Permissionless modular interoperability

Hyperlane is a permissionless, modular interoperability framework that lets developers deploy cross-chain messaging to any chain without approval, with configurable Interchain Security Modules (ISMs). Its Warp Routes provide low-marginal-fee token bridging well suited to large stablecoin transfers.

Hyperliquid

High-performance L1 with USDC as core settlement asset

Hyperliquid is a high-performance Layer-1 built around a fully on-chain order-book derivatives exchange, with USDC as the dominant margin and settlement asset. Its rapid growth made it a major venue for stablecoin-denominated trading, and it added native stablecoin issuance (USDH) selected via community process.

Hypernative

Real-time Web3 security and threat detection

Hypernative is an institutional-grade Web3 security platform providing real-time threat detection, transaction risk prevention and monitoring for protocols, chains, asset managers, exchanges and stablecoin issuers, helping prevent hacks, exploits and fund drains.

i2c

Global issuer processing and banking-and-payments platform

i2c is a global card-issuing and core-banking platform providing credit, debit, prepaid and money-movement solutions to banks and fintechs in 200+ countries. Its modular, API-driven stack supports Web3 and crypto programs, including moving cryptocurrency value off exchanges onto payment cards, positioning it as issuer-processing infrastructure for stablecoin-linked card programs.

Immersve

Self-custodial wallet-to-card payment rails

Immersve is a New Zealand-based card infrastructure provider that connects self-custodial crypto wallets to the Mastercard network, supplying APIs for card issuance, on-chain settlement, transaction processing and KYC/AML. It powers programs such as Bitget Wallet's crypto-linked Mastercard.

Inca Digital

Crypto financial intelligence & risk

Inca Digital is a crypto market intelligence and risk firm that aggregates multi-source data (trading, blockchain, social and dark-web) into risk-focused intelligence for crypto firms, banks, regulators and government agencies. It detects market manipulation, fraud and illicit activity, supporting compliance and surveillance use cases relevant to stablecoins.

Indodax

Indonesia's first and largest crypto exchange

Indodax (formerly Bitcoin Indonesia), founded in 2014, is Indonesia's first and largest licensed cryptocurrency exchange, serving 9.6M+ users across 450+ assets and 490+ trading pairs. It provides fast IDR deposits/withdrawals, on-chain proof of reserves, and operates under OJK, CFX and KOMDIGI regulation.

Infinite

Global B2B stablecoin payments processor and orchestration layer

Infinite is a Y Combinator-backed (W25) B2B stablecoin payments processor that provides a stablecoin orchestration layer, offering turnkey APIs and SDKs to move money globally. Its platform handles multi-chain routing, FX, compliance (KYC/AML) and settlement, processing same-day payments to over 170 countries by managing the fiat-to-stablecoin-to-fiat flow.

Initia

The network for interwoven rollups

Initia is a modular Cosmos layer-1 that anchors a network of interwoven layer-2 rollups (the OPinit Stack), letting app developers deploy EVM, MoveVM or WasmVM rollups that seamlessly share liquidity, users and assets via IBC. Its consumer interface, N1, unifies the ecosystem. Mainnet and the INIT token launched in April 2025 alongside a Binance listing.

Injective

Layer-1 blockchain built for finance

Injective is a fast, interoperable Cosmos-based layer-1 blockchain optimized for Web3 finance applications such as on-chain order-book exchanges, perpetuals, RWAs and stablecoin settlement. Native USDC and Circle's CCTP are live on the chain, and the 2026 Vulcan upgrade positions Injective as a settlement layer for stablecoins and RWAs. The INJ token uses a buy-back-and-burn mechanism.

Ink

Kraken's DeFi-optimized Layer 2

Ink is a DeFi-optimized Ethereum Layer 2 built on the OP Stack and part of the Optimism Superchain, launched by exchange Kraken to bring its users on-chain. It offers fast block times, Superchain interoperability and a curated DeFi experience, with stablecoins such as USDC and USDT used for trading and yield.

Inswitch

Embedded finance and stablecoin payments for LatAm

Inswitch is an embedded finance and payments infrastructure provider across Latin America and emerging markets, offering stablecoin-enabled cross-border payments, payouts, wallets and on/off-ramps via API.

Interport Finance

Cross-chain swap, bridge and DEX aggregator

Interport Finance is a cross-chain DeFi platform enabling single-transaction token swaps, bridging and gas delivery across major blockchains. It routes through stablecoins using the most efficient messaging layer (LayerZero or Circle CCTP), aggregates liquidity from 250+ DEXs, and offers stablecoin pools for USDT and USDC. It is also associated with the XSwap cross-chain swap brand.

Inverse Finance (DOLA)

DOLA debt-backed stablecoin and FiRM fixed-rate lending

Inverse Finance issues DOLA, a decentralized debt-backed stablecoin minted via its FiRM fixed-rate lending market against collateral such as ETH, stETH and other assets. INV is the governance token.

InvestaX

Licensed tokenization platform and exchange for RWAs

InvestaX is a Singapore-licensed tokenization and digital securities platform for real-world assets, operated by IC SG Pte. Ltd. under MAS Capital Markets Services and Recognised Market Operator licenses. It offers issuance, custody and secondary trading for accredited and institutional investors, and acquired the IX Swap (IXS) DeFi/AMM platform to add on-chain liquidity for tokenized RWAs.

io.finnet

MPC custody and key management for institutions

io.finnet provides institutional MPC-based custody and key management with multi-party governance and self-custody options. It targets funds, family offices and enterprises seeking distributed control over keys without a single custodian.

Iron

Regulated multi-jurisdiction stablecoin infrastructure

Iron provides regulated stablecoin payment and orchestration infrastructure with one of the strongest multi-jurisdiction licensing stacks in the industry — combining MiCA, EMI, UK and Australian MSB authorizations under a single counterparty. It offers stablecoin accounts, mint/redeem, FX and money movement for regulated institutions and fintechs.

Janus Henderson

Global asset manager active in tokenized treasuries and credit

Janus Henderson is a global asset manager (~$380B AUM) that has moved into onchain finance, sub-advising the tokenized Janus Henderson Anemoy Treasury Fund (JTRSY) and the Anemoy AAA CLO Strategy (JAAA) built with Centrifuge. JTRSY holds an S&P AA+f rating, the highest given to a tokenized fund, and JAAA anchors a $1B allocation from the Sky ecosystem via Grove.

Jingdong Coinlink Technology Hong Kong Limited, a subsidiary of JD.com's JD Technology Group, is pursuing a Hong Kong stablecoin issuer licence to issue a stablecoin pegged 1:1 to the Hong Kong dollar and backed by HKD reserves. JD Coinlink is among the approved participants in the HKMA stablecoin sandbox and has registered trademarks such as JCOIN and JOYCOIN, aiming to cut cross-border e-commerce and B2B payment costs.

JPMorgan

Largest US bank expanding digital-asset and reserve offerings

JPMorgan is the largest US bank, operating Kinexys (formerly Onyx) for blockchain settlement and its JPM Coin / deposit-token rails. It is competing to manage stablecoin reserve assets and provides banking and Treasury infrastructure relevant to issuers.

JPYC

Issuer of Japan's first regulated yen stablecoin

JPYC Inc. issues JPYC, Japan's first FSA-licensed yen-backed stablecoin, launched in 2025 on Ethereum, Avalanche and Polygon with ambitions for trillions of yen in issuance. It is the leading regulated JPY stablecoin.

Juicyway

Stablecoin-powered cross-border FX for African businesses

Juicyway is an African fintech using stablecoin infrastructure for faster, cheaper, more transparent FX and cross-border payments for businesses. It quietly processed over $1B in cross-border transactions before emerging from stealth, with clients including Andela, Bolt and Piggyvest.

Jumio

AI identity verification and KYC/AML

Jumio provides AI-powered identity verification, biometric authentication, KYC and AML screening used by financial institutions, crypto exchanges and fintechs for onboarding and fraud prevention.

Juno

Crypto-friendly checking account and on-ramp

Juno is a crypto-native banking platform that combines a US checking account with on-chain access, letting users earn, spend and invest cash and crypto in one place. It offers direct fiat on-ramps to 20+ chains and L2s (Polygon, Arbitrum, Optimism), payroll integration, a Mastercard debit card and stablecoin support.

Jupiter

Solana DEX aggregator and ecosystem

Jupiter is Solana's leading swap aggregator and a broad DeFi platform spanning perps, lending and a stablecoin-routing engine. It aggregates the best stablecoin swap routes across Solana liquidity, making it the de facto trading layer for USDC/USDT on Solana.

JustLend / TRON (USDJ)

TRON-based overcollateralized stablecoin USDJ

USDJ is an overcollateralized stablecoin on the TRON network, minted by locking TRX into CDPs via the JUST/JustLend system, similar in design to MakerDAO's DAI.

Kado

Stablecoin-focused on/off-ramp infrastructure

Kado is an on/off-ramp focused on stablecoins, enabling fast fiat<>USDC/USDT conversion across many chains via embeddable UI and API, popular with apps that want native stablecoin funding and payouts.

Kaiko

Institutional crypto market data and oracle

Kaiko is an institutional-grade crypto market data provider offering reference rates, benchmarks, and an on-chain oracle (Kaiko Oracle / Kaiko Stream) used for valuation, risk, and stablecoin/RWA pricing. It supplies regulated and traditional finance clients with auditable price data.

Kamino Finance

Leading Solana lending and liquidity

Kamino is the largest lending and automated-liquidity protocol on Solana, offering stablecoin (USDC, USDT, PYUSD) money markets, leveraged vaults, automated concentrated liquidity, and its own K-Lend infrastructure. It is the dominant DeFi venue for stablecoin yield on Solana.

KAST

Global money app powered by stablecoins

KAST is a consumer money app and Visa card built on stablecoins, letting users spend USDC/USDT globally with $MOVE cashback rewards. It targets emerging markets and crypto-native users with tap-to-pay spending and no bank account required.

Kava

Cosmos and EVM co-chain for DeFi

Kava is a layer-1 blockchain built with the Cosmos SDK that combines a Cosmos co-chain and an Ethereum (EVM) co-chain. Founded in 2018, it pioneered DeFi on Cosmos with lending, swapping and the USDX over-collateralized stablecoin. Native KAVA is the staking and governance token, and the network connects to the broader IBC ecosystem.

Kava (USDX)

Cosmos-based overcollateralized stablecoin USDX

Kava is a Cosmos-based DeFi platform that issues USDX, an overcollateralized stablecoin minted against crypto collateral (BNB, BTCB, ATOM and others) via CDPs in the Kava Mint module.

Keplr

The leading Cosmos ecosystem wallet

Keplr is the dominant wallet for the Cosmos ecosystem and IBC chains, with growing EVM support. It supports interchain stablecoins (USDC via Noble/IBC, USDT) and staking/DeFi across Cosmos appchains.

KKR

Global private equity giant with tokenized fund exposure

KKR is a global alternative-asset manager that, via Securitize, tokenized exposure to its Health Care Strategic Growth Fund II on the Avalanche blockchain in 2022, the first time exposure to a KKR alternative strategy was offered in a digital format in the US. The tokenized feeder fund lowered investment minimums and improved onboarding for qualified investors.

Klarna

USD stablecoin on Tempo

Klarna, the global BNPL and payments company, announced plans to launch its own USD stablecoin on the Stripe/Paradigm Tempo blockchain to cut payment costs, signaling a major consumer-fintech entry into stablecoin issuance.

Knox Networks builds infrastructure software for institutions bridging traditional finance and digital assets, enabling issuance and movement of file-based digital assets (FBDAs) that tokenize currency and securities with atomic settlement, ISO 20022 support and integrations with web3 and banking rails. It contributed the did:knox decentralized identifier method to the W3C registry and has participated in retail CBDC use-case demonstrations.

Komainu

Regulated, bankruptcy-remote segregated custody

Komainu is a regulated institutional digital asset custodian originally founded in 2018 as a joint venture between Nomura, Ledger and CoinShares. It provides multi-asset custody, collateral and settlement infrastructure for institutions and serves as custodian for Nomura's crypto arm Laser Digital. In 2025 it raised $75 million from Blockstream, and Laser Digital has applied for a US national trust bank to offer crypto custody.

Korbit

South Korea's first cryptocurrency exchange

Korbit, founded in 2013, is South Korea's first cryptocurrency exchange and one of the country's licensed 'big four' won-trading venues. Partnered with Shinhan Bank for KRW deposits, it is known for reliability and educational focus and operates under strict FSC KYC/AML and real-name banking rules.

Kotani Pay

Africa's stablecoin on/off-ramp to mobile money

Kotani Pay is an African on- and off-ramp connecting Web3 and stablecoins to local currencies and mobile money across markets like Kenya and Nigeria. Its USSD solution lets recipients cash out remittances to mobile-money wallets using feature phones without internet access, cutting remittance costs and driving stablecoin adoption among underbanked populations. It raised $2M in pre-seed funding.

Koywe

Stablecoin on/off-ramp and payments infrastructure for LatAm

Koywe provides on/off-ramp and stablecoin payment infrastructure across Latin America, enabling businesses to move between local currencies and stablecoins for cross-border settlement via API.

Kraken

US exchange and Global Dollar Network co-founder

Kraken is a long-standing US-based crypto exchange and a co-founder of the Paxos-led Global Dollar Network, the consortium behind USDG. It offers USDG rewards of up to ~5% to holders and supports a broad range of stablecoin pairs. Kraken has expanded into equities and is a prominent regulated stablecoin venue.

KuCoin

Global altcoin exchange and USDG partner

KuCoin is a large global crypto exchange known for deep altcoin listings and a major stablecoin trading venue. It joined the Global Dollar Network, supporting USDG alongside USDT and USDC.

KyberSwap

Multi-chain DEX aggregator and liquidity protocol

KyberSwap, by Kyber Network, is a multi-chain DEX aggregator and AMM offering best-rate swaps across chains and concentrated liquidity pools (Elastic), with cross-chain swap support. It is a notable venue for stablecoin liquidity and routing across EVM networks.

Layer2 Financial

Payments-as-a-service bridging stablecoins and fiat

Layer2 Financial operates a single-API Payments-as-a-Service platform that connects stablecoins to traditional fiat rails (ACH, Fedwire, SWIFT, SEPA), enabling compliant cross-border collections, payouts and FX for businesses. It handles KYC/KYB and transaction monitoring on behalf of clients.

Layerswap

Move assets between exchanges and L2s

Layerswap is a cross-chain bridging and swap platform that lets users transfer crypto assets between centralized exchanges, Layer 2 networks and other blockchains with low fees and fast confirmations. Founded as an Armenian startup, it is integrated by networks such as StarkWare, Linea and Nostra to power deposits and bridging.

LayerZero

Omnichain interoperability protocol

LayerZero is an omnichain messaging protocol that connects 130+ blockchains and powers the majority of cross-chain volume. Its OFT (Omnichain Fungible Token) standard is widely used by stablecoin and token issuers to deploy natively cross-chain assets without wrapping, with a configurable security stack of Decentralized Verification Networks (DVNs).

LBank

Global centralized exchange with 800+ assets

LBank is a centralized cryptocurrency exchange established in 2015 with 12M+ users across 210+ countries. It supports 800+ cryptocurrencies and 1000+ trading pairs with flat 0.10% spot fees, fiat purchases in 131 currencies, and broad altcoin listings.

Lead Bank

Fintech-focused bank settling stablecoins for Visa

Lead Bank is a Kansas City-based, fintech-focused commercial bank that provides banking-as-a-service and reserve banking for digital-asset firms. It was one of the first live participants in Visa's US USDC settlement program, settling transactions on Solana and Ethereum.

Ledger

Hardware wallets and Ledger Live

Ledger is the leading hardware-wallet maker (Nano/Stax/Flex devices) paired with the Ledger Live app, which integrates third-party apps like Rainbow and Zerion. It supports buying, swapping, staking and holding stablecoins with cold-storage key security.

LemFi

Cross-border payments for immigrant communities

LemFi provides multi-currency accounts and remittances for diaspora communities across Africa, Asia, Europe and the Americas, adopting USDT to replace multi-day SWIFT settlement with near-instant transfers. It crossed $1B in monthly transaction volume in early 2025.

Lemon

Argentina's crypto neobank for digital dollars

Lemon (Lemon Cash) is an Argentine crypto neobank with 2M+ users, offering a wallet, exchange, a Visa stablecoin debit card and USDC savings yield. It lets users convert salaries into digital dollars (USDC) as an inflation hedge and spend them at point of sale, with Earn powered by Aave.

Level

Yield-bearing stablecoin from lending

Level issues lvlUSD, a stablecoin fully backed by USDC and USDT that are deposited into blue-chip lending protocols (Aave, Morpho) to generate yield, with slvlUSD passing returns to holders. It is a notable 2024-2025 entrant making lending yield natively spendable as a stablecoin.

LI.FI

Cross-chain bridge and DEX aggregation API

LI.FI is a liquidity aggregation and orchestration layer that routes swaps and bridge transfers across 60+ chains and dozens of bridges through a single API and SDK. It powers cross-chain functionality for many wallets, exchanges, and fintechs, and operates the consumer-facing Jumper Exchange.

Libeara

Tokenization platform backed by Standard Chartered

Libeara, incubated by Standard Chartered Ventures, is a tokenization platform that issues and enables tokenized funds, including the Delta Wellington Ultra Short Treasury fund and Singapore-dollar government-bond products. It underpins institutional tokenized Treasury offerings like Theo's thBILL.

Libre / KAIO

Tokenized investment funds infrastructure

Libre (rebranded KAIO in 2025) is a tokenization infrastructure focused on tokenized investment funds, partnering with managers such as Hamilton Lane, BlackRock, Brevan Howard and Nomura's Laser Digital to bring fund shares on-chain with built-in compliance.

Lido

Largest liquid staking protocol

Lido is the largest liquid staking protocol, issuing stETH/wstETH which are among the most-used collateral assets backing stablecoin borrowing across Aave, Sky, Spark and Morpho. While not a stablecoin issuer, Lido's staked ETH is foundational collateral underpinning much of DeFi's stablecoin credit.

Lightspark

Open payments infrastructure on Bitcoin Lightning and stablecoins

Lightspark, founded by former Meta crypto lead David Marcus, builds open payments infrastructure spanning Bitcoin Lightning, stablecoins, and fiat. Its products include the Universal Money Address (UMA) interoperability standard, the Grid global payments API, and Spark, a protocol for compliant Lightning-native stablecoin issuance. It targets real-time, low-cost cross-border money movement for banks and developers.

Liminal Custody

Regulated MPC custody and wallet infrastructure

Liminal Custody is an institutional digital asset custody and wallet platform offering MPC and multisig wallets, a policy engine and automation. It holds VARA (Dubai) and FSP licenses and serves exchanges, banks and funds across the Middle East and Asia.

Linea

Consensys zkEVM Layer-2 for Ethereum

Linea is a zkEVM Layer-2 rollup built on Ethereum by Consensys (co-founded by Joseph Lubin), publicly launched in 2023 after rebranding from Consensys zkEVM. It scales Ethereum with zero-knowledge proofs and full EVM equivalence, and saw rapid early adoption with millions of transactions in its first month. Major stablecoins USDC and USDT are bridgeable to Linea and serve as dominant DeFi liquidity pairs, with protocols like Uniswap deployed across the network. Linea is tightly integrated with the MetaMask wallet ecosystem.

Liquity

Decentralized borrowing protocol

Liquity is a decentralized borrowing protocol that issues LUSD, an interest-free, ETH-collateralized stablecoin with a 110% minimum collateral ratio and immutable, governance-free contracts. Liquity V2 introduced BOLD, which supports liquid staking token collateral and user-set interest rates set via a continuous market.

Lithic

Card issuer processor for stablecoin programs

Lithic is a US card-issuing and processing platform increasingly chosen by stablecoin-native companies to issue cards against stablecoin balances, handling provisioning, authorization decisioning, network connectivity and reconciliation.

Littio

Dollar and euro banking for Latin America

Littio is a Colombian fintech offering USD and EUR bank accounts to people in Latin America, powered by stablecoins (USDC and EURC) and traditional rails. Users can hold digital dollars, earn yield, spend via card and send cross-border transfers to local and US/EU banks. It is a Y Combinator company serving 200,000+ users.

LlamaPay

Automated, gas-efficient salary streaming by the second

LlamaPay is a multi-chain streaming-payments protocol from the Llama / DefiLlama ecosystem that automates per-second token streams for contributor payroll. Its open-ended model accumulates debt on sender insolvency rather than liquidating, making it cheaper and simpler than alternatives and well suited to indeterminate-length salaries.

Locus

Payment infrastructure for AI agents settling in USDC

Locus is a Y Combinator-backed (F25) company building non-custodial wallet and payment infrastructure for AI agents, with funds held in agent-controlled smart wallets on Base and settled in USDC. It provides policy enforcement, spending limits, per-transaction budgets, approval thresholds and vendor allowlists, and lets agents pay-per-use across 30+ APIs from a single wallet. Its Locus Founder product is an AI agent that builds and runs an internet business.

Loop Crypto

Crypto and stablecoin payments and recurring billing

Loop Crypto is a crypto/stablecoin payment processor enabling merchants, billing software and e-commerce platforms to accept stablecoin payments and recurring subscriptions onchain, with non-custodial pull payments and integrations into billing systems.

Lukka

Institutional crypto data and middle-office

Lukka provides institutional-grade crypto asset data, pricing, accounting and AML/risk data (including the acquired Coinfirm assets), serving funds, banks and auditors with reference and compliance data for digital assets and stablecoins.

Luno

Emerging-markets exchange (Africa, SE Asia)

Luno is a crypto exchange focused on emerging markets across Africa and Southeast Asia, owned by Digital Currency Group. It serves as a key stablecoin on/off-ramp and trading venue in regions with high stablecoin remittance demand.

Lybra Finance issues eUSD, an interest-bearing decentralized stablecoin backed mainly by ETH and stETH (with wstETH, rETH and WBETH in V2). Staking yield from the collateral is distributed to eUSD holders as a native yield.

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.

Magic

Passwordless embedded wallets and auth

Magic is the original passwordless authentication and embedded-wallet specialist, popularizing email-link and social-login seedless onboarding before 'embedded wallets' was a category. It remains independent and provides non-custodial wallet infrastructure across many chains.

Mansa

On-demand stablecoin liquidity for payment companies

Mansa is a stablecoin liquidity provider that supplies on-demand settlement liquidity without prefunding — effectively short-term credit lines for payment companies and financial institutions moving money cross-border on stablecoin rails. It partners with stablecoin payment platforms to fill the working-capital gap underpinning real-time settlement, including expansion across Asia.

Mantle

Ethereum L2 with a large on-chain treasury

Mantle is an Ethereum Layer 2 network (originally an optimistic rollup, evolving toward a modular ZK-validity architecture) governed by the Mantle ecosystem and backed by one of the largest on-chain treasuries in crypto. It supports a broad DeFi ecosystem, stablecoins such as USDC and USDT, the mETH liquid staking product, and the USDe-based yield ecosystem.

MANTRA

Compliance-first L1 for real-world asset tokenization

MANTRA is a Cosmos SDK-based Layer-1 blockchain purpose-built for real-world asset (RWA) tokenization with regulatory compliance at its core. It provides modules for KYC/AML, sanctions screening and transaction monitoring, enabling compliant tokenization of treasuries, real estate, securities and commodities. Its native OM token powers governance, staking and fees.

Maple Finance

Institutional onchain credit

Maple is an institutional digital-asset lending and credit marketplace where vetted borrowers access stablecoin (USDC) loans backed by collateral and underwriting. Its syrupUSDC yield product brought institutional credit yield to broad DeFi users, and Maple has become one of the most battle-tested onchain credit platforms by cumulative volume with multi-billion deployed.

MarginFi

Solana lending and borrowing protocol

MarginFi (by MRGN, Inc.) is a decentralized lending and borrowing protocol on Solana offering a unified money market and liquid staking (LST). Users supply and borrow assets including USDC and USDT, and the protocol has been a major liquidity hub within Solana DeFi. It is governed by community and the MRGN ecosystem.

Marqeta

Modern card issuing platform powering stablecoin spending

Marqeta is a publicly traded global modern card-issuing platform whose open API powers configurable payment cards for fintech leaders including Square, Klarna, Uber, DoorDash and Coinbase. Its Just-in-Time Funding and dynamic spend controls enable stablecoin-linked cards (e.g. its partnership with Stables) that convert stablecoin balances into fiat at the point of sale for Mastercard/Visa acceptance.

Mars Protocol is a decentralized credit and money-market protocol operating on Neutron and Osmosis, offering lending, borrowing, spot and margin trading, and leveraged strategies. Originally launched on Terra, it migrated to the Cosmos ecosystem after Terra's 2022 collapse. While primarily a lending venue rather than a stablecoin issuer, it is a core source of stablecoin (e.g. axlUSDC/USDC) liquidity and leverage in Cosmos DeFi.

MassPay

Global payout network across fiat, stablecoins and local rails

MassPay is a global payout orchestration network that connects platforms to local payment rails, stablecoins, mobile wallets and real-time methods across 180 countries through a single API. It supports 35+ funding currencies plus USDC and other digital assets, with intelligent routing and built-in KYC/AML compliance. It partners with Coinbase for stablecoin payouts and integrates Visa Direct.

Mastercard

Card network building stablecoin rails; acquiring BVNK

Mastercard is a global card network embedding stablecoins across settlement, card spend and merchant payments. It enables stablecoin settlement, partnered with MoonPay, OKX, Nuvei and others, runs the Mastercard Multi-Token Network, and in 2026 agreed to acquire stablecoin infrastructure firm BVNK for up to ~$1.8B.

Matrixdock

Tokenized Treasuries and gold (STBT, XAUm)

Matrixdock, founded by Matrixport, is an Asia-based RWA platform issuing STBT (short-term Treasury bill token) and XAUm (fully backed tokenized gold). It distributes across multiple chains and partners with networks like Plume for tokenized gold access.

Matrixport

Institutional custody arm of Matrixport/BIT

Matrixport (now BIT) provides institutional custody, trading and asset management with over $6B in assets under custody and management, operating Cactus Custody as its dedicated custodian. It is a major Asia-based digital asset financial services group serving institutions.

Mayan Finance

Cross-chain swap auction protocol

Mayan is a cross-chain swap protocol built on Wormhole that uses an auction mechanism and intents (MCTP, Swift, Fast MCTP) to deliver fast, low-cost transfers, with strong Solana <> EVM stablecoin routing. It is a leading venue for native USDC cross-chain swaps via CCTP.

MegaETH

The first real-time blockchain

MegaETH is an Ethereum layer-2 marketed as the first real-time blockchain, targeting sub-10ms block times and over 100,000 TPS through parallel EVM execution. Mainnet launched in February 2026 and the MEGA token went live in April 2026. It is designed to host high-throughput DeFi and consumer apps and was seeded by backers including Vitalik Buterin.

Membrane Finance

Issuer of EUROe

Membrane Finance is a Finnish, FIN-FSA-supervised issuer of EUROe, a MiCA-compliant euro stablecoin backed 1:1 by euro reserves. EUROe is one of the most widely integrated regulated euro stablecoins in the EU.

Mento

Decentralized multi-currency stablecoin protocol on Celo

Mento is a decentralized protocol on the Celo blockchain for creating and exchanging multi-currency stablecoins. Its stablecoins, including cUSD (Celo Dollar), cEUR (Celo Euro) and cREAL (Celo Real), are overcollateralized by a diversified on-chain reserve holding assets such as CELO, BTC, ETH and others, and are minted and redeemed against the reserve via smart contracts and price oracles. Mento Labs, the developer, was founded in 2022 in Germany.

Mercado Bitcoin

Brazil's largest crypto exchange

Mercado Bitcoin, founded in 2013, is Brazil's largest cryptocurrency exchange and one of Latin America's biggest, serving 4M+ users. The dominant Brazilian on-ramp for over a decade, it lists major stablecoins (including Ethena's USDe) and expects the stablecoin sector to grow sharply across the region.

Mercado Pago

Latin America's largest fintech and payments platform

Mercado Pago is the fintech arm of e-commerce giant Mercado Libre, providing payments, digital wallet, credit and crypto services across Latin America. It offers crypto buying/selling including stablecoins and has launched its own dollar-linked stablecoin initiatives (Meli Dolar) to give users dollar access and savings in inflation-hit markets.

Mercury

Banking platform for crypto and stablecoin startups

Mercury is a digital banking platform widely used by crypto and stablecoin startups for operating accounts and treasury, partnering with chartered banks to hold deposits and serving as a common banking on-ramp for early-stage issuers and infrastructure firms.

Mercuryo

Fiat<>crypto infrastructure for Web3 businesses

Mercuryo provides turnkey on/off-ramp via widget, SDK, or API plus crypto card and IBAN account products, used by 200+ Web3 businesses including wallets, DEXs, NFT marketplaces, DeFi apps, and neobanks across many markets.

Merkle Science

Predictive crypto risk and intelligence

Merkle Science is a predictive blockchain analytics platform offering transaction monitoring (Compass), wallet screening, investigations (Tracker) and compliance tooling for crypto businesses, DeFi, financial institutions and government agencies, with a strong presence in Asia-Pacific.

Mesh

Stablecoin payments & connectivity network

Mesh is a crypto/stablecoin payments and connectivity network that lets businesses accept, convert and settle in stablecoins by connecting to exchanges and wallets, with a smart-routing/orchestration layer for stablecoin acceptance and payouts. It raised an $82M Series B in 2025.

Meso

Embedded fiat-to-crypto onramp with fast checkout

Meso is an embedded on/off-ramp built for high-conversion, low-friction fiat-to-crypto and crypto-to-fiat flows with Apple Pay and instant settlement, designed for wallets and consumer crypto apps.

Meson

Zero-slippage cross-chain stablecoin swaps

Meson is a cross-chain stablecoin swap protocol enabling low-cost, zero-slippage point-to-point transfers of USDC, USDT and other stablecoins across 16+ blockchains and layer-2s. It uses Hash TimeLock Contract atomic swaps for fast (1-2 minute) settlement with near-zero fees, and is widely integrated as a stablecoin bridge by DEXs and chains.

Messari

Crypto research and on-chain data intelligence

Messari is a crypto data and research platform providing market intelligence, protocol metrics, governance tracking, and quarterly 'State of' reports widely used to analyze stablecoin and oracle ecosystems. It is a data/research provider rather than a price oracle.

Metaco

Bank custody orchestration (now part of Ripple)

Metaco is a Swiss provider of bank-grade custody orchestration (Harmonize) used by major banks to manage digital asset custody, tokenization and settlement. Acquired by Ripple in 2023 for ~$250M, it now underpins Ripple Custody while still operating its enterprise platform.

MetaMask

The most-used self-custody Web3 wallet

MetaMask, built by Consensys, is the most widely used self-custody wallet with 30M+ monthly active users. Originally EVM-only, it now adds native Bitcoin and Solana support, perps trading, its own mUSD stablecoin, the Mastercard-linked MetaMask Card, and MetaMask Earn (Aave + Lido). MetaMask Embedded Wallets (formerly Web3Auth) provides embedded-wallet infrastructure for developers.

Meteora

Dynamic liquidity and DLMM DEX on Solana

Meteora is a Solana liquidity protocol best known for its Dynamic Liquidity Market Maker (DLMM) and dynamic vaults, designed to maximize LP yields and provide deep, efficient liquidity. It is a major venue for stablecoin and memecoin liquidity on Solana and runs dynamic AMM pools for pairs including USDC and USDT.

MEW (MyEtherWallet)

Veteran Ethereum self-custody wallet

MyEtherWallet (MEW) is one of the oldest Ethereum self-custody wallets, available via web and the Enkrypt extension and MEW mobile app. It supports ERC-20 stablecoins like USDC, USDT and DAI and multiple EVM chains.

MEXC

High-listing-volume global exchange

MEXC is a global crypto exchange known for listing a very large number of tokens and low fees. It is a high-volume venue for USDT and USDC stablecoin pairs across spot and futures.

Midas

Issuer of mTBILL, mBASIS and other tokenized yield tokens

Midas is a German-regulated tokenization platform issuing mTBILL (tokenized US Treasuries), mBASIS (tokenized basis-trade yield) and other structured tokens. It was the first in the EU to offer such tokens to retail and raised $50M in 2026 to scale its RWA infrastructure.

Minteo

Stablecoin settlement layer for Latin America

Minteo is a Latin American startup building a stablecoin-based settlement layer for the region. It issues COPM, the first stablecoin pegged 1:1 to the Colombian peso, fully reserved via cash deposits in regulated Colombian banks with monthly BDO attestations. COPM is used by over 100,000 Colombians (notably through the Littio app) for remittances and e-commerce, and the company is expanding into Mexico, Chile and Peru. Minteo raised a $4.3M round in 2022 and is unrelated to the identity firm IDEMIA.

Mollie

European payment service provider for SMBs

Mollie is a Dutch payment service provider offering a unified API and dashboard for European merchants to accept cards, iDEAL, SEPA, and local payment methods, plus capital and financial-management tools. As a major European PSP it sits in the cohort of processors well-positioned to integrate stablecoin settlement rails as adoption grows.

Monad

High-throughput parallel-EVM Layer-1

Monad is a high-performance, EVM-compatible Layer-1 blockchain built by Category Labs (formerly Monad Labs) that brings parallel execution and pipelining to deliver high throughput and low latency. Mainnet launched on November 24, 2025 alongside an airdrop of the MON token. To strengthen its stablecoin and payments capabilities, the Monad Foundation acquired stablecoin infrastructure provider Portal and hired former Portal/Visa crypto leader Raj Parekh as Head of Payments and Stablecoins. The project raised $225M led by Paradigm with Coinbase Ventures and Dragonfly.

Monerium

Issuer of EURe, regulated e-money stablecoin

Monerium is an EU-licensed electronic money institution issuing EURe, a euro stablecoin fully compliant with MiCA and e-money rules, backed 1:1 by euro reserves in safeguarded accounts. It also issues GBP and other currency e-money tokens.

MoneyGram

Global remittance network with stablecoin cash on/off ramps

MoneyGram is a global money-transfer company that has integrated stablecoins into its cross-border business. Working with Stellar and Circle's USDC, and using Crossmint's wallet infrastructure, it lets US senders convert USD to USDC delivered instantly into recipients' in-app smart wallets, with cash-out at participating locations. Its MoneyGram Ramps service connects crypto to cash across its network of locations in 200+ countries.

MoonPay

Fiat-to-crypto on/off-ramp infrastructure

MoonPay is one of the largest fiat<>crypto on/off-ramp providers, letting businesses embed buy/sell flows via widget, SDK, or API across 180+ countries and most major fiat currencies and local payment methods. It has expanded aggressively through acquisitions since 2025, adding stablecoin payments, card, and wallet capabilities (including Helio and Iron).

Moonwell

Open lending and borrowing protocol on Base

Moonwell is an open-source lending and borrowing protocol built on Base and Moonbeam (with expansion toward Ethereum), forked from Compound v2 with cross-chain modifications. It is one of the largest lending venues in the Base ecosystem, with stablecoins such as USDC, USDbC and EURC among its core markets. It is governed by the WELL token and has absorbed much of the user base left by Sonne Finance after Sonne's 2024 exploit.

Morgan Stanley

Investment bank with money funds for stablecoin reserves

Morgan Stanley is a leading global investment bank and asset manager that has launched money market fund offerings positioned to serve as GENIUS Act-eligible stablecoin reserve vehicles, joining the Wall Street race for issuer reserve mandates.

Morpho

Permissionless lending infrastructure

Morpho is a lending network whose minimal, immutable Morpho Blue primitive lets anyone create isolated lending markets, with curated MetaMorpho vaults aggregating liquidity. It crossed $10B TVL in late 2025, powered by integrations like Coinbase's USDC lending/borrowing and institutional vaults (e.g. Apollo). USDC supply APYs typically run 4-7% across vaults. Morpho has become the backend credit layer for fintechs and exchanges.

Mountain Protocol

Issuer of USDM (acquired by Anchorage Digital)

Mountain Protocol issued USDM, a Bermuda-regulated yield-bearing stablecoin backed by short-term US Treasuries that paid daily rebasing yield to holders. In 2025 Anchorage Digital acquired Mountain Protocol and began an orderly wind-down of the USDM token.

mStable

Meta-stablecoin mUSD

mStable issued mUSD, a meta-stablecoin backed by a basket of other stablecoins with autonomous yield aggregation. The project was historically significant in the 2020-2022 DeFi cycle before winding down operations.

Mt Pelerin

Swiss-regulated fiat<>crypto on/off-ramp

Mt Pelerin is a Swiss-regulated bridge wallet and on/off-ramp offering KYC-free transactions up to defined limits, supporting bank transfers and cards across multiple fiat currencies with a focus on privacy and self-custody.

Mudrex

India's algorithm-driven crypto investing platform

Mudrex is an Indian, FIU-compliant crypto investment platform used by 3M+ investors, offering 650+ coins with fast INR deposits/withdrawals and its signature 'Coin Sets' index baskets for diversified, structured crypto investing.

Multichain

Cross-chain router protocol (defunct)

Multichain (formerly Anyswap) was once the largest cross-chain bridge with billions in TVL across dozens of chains, but it collapsed in mid-2023 after the arrest of its CEO and a roughly $1.5B loss of user funds, becoming a landmark cautionary tale for bridge custody risk.

Munzen

Embeddable fiat-to-crypto on/off-ramp

Munzen offers an embeddable on/off-ramp API and widget for fiat<>crypto conversion with card and bank rails, targeting wallets and Web3 apps with fast integration and global coverage.

Mural Pay

Global accounts and real-time stablecoin payments via one API

Mural Pay offers API-first global accounts with real USD routing details, instant stablecoin payouts, batch payments to 100+ recipients, FX conversion, yield on idle balances and built-in compliance. Customers include Opera, Deel, Bolt and Koywe.

NAKA is a stablecoin-native card and payments infrastructure provider challenging traditional interchange economics with subscription-based and stablecoin-settled card programs for businesses and consumers.

NALA

Remittances and payments for Africa

NALA is an African remittance app serving diaspora users, building Rafiki, a cross-border payments infrastructure platform. It partnered with Noah to launch a stablecoin settlement network for Africa and Asia where merchants receive stablecoins and convert to fiat.

Nansen

On-chain analytics with 500M+ labeled addresses

Nansen is an on-chain analytics platform combining wallet labeling (500M+ labeled addresses), Smart Money tracking, research and monitoring. While popular with traders and funds, its entity-labeling and on-chain intelligence are widely used for due diligence and risk research.

Naver Pay

Korea's leading fintech wallet building a won stablecoin

Naver Pay, the fintech and payments arm of Korean internet giant Naver, is positioning to lead Korea's won-based stablecoin market with over 30 million users and 5 million affiliated stores. It has partnered with Upbit operator Dunamu to develop a Korean won-pegged stablecoin for fast domestic on-chain payments and cross-border remittance, pending Korean stablecoin legislation.

NEAR Protocol

Sharded, user-friendly Layer 1

NEAR Protocol is a high-throughput, sharded proof-of-stake Layer 1 blockchain focused on usability, named accounts and chain abstraction. It hosts DeFi and consumer applications, supports stablecoins such as USDC and USDt, and pursues an AI and chain-abstraction strategy to let users transact across chains with stablecoins seamlessly.

Nest Protocol

Market-driven decentralized price oracle

Nest Protocol is a decentralized oracle that generates prices through a market-based quotation and verification mining mechanism, where miners stake assets to quote prices that arbitrageurs keep honest. It provides on-chain price feeds primarily within the BNB Chain and Ethereum DeFi ecosystems.

Nexo

Crypto credit and debit card

Nexo is a crypto lending and wallet platform offering a Mastercard that operates in both credit and debit modes, letting users spend or borrow against crypto and stablecoin balances with crypto rewards.

Nium

Stablecoin card issuance over a global payout network

Nium is a global real-time cross-border payments company that launched a stablecoin card issuance platform in early 2026, letting companies holding stablecoins issue Visa and Mastercard cards through a single API across its 190-country network.

Noah

Stablecoin settlement network for global businesses

Noah is a stablecoin payments and settlement infrastructure provider enabling businesses to pay in and out across borders, partnering with remittance firms like NALA to build cross-border settlement networks spanning Africa and Asia.

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.

Nominis

Crypto AML and intelligence for VASPs

Nominis is a crypto AML and blockchain intelligence platform built for VASPs, offering wallet screening, transaction monitoring, risk scoring and investigations, positioned as a challenger to Chainalysis, Elliptic and TRM Labs.

Northern Trust

Custodian bank serving digital-asset and reserve clients

Northern Trust is a major US custodian bank and asset servicer that provides custody and cash management to institutional digital-asset clients and co-founded the crypto custodian Zodia, positioning it within stablecoin reserve and custody infrastructure.

Notabene

Travel Rule and crypto transaction compliance

Notabene is a leading FATF Travel Rule compliance platform enabling VASPs to identify counterparties, exchange originator/beneficiary data and screen self-hosted wallets across multiple messaging protocols via the Notabene Gateway, plus pre-transaction risk decisioning.

Notional Finance

Fixed-rate lending and leveraged yield

Notional offers fixed-rate, fixed-term lending and borrowing onchain via fCash, plus leveraged yield vaults that loop stablecoin and LST positions. It is a notable provider of predictable-rate stablecoin lending and structured leveraged-yield products.

NOWPayments

Non-custodial crypto and stablecoin payment gateway

NOWPayments is a crypto payment gateway supporting a large list of assets including major stablecoins across 15+ chains. It offers invoices, payment links, plugins, an API, donation widgets and mass payouts, with one of the lowest published fees (~0.5%).

Nubank

Latin America's largest digital bank

Nubank is the largest neobank in Latin America with over 100M customers, offering accounts, credit cards and an in-app crypto exchange (Nubank Cripto) that supports USDC and other assets. It announced plans to integrate dollar-pegged stablecoins directly into credit card payments, starting with USDC, as part of broader blockchain adoption.

Num Finance is a Latin American stablecoin issuer founded in 2021 that mints fiat-backed local-currency stablecoins including nARS (Argentine peso), nCOP (Colombian peso) and nPEN (Peruvian sol), primarily on Polygon. It targets remittances and cross-border flows by bringing emerging-market currencies on-chain.

Nuvei

Global PSP with stablecoin acceptance and payouts

Nuvei is a global payment technology provider supporting accept, hold and move money across 190+ countries, including stablecoin transactions. It partnered with card networks and stablecoin issuers to enable merchant stablecoin settlement, and is combining with Payoneer to broaden its stablecoin-enabled cross-border footprint.

Ojo Network

Cosmos-native cross-chain oracle

Ojo Network is a decentralized oracle built on the Cosmos SDK that aggregates price data and delivers it across IBC-connected and EVM chains. It targets Cosmos appchains and cross-chain DeFi requiring reliable, validator-secured price feeds.

Okto

Chain-abstracted wallet infrastructure by CoinDCX

Okto, built by Indian exchange CoinDCX, is a chain-abstraction wallet and orchestration layer that abstracts chains, liquidity and gas so developers can build apps where users transact across networks via social logins and intent-driven actions. Its SDK supports EVM, Solana, Aptos and Cosmos chains, and it offers a self-custody trading wallet with native Hyperliquid integration.

OKX

Global exchange and Web3 wallet, USDG partner

OKX is a top-tier global crypto exchange and Web3 wallet provider. In July 2025 it joined the Paxos-led Global Dollar Network, integrating USDG and offering 1:1 USD conversion to roughly 60 million customers. It is a major venue for USDT, USDC and USDG trading.

Onafriq

Pan-African cross-border payments network

Onafriq (formerly MFS Africa) is a pan-African digital payments hub that interconnects mobile-money wallets, banks and payment providers for cross-border money movement. Its network spans 500+ wallets and 200M+ bank accounts across 40+ African markets, and it has partnered with Conduit and Circle to use stablecoins such as USDC for cross-border settlement, treasury rebalancing and faster payouts.

Ondo Finance

Issuer of USDY tokenized Treasury yield token

Ondo Finance is a tokenization platform whose USDY is a yield-bearing token backed by short-term US Treasuries and bank deposits, structured as a regulated security. It also issues OUSG (tokenized BlackRock/short-term Treasuries) and is building Ondo Chain. USDY supply has scaled past $600M-$2B across multiple chains. Founder Nathan Allman passed away in 2026; Ian De Bode is CEO.

Onfido

Identity verification (part of Entrust)

Onfido (acquired by Entrust) provides document and biometric identity verification, KYC and fraud detection used by crypto and fintech firms for onboarding compliance.

Onmeta

India-focused fiat<>crypto on/off-ramp

Onmeta is an on/off-ramp focused on India and emerging markets, offering UPI and bank-rail fiat<>crypto conversion via embeddable widget and API for wallets and dApps.

Onramp.money

Local-rail fiat on/off-ramp for emerging markets

Onramp.money is a Web3 fiat on/off-ramp infrastructure provider that lets users buy and sell crypto and stablecoins using local instant-payment rails such as UPI (India), Pix (Brazil), FAST (Turkey) and SPEI (Mexico). It supports 15+ fiat currencies, 400+ assets and 40+ blockchains across 40+ countries, and offers a developer API used by wallets and apps.

Onramper

Fiat-to-crypto on/off-ramp aggregator

Onramper aggregates 20+ on/off-ramp providers behind a single integration, routing each transaction to the provider with the best price and highest conversion. Customers include Gate.io, Coinbase Wallet, Kraken, Pump.fun, Exodus, and Bitpanda.

Oobit

Tap-to-pay from self-custody wallets

Oobit is a Tether-backed payments app that enables tap-to-pay spending directly from self-custody wallets (MetaMask, Trust Wallet, Phantom and more) without top-ups, plus corporate cards powered by stablecoins.

OpenEden is an RWA tokenization platform offering TBILL, an on-chain token backed 1:1 by short-dated US Treasury bills that lets holders earn the US risk-free rate with 24/7 liquidity. The TBILL Fund carries ratings from S&P Global and Moody's. OpenEden also issues USDO, a regulated yield-bearing stablecoin (via a Bermuda-licensed entity) fully backed by tokenized T-bills.

Openfort

Open-source embedded wallet and smart-account stack

Openfort offers an open-source embedded-wallet stack combining auth, smart accounts (ERC-4337/7702) and gas sponsorship with fast signing and minimal vendor lock-in. It is positioned as a developer-first alternative to Web3Auth, Privy and Thirdweb.

OpenFX

24x7 stablecoin-powered FX and cross-border settlement

OpenFX connects traditional banking with onchain infrastructure, using stablecoins as an intermediary settlement rail for near-instant FX and cross-border settlement. Founded by FalconX co-founder Prabhakar Reddy, it handles $45B+ in annualized volume.

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.

OpenZeppelin

Smart contract security and audits

OpenZeppelin is a blockchain security company providing widely used open-source smart contract libraries, security audits, and the Defender platform for secure operations and monitoring. Its contract standards underpin a large share of ERC-20 stablecoins and tokenization deployments, and its audit and runtime-security tooling is used across stablecoin issuers and DeFi protocols.

Optimism

OP Stack L2 and Superchain for stablecoin apps

Optimism is an Ethereum Layer-2 and the home of the OP Stack and Superchain, which powers many stablecoin-focused chains including Base and Codex. It hosts native USDC and supports interoperable stablecoin liquidity across the Superchain.

Orbital

Payment orchestration across stablecoin and fiat rails

Orbital is a payment orchestration platform for companies operating across stablecoin and traditional rails, offering pay-ins, payouts, FX and settlement. It targets B2B companies, PSPs, cross-border payment firms and remittance businesses.

Orbiter Finance

Decentralized cross-rollup bridge

Orbiter Finance is a decentralized cross-rollup bridge optimized for fast, low-cost transfers of Ethereum-native assets and stablecoins between Layer 2 networks. It uses a maker-based model to provide near-instant settlement across rollups.

Orca

Concentrated-liquidity DEX on Solana

Orca is a leading decentralized exchange on Solana, known for its Whirlpools concentrated-liquidity AMM that delivers capital-efficient swaps and liquidity provision. Stablecoin pairs (USDC, USDT, PYUSD) are among its deepest pools, making Orca a core venue for stablecoin liquidity on Solana. It is governed by the ORCA token.

Origin Protocol (Origin Dollar)

Yield-bearing stablecoin OUSD

Origin Protocol issues OUSD (Origin Dollar), a yield-bearing stablecoin fully backed by other stablecoins (USDC, USDT, DAI) that deploys reserves across DeFi to generate yield distributed automatically to holders via rebasing.

OSL

Issuer of USDGO

OSL, a Hong Kong-listed digital asset platform, partnered with Anchorage Digital to issue USDGO, a US-regulated stablecoin, extending its regulated exchange and custody business into stablecoin issuance.

Osmosis

The largest DEX and DeFi hub of the Cosmos ecosystem

Osmosis is a DeFi-focused appchain and the leading decentralized exchange in the Cosmos ecosystem, launched in 2021. It offers AMM swaps, concentrated liquidity, a stableswap for low-slippage stablecoin trading, and serves as the primary liquidity venue for IBC-connected assets including USDC and USDT. OSMO is the governance and staking token.

Ostium / Untangled Finance

Tokenized private credit and structured finance

Untangled Finance is a tokenization protocol for private credit and structured-finance assets, bringing real-world loan portfolios on-chain with credit assessment and securitization tooling, integrated with networks like Celo and Centrifuge.

Overnight.fi

Issuer of USD+, a fully collateralized yield-bearing stablecoin

Overnight.fi issues USD+, a yield-bearing dollar token pegged 1:1 to USDC and fully collateralized by a diversified portfolio of conservative, largely delta-neutral DeFi positions. Yield is distributed to holders through daily rebasing, with reserves backed by USDC/DAI/USDT and verified via daily third-party attestations. USD+ is live across Base, Arbitrum, Optimism and other chains; the protocol's governance token is OVN.

Owlto Finance

Intent-centric cross-rollup bridge

Owlto Finance is an intent-centric interoperability protocol focused on fast, low-cost cross-rollup transfers of stablecoins and ETH across dozens of Layer 2 networks. It provides a decentralized cross-chain bridge plus tooling like Owlto Swap.

Ownera

Interoperability network for tokenized assets

Ownera builds interoperability software for global financial institutions, connecting tokenized real-world asset platforms across technologies and asset classes. Its open-source FinP2P protocol is an application orchestration layer of peer-to-peer routers run by regulated institutions, enabling intent-based trading and atomic settlement across chains, custodians and payment rails.

Palisade

MPC wallet and custody (acquired by Ripple)

Palisade is an MPC wallet-as-a-service and custody provider offering fast, secure wallet infrastructure for enterprises and stablecoin operations. Ripple acquired Palisade in 2025 to strengthen its custody and digital asset wallet capabilities.

PancakeSwap

Leading multichain DEX

PancakeSwap is the dominant DEX on BNB Chain and a top multichain AMM, with high-volume stablecoin pairs and dedicated StableSwap pools for assets like USDT, USDC and FDUSD. It is a primary stablecoin trading venue outside the Ethereum ecosystem.

Papaya Global

Global payroll and workforce payments with stablecoin rails

Papaya Global is a global payroll, EOR and workforce-payments platform that pays distributed teams across 180+ countries. In 2026 it launched the Banco Wallet, a stablecoin-powered global workforce wallet built with Fireblocks and Dynamic embedded wallets, enabling instant fiat and stablecoin cross-border payroll payouts.

Para

Universal embedded wallets (formerly Capsule)

Para (formerly Capsule) is an embedded-wallet SDK enabling cross-app, MPC-based wallets with social login and passkeys. It targets developers building consumer crypto apps and stablecoin experiences, with portable wallets usable across multiple applications.

ParaSwap

DEX aggregator and swap infrastructure

ParaSwap is a DEX aggregator that optimizes swap pricing across multiple liquidity sources and chains, including stablecoin trades. It offers a trading app, a developer API/SDK (Delta intent-based swaps), and powers swap functionality in numerous wallets and dApps.

Parcha

AI agents for KYC/KYB compliance

Parcha builds enterprise AI agents that automate manual compliance and operations workflows, simulating how a human analyst performs KYC, KYB, source-of-funds and enhanced due-diligence reviews using a firm's own policies and tools. It helps fintechs and crypto companies onboard customers faster while staying compliant.

Particle Network

Embedded wallets with chain abstraction

Particle Network provides embedded wallets, account abstraction and chain abstraction in a single product flow, enabling unified balances and gas across many chains. It targets developers building consumer apps with seamless multichain stablecoin UX.

Partior

Blockchain network for 24/7 atomic interbank settlement

Partior is a bank-grade blockchain settlement network founded in 2021 by DBS, J.P. Morgan and Temasek out of Singapore's Project Ubin. It enables 24/7 atomic, multi-currency cross-border settlement using tokenized commercial bank money, live in USD, EUR and SGD with more currencies onboarding. Shareholders include Standard Chartered, Deutsche Bank, Peak XV and Emirates NBD.

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.

Paybis

Instant fiat-to-crypto buy/sell across 180+ countries

Paybis is a fiat-to-crypto platform and on/off-ramp provider letting users buy and sell crypto instantly with cards, bank transfers, and local methods across 180+ countries, offered both as a consumer app and as a B2B ramp partner.

Payman

Agentic banking with human oversight

Payman is a financial platform where humans and AI agents transact under user-defined policy controls. It provides USD and USDC wallets with spending limits and approval rules, enabling AI-driven payroll, reimbursements and an agent-to-human task marketplace, with stablecoins cutting cross-border settlement to seconds.

PayPal

Issuer of PYUSD

PayPal is a global payments network that issues PayPal USD (PYUSD), minted by Paxos, and integrates stablecoin functionality across PayPal, Venmo and its merchant/payouts products. PYUSD has expanded to 70+ countries and is used for cross-border business payouts via PayPal's 'Pay with Crypto' merchant feature.

Paystand

B2B payments network with blockchain settlement

Paystand is a B2B payments platform that uses a blockchain-based settlement network to enable zero-fee bank-to-bank and stablecoin-enabled payments, AR automation and digital cash, targeting enterprise accounts receivable workflows.

PayU

Emerging-markets PSP exploring stablecoin rails

PayU is a leading payment service provider across emerging markets (India, Latin America, CEE, Africa). It is exploring and piloting stablecoin settlement and cross-border payouts to reduce FX friction for merchants in high-inflation and underbanked corridors.

Peanut Protocol

Instant global P2P payments in digital dollars

Peanut is a stablecoin-native payments app and protocol that lets users send digital dollars via shareable links, email, phone number, ENS or wallet address across 20+ EVM networks. Funds sit in self-custodied smart accounts secured by biometric passkeys, and the product includes instant on/off-ramps. It raised a $1.5M pre-seed round.

Pendle

Yield tokenization and trading

Pendle splits yield-bearing assets into principal (PT) and yield (YT) tokens, creating a fixed-income and yield-trading market for DeFi. It became the dominant venue for trading and locking in stablecoin yields (sUSDe, sUSDS, sDAI, USR), at one point holding over 50% of the DeFi yield sector's TVL with a peak above $13B. Its January 2026 sPENDLE upgrade replaced vePENDLE locks with liquid staking and revenue buybacks.

Perena

Unified stablecoin liquidity infrastructure on Solana

Perena builds unified stablecoin infrastructure on Solana, centered on Numéraire, a hub-and-spoke stableswap AMM that connects USDC, USDT, PYUSD and others through a shared liquidity hub. Its USD* token is a liquid, yield-integrated savings asset. Numéraire became the largest stableswap on Solana, providing a single access point for projects to launch and integrate stablecoins. Founded by ex-Solana stablecoin lead Anna Yuan.

Persona

Configurable identity verification platform

Persona is a configurable identity verification and KYC/KYB platform with orchestration, document and biometric verification, watchlist screening and case management, widely used by crypto, fintech and on/off-ramp companies for onboarding compliance.

Phantom

Leading multichain wallet, dominant on Solana

Phantom is a consumer self-custody wallet with ~17M monthly active users and roughly 39% of the Solana wallet market. It supports Solana, Ethereum, Base, Polygon, Bitcoin and Sui, with USDC and USDT support across Solana and EVM chains plus deep Solana DeFi integrations (Jupiter, Kamino, MarginFi).

Phemex

User-first derivatives and spot crypto exchange

Phemex is a crypto exchange founded in 2019 by former Morgan Stanley executives, serving 10M+ users. It offers spot and derivatives trading with up to 100x leverage across 500+ perpetual futures (USDT-M, USDC-M, Coin-M), options, and a 100% proof-of-reserves system.

PhonePe

India's leading UPI payments app

PhonePe is India's largest UPI-based digital payments platform, processing the majority of the country's Unified Payments Interface transactions and offering merchant payments, bill pay, insurance, and lending. It has expanded into crypto and digital-asset adjacencies and is positioned at the intersection of mass-market payments and on/off-ramp rails as India's digital-money ecosystem evolves.

Picasso, built by the Composable Foundation, extends the Cosmos IBC protocol to chains outside Cosmos, becoming the first to connect Ethereum to Cosmos via IBC and later extending to Solana and Polkadot/Kusama. It provides trust-minimized cross-chain transfer of assets and data, including stablecoins, with security stronger than conventional bridges.

Pintu

Mobile-first Indonesian crypto app and wallet

Pintu is a mobile-first Indonesian crypto trading and investing app offering 320+ assets, futures and a built-in custodial wallet to store, send and receive crypto. Aimed at beginners, it is registered with and supervised by Indonesian regulators (OJK/Bappebti).

Plasma

Stablecoin-first L1 for zero-fee USDT transfers

Plasma is a Bitcoin-anchored, EVM-compatible Layer-1 purpose-built around USDT, backed by Tether and Bitfinex. It uses PlasmaBFT consensus, anchors state checkpoints to Bitcoin, and offers zero-fee USDT transfers, sub-second finality, and gas payable in stablecoins. Its XPL token launched with mainnet in late 2025, and it grew rapidly in stablecoin TVL into 2026.

Plume Network

Modular L1/L2 blockchain for RWAs

Plume is an EVM-compatible blockchain purpose-built for real-world assets, with KYC/AML and compliance baked in at the protocol level. It hosts tokenized treasuries, private credit, real estate, gold (via Matrixdock) and commodities, launching mainnet with $150M+ in RWAs deployed.

Plutus

Crypto rewards Visa debit card

Plutus is a UK fintech offering a Visa debit card with up to 3% cashback paid in PLU tokens, letting users spend crypto and stablecoins across Europe with tiered rewards.

PNC Bank

Large US regional bank entering crypto services

PNC Bank is a large US bank that partnered with Coinbase to offer crypto custody and trading services to its clients, positioning it to support stablecoin reserves, banking, and institutional digital-asset custody.

Polygon

Low-cost EVM network for stablecoin payments at scale

Polygon (PoS and the AggLayer ecosystem) is a low-cost EVM-compatible network widely used for stablecoin payments, remittances, and consumer fintech integrations. It hosts substantial USDC and USDT liquidity and is a supported settlement network for payment processors like Mastercard and Stripe.

Polymarket

Largest prediction market, settled in USDC

Polymarket is the world’s largest prediction market, where users trade on the outcome of real-world events. Every market is collateralized and settled in USDC on Polygon, making it one of the largest stablecoin-denominated venues on-chain.

Polymer Labs

IBC interoperability hub for Ethereum rollups

Polymer Labs builds an interoperability hub bringing IBC to Ethereum and its rollups, enabling trust-minimized cross-chain messaging via proofs and a Prove API. It positions itself as the interop layer for Ethereum L2s and stablecoin movement between them.

Pomelo

Card issuing and payments infrastructure for Latin America

Pomelo is an API-first card issuing, processing and payments infrastructure platform for Latin America, serving 150+ banks, fintechs and corporates including Santander, BBVA, Western Union, Rappi and DolarApp. Founded in 2021, it raised a $55M Series C and is building a stablecoin-native global card and payment tokenization.

Portal Bridge

Token bridge powered by Wormhole

Portal Bridge is the flagship token bridge built on Wormhole that lets users move assets and stablecoins across 30+ chains, including Solana, Ethereum, Sui, and Aptos. It supports both wrapped-asset transfers and native CCTP USDC routes.

Pragma

Verifiable oracle for Starknet and beyond

Pragma is a decentralized, verifiable oracle native to Starknet, providing transparent first-party price feeds and randomness with on-chain computation. It is expanding beyond the Starknet ecosystem to other chains, targeting DeFi and derivatives protocols that need composable, auditable data.

Predicate

Programmable policy for blockchain applications

Predicate is a policy layer that lets applications define and enforce transaction rules, enabling on-chain compliance, KYC/AML screening, and conditional execution for financial products including stablecoins and DeFi protocols.

Prisma Finance

LST-backed stablecoin mkUSD

Prisma Finance is a Liquity-fork CDP protocol that lets users mint mkUSD against liquid staking tokens such as wstETH, cbETH, rETH and sfrxETH. It launched on Ethereum mainnet in 2023. The protocol suffered a significant exploit in 2024.

Progmat

Japan's bank-grade digital asset and stablecoin issuance platform

Progmat, Inc. is a Tokyo-based digital asset infrastructure company founded by MUFG and backed by SMBC, Mizuho, JPX, SBI and others. Its Progmat Coin platform provides compliant, multi-chain issuance and management infrastructure for yen- and dollar-backed stablecoins, with MUFG Trust Bank acting as custodian to ensure 1:1 backing. Progmat underpins Japan's megabank stablecoin initiatives and supports issuance partners including Binance Japan.

Propine is a Singapore-based institutional digital-asset custodian, the first in Asia to hold a Capital Markets Services (CMS) custody license from the Monetary Authority of Singapore after graduating from the MAS regulatory sandbox in 2021. It offers audited, insured custody and tokenization of real-world assets. Nomura-backed custodian Komainu agreed to acquire Propine in 2024.

Provenance Blockchain (Figure)

Blockchain for tokenized private credit at scale

Provenance Blockchain, originated by Figure Technologies, is a public blockchain underpinning tens of billions in tokenized loans, HELOCs and private-credit assets. Figure is one of the largest originators of on-chain consumer credit and tokenized real-world debt.

Pyth Network

Low-latency first-party financial oracle

Pyth Network is a financial oracle delivering 400+ low-latency, high-fidelity price feeds across crypto, FX, equities, ETFs, and commodities. It uses a pull model where 95+ first-party publishers (exchanges and market makers) post signed prices to Pythnet, and applications across 90+ chains pull updates on demand. Widely used for stablecoin pricing and perps.

QiDao / Mai Finance

Multi-chain overcollateralized stablecoin MAI

QiDao Protocol (Mai Finance) issues MAI (miMATIC), an overcollateralized stablecoin minted against a wide range of crypto collateral via CDP vaults across many EVM chains. QI is the governance token.

Qivalis

MiCA-era euro stablecoin backed by a European banking consortium

qivalis is an Amsterdam-based company formed by a consortium of major European banks to issue a MiCA-compliant euro-pegged stablecoin, targeting a launch in the second half of 2026. The shareholder banks include ING, UniCredit, BNP Paribas, Raiffeisen Bank International, SEB, Danske Bank, CaixaBank, KBC, Banca Sella and DekaBank. It is led by Jan-Oliver Sell, a former CEO of Coinbase's German operation, with ING's Floris Lugt as CFO and former NatWest chair Howard Davies heading the board.

Qredo

Decentralized MPC custody network

Qredo is a decentralized custody network using MPC to distribute key shares across nodes, providing self-custody with off-chain settlement for institutions. It pioneered a decentralized approach to institutional key management, though it has restructured significantly amid market headwinds.

Quantoz Payments

Issuer of EURQ and USDQ

Quantoz Payments is a Dutch electronic money institution supervised by De Nederlandsche Bank that received MiCA authorization for EURQ (euro) and USDQ (US dollar) stablecoins, backed by major partners including Tether, Fabric Ventures and Kraken.

Quantstamp

Smart contract auditing and Web3 security

Quantstamp is a blockchain security firm providing smart contract audits, formal verification, and risk assessments for DeFi protocols, stablecoins, and tokenization projects. It has audited a large number of Ethereum-based contracts securing billions in value.

Quidax

Nigeria's first SEC-licensed crypto exchange

Quidax is a Nigerian cryptocurrency exchange that enables users to buy, sell and store crypto and stablecoins with local currency, and provides a B2B API for businesses to add crypto features. In September 2024 it became the first crypto exchange to receive a provisional operating license from Nigeria's SEC, and it serves customers across 70+ countries.

R25 is an RWA and stablecoin protocol bringing institutional-grade real-world assets onchain. Its flagship rcUSD/rcUSD+ is a yield-bearing tokenized dollar backed by short-duration US Treasury bills and money-market instruments, designed to hold a 1:1 dollar peg while paying onchain yield. It launched on Polygon as its first EVM partner and has expanded to Sui with rcUSD and rcUSDp.

Rabby Wallet

The EVM power-user wallet with transaction simulation

Rabby is an open-source EVM wallet built by the DeBank team supporting 140+ EVM chains. Its standout feature is best-in-class pre-transaction simulation, showing expected balance changes, contract reputation, and approval scope before signing, making it a favorite for DeFi power users.

Radiant Capital

Omnichain cross-chain lending and borrowing protocol

Radiant Capital was an omnichain money market built on LayerZero that let users deposit on one chain and borrow on another, with stablecoins like USDC and USDT as primary assets. After an October 2024 exploit drained roughly $50M (later linked to North Korean threat actors), the DAO failed to recover and announced in June 2026 that it is winding down into a maintenance state — borrow caps zeroed, RDNT emissions ended, contracts left immutable for withdrawals.

Radom

Stablecoin payments and treasury infrastructure

Radom is a Web3 payments infrastructure provider offering stablecoin checkout, subscriptions, mass payouts, on/off-ramps and treasury tools via a single API, targeting businesses that want to accept and manage stablecoins globally.

Raft is an immutable, decentralized lending protocol that allows users to mint R, an overcollateralized stablecoin, by depositing stETH or wstETH. It was a notable LSDFi protocol of 2023; the protocol experienced an exploit in late 2023.

Rain

Stablecoin card issuing platform

Rain is a Visa and Mastercard principal-member card issuer that lets fintechs, exchanges, wallets and Web3 platforms launch card programs settled in stablecoins in near real time, without relying on sponsor banks. It scaled sharply through 2025-2026 and was valued at roughly $1.95B.

Rainbow

Design-forward Ethereum and EVM wallet

Rainbow is a consumer-friendly self-custody wallet focused on great design and UX across Ethereum and L2s (Base, Optimism, Polygon, Zora, Arbitrum). It supports token send, swaps, and dApp access, and is available in Ledger Live.

RAKBANK

UAE bank approved to issue a dirham-backed stablecoin

RAKBANK (The National Bank of Ras Al Khaimah) is a UAE retail and commercial bank that received in-principle approval from the Central Bank of the UAE to issue a regulated AED-backed stablecoin. The planned token will be fully backed 1:1 by dirham reserves held in segregated, regulated accounts with guaranteed redemption, positioning RAKBANK among the banks driving the UAE's stablecoin ecosystem.

Ramp Network

Non-custodial fiat-to-crypto on/off-ramp

Ramp Network offers an embeddable on/off-ramp supporting 100+ assets with local rails including cards, bank transfers, Pix (Brazil), and SPEI (Mexico), plus fast document-light KYC in eligible markets. It is integrated into many leading wallets and dApps.

Ramses / Pharaoh

Concentrated-liquidity ve(3,3) DEXs on Arbitrum and Avalanche

Ramses Exchange is a ve(3,3) concentrated-liquidity DEX on Arbitrum, with Pharaoh Exchange as its Avalanche-native sister deployment. Both serve as central liquidity layers for stablecoins and ecosystem tokens, offering vote-escrow tokenomics, full fee redistribution to lockers, and deep stable pools (incl. Frax and other stablecoin partners).

Range

Cross-chain security, monitoring and compliance

Range is a cross-chain security and risk platform providing real-time monitoring, transaction risk screening and compliance tooling for bridges, validators, interop protocols and stablecoin flows across chains.

Rango Exchange

Cross-chain DEX and bridge aggregator

Rango Exchange is a cross-chain DEX and bridge aggregator that routes swaps and transfers across 70+ blockchains and dozens of bridges and DEXs, including non-EVM chains like Solana, Cosmos, and Tron, supporting wide stablecoin coverage.

Rapyd

Global payments network with stablecoin payouts

Rapyd is a global payments and fintech-as-a-service platform. In September 2025 it launched Stablecoin Payment Solutions, enabling businesses to accept, send and settle stablecoin payments instantly worldwide, layered on top of its extensive local payment-methods network across 100+ countries.

Raydium

Leading Solana AMM

Raydium is a top automated market maker and liquidity provider on Solana, handling large stablecoin (USDC, USDT, PYUSD, USDG) swap volume. As one of Solana's primary DEXs it underpins stablecoin liquidity on the high-throughput chain.

RD Technologies

Issuer of HKDR, a Hong Kong dollar stablecoin

RD Technologies issues HKDR, a stablecoin pegged 1:1 to the Hong Kong dollar, aiming to provide a regulated digital HKD for fast, low-cost payments under Hong Kong's new stablecoin licensing regime.

Re7 Capital

Institutional DeFi investment firm and onchain vault curator

Re7 Capital is a London-based DeFi-focused investment firm managing roughly $800M, providing DeFi liquidity since 2019. Its innovation arm, Re7 Labs, is a leading onchain risk curator, managing over 100 pools across 14 chains and curating vaults on Morpho, Euler, Silo, Mellow and Kamino, ranking among the top DeFi curators by TVL.

Ready (Argent)

Starknet smart wallet with debit card

Ready (formerly Argent) is a self-custodial smart-wallet app on Starknet that offers a non-custodial debit card, letting users spend stablecoins on-chain while retaining custody.

RealT

Fractional, tokenized US rental real estate

RealT is a tokenized real estate platform that fractionalizes US residential rental properties into tokens issued on Ethereum and Gnosis Chain, with token holders earning rental income distributions. Investors can buy in from as little as $50. The company has tokenized hundreds of properties, concentrated in Detroit, and has drawn legal scrutiny over property maintenance and code violations.

Reap

Stablecoin corporate cards and payments

Reap is a stablecoin financial infrastructure company that operates as a full-stack issuer of record — issuing directly and managing settlement to capture interchange, FX spread and reserve yield. It provides stablecoin-linked card issuance, spend and money-movement orchestration for businesses across Asia and beyond.

RedotPay

Stablecoin card and payments for 100+ countries

RedotPay is one of the fastest-growing stablecoin payments networks, processing over $10B annualized as of late 2025 with 5M+ users across 100+ countries. Its card supports Apple Pay and Google Pay with built-in on/off-ramps for everyday stablecoin spending.

RedStone

Modular oracle for LSTs, RWAs and yield-bearing assets

RedStone is a fast-growing modular oracle providing on-demand and push price feeds across 110+ chains, specializing in LSTs/LRTs, RWAs, and yield-bearing stablecoins. It offers Proof of Reserve feeds (e.g. Ethena's USDtb, Lombard LBTC) and scaled to over $9B Total Value Secured by 2025. Over 170 teams use RedStone as their oracle provider.

Relay

Instant low-cost cross-chain bridging and payments

Relay is a cross-chain bridging and execution protocol built by Reservoir that uses relayers to deliver near-instant, very low-cost transfers and cross-chain actions. It is widely embedded in wallets and apps for fast stablecoin and token movement.

Reown

AppKit and WalletKit SDKs for onchain apps and wallets

Reown is WalletConnect's platform for builders of onchain finance; providing an industry-leading SDK compatible with the EVM ecosystem, Solana, Bitcoin, Ton and Tron chains. Offering performant solutions - including secure authentication methods, wallet funding solutions, in-app interactions and in-depth analytics - it unlocks seamless monetization and scaling for all types of crypto enabled apps, from DeFi, to consumer apps, to blockchain games. Leveraging WalletConnect's network of 500+ wallets, Reown enables builders, founders and their wider teams to build smarter, launch faster and scale to the millions.

Request Finance

Crypto invoicing, payroll and stablecoin payouts

Request Finance is a crypto financial operations platform for invoicing, bill pay, payroll and expenses, enabling businesses and DAOs to send and receive stablecoin payments at scale with accounting and compliance tooling, built on the Request Network.

Reserve Protocol

Asset-backed stablecoin baskets

Reserve Protocol is a permissionless platform that lets anyone create overcollateralized, asset-backed stablecoins called RTokens. Its flagship RToken, eUSD, is backed by a diversified basket of collateral and is overcollateralized via the RSR governance/staking token. Reserve also operates DTFs (Decentralized Token Folios).

Reservoir

Issuer of rUSD yield-bearing stablecoin

Reservoir Protocol issues rUSD, a decentralized, scalable yield-bearing stablecoin backed by a diversified mix of RWAs and crypto collateral, with srUSD as the savings/yield-bearing version. Positioned as a next-generation efficient stablecoin protocol.

Resolv

Delta-neutral stablecoin protocol

Resolv issues USR, a delta-neutral stablecoin backed by ETH and BTC with hedged positions, and RLP, a risk-tranche insurance layer that absorbs volatility. Its yield-bearing stUSR is widely integrated into DeFi (Pendle, Morpho, Curve), making Resolv a notable newer yield-stablecoin and DeFi protocol.

Revolut

Global neobank with built-in crypto and stablecoin rails

Revolut is a global fintech super-app serving 65M+ users with banking, cards, FX, trading and crypto. It offers zero-fee 1:1 stablecoin swaps for USDC and USDT, enables USDC/USDT/POL remittances via Polygon across the UK and EEA, and plans a 2027 US bank launch with stablecoin services built in from day one.

Rhino.fi

Multi-chain bridge and DeFi aggregator

Rhino.fi is a multi-chain bridge and DeFi aggregator that enables fast, low-fee token and stablecoin transfers across 30+ chains from a single interface. It targets retail users with a self-custodial cross-chain swap and yield experience.

Ripio

Latin American crypto exchange and B2B infrastructure

Founded in 2013, Ripio is one of Latin America's largest crypto platforms, serving millions of users across Argentina, Brazil, Colombia and other markets with trading, wallet and on/off-ramp services. It issues UXD, a USD-pegged stablecoin marketed as the first Latin American dollar stablecoin, and is building a suite of fiat-backed local-currency stablecoins to embed regional currencies on-chain.

Ripple

Issuer of RLUSD

Ripple issues RLUSD, a USD stablecoin launched in December 2024 under the NYDFS framework and dual-issued on the XRP Ledger and Ethereum. RLUSD is backed by cash and US Treasuries and is integrated into Ripple's enterprise payments and custody stack.

Rise (Riseworks) is a global workforce-payments platform that hires, manages and pays contractors and employees across 190+ countries in local currency, stablecoins (USDC/USDT) or other crypto. Operating as a licensed money transmitter, Rise has processed over $1.3B in payroll volume, with more than half of worker withdrawals taken in stablecoins.

Robinhood

Retail brokerage, crypto venue and USDG co-founder

Robinhood is a US retail brokerage and crypto trading platform and a co-founder of the Global Dollar Network behind USDG. It offers crypto trading, tokenized stocks, and stablecoin rewards, and acquired Bitstamp to expand globally.

Router Protocol

Cross-chain interoperability with its own chain

Router Protocol is an interoperability layer built around the Router Chain, a CosmosSDK-based Layer 1 that orchestrates cross-chain messaging and asset transfers. Its Nitro bridge and Voyager front-end enable cross-chain stablecoin transfers across EVM and non-EVM chains.

Rupiah Token

Issuer of IDRT, the Indonesian Rupiah stablecoin

PT Rupiah Token Indonesia issues IDRT, the first stablecoin backed by the Indonesian Rupiah. Each IDRT is backed 1:1 by Rupiah bank deposits and targets payments, remittances and local-currency trading. IDRT is issued on Ethereum and BNB Chain, with smart contracts audited by CertiK.

Sablier

Onchain token streaming and distribution infrastructure

Sablier is the first token-streaming protocol, live on Ethereum since 2019. It streams ERC-20 payments by the second and supports linear, exponential, stepped and custom distribution curves, widely used for vesting, payroll, airdrops and DAO grant distribution.

Safe

The leading smart-account multisig wallet

Safe (formerly Gnosis Safe) is the dominant smart-contract / multisig wallet for teams, DAOs and institutions, securing tens of billions in assets. It provides programmable, multi-signature self-custody and is widely used for treasuries holding stablecoins.

Safeheron

Open-source MPC + TEE self-custody

Safeheron provides institutional-grade self-custody combining MPC and TEE so private-key shards are never fully reconstructed. It offers white-label API integration for exchanges, OTC desks and payment providers, serving 250+ institutions with $250B+ in transfers processed.

Sardine

AI fraud, compliance and AML platform

Sardine is an AI risk platform combining device intelligence, behavioral biometrics and data enrichment to power fraud prevention, AML transaction monitoring, sanctions screening and case management. It is widely used by fintechs, crypto firms and stablecoin/on-ramp companies for real-time risk decisioning.

Save

Solana lending protocol, formerly Solend

Save (formerly Solend) is a leading algorithmic, decentralized lending and borrowing protocol on Solana. It rebranded from Solend to Save in 2024. Users supply and borrow assets including USDC and USDT across permissionless and isolated pools, with the protocol governed by its native token.

SBI Holdings is a major Japanese financial services group that partnered with Circle to bring USDC to Japan, with its subsidiary SBI VC Trade becoming the first regulated venue to offer USDC to the Japanese public in March 2025. SBI and SBI Shinsei Bank invested $50 million in Circle, and SBI is co-developing JPYSC, a trust-bank-backed yen stablecoin, with Startale Group.

Scallop

Institutional-grade lending and borrowing protocol on Sui

Scallop is a money-market protocol on the Sui blockchain offering lending and borrowing with a Compound/Solend-inspired design. Depositors receive interest-bearing sCoins (e.g. sUSDC) representing their position, and the protocol features soft liquidation. It is a major source of stablecoin liquidity and yield on Sui rather than a stablecoin issuer itself; governance runs through the SCA / veSCA token.

Schuman Financial

Issuer of EURØP, a MiCA-compliant euro stablecoin

Schuman Financial is the issuer of EURØP, a regulated, fully-backed euro stablecoin and one of the first MiCA-compliant euro stablecoins. Founded by former Binance Europe executives, it became among the first companies to acquire a stablecoin issuer (e-money token) license from France's ACPR under MiCA. EURØP is backed 1:1 by euros held in EU banks including Société Générale and is live on Ethereum, Polygon and the XRP Ledger.

Scorechain

Crypto AML and blockchain analytics

Scorechain is a Luxembourg-based blockchain analytics provider offering real-time transaction monitoring, wallet screening and risk scoring across 100+ blockchains, plus travel-rule integration, for VASPs, banks and financial institutions.

Scroll

Native zkEVM Layer-2 for Ethereum

Scroll is a zero-knowledge rollup on Ethereum that executes the full EVM at the bytecode level, generating validity proofs per batch and posting data and proofs back to mainnet. Co-founded in 2021 by Sandy Peng, Ye Zhang and Haichen Shen, its mainnet launched in October 2023. USDC and USDT are available natively via canonical bridges, and the ecosystem includes USX, a private gasless native stablecoin, with a yield-bearing version sUSX.

Securitize

Tokenization platform behind BlackRock BUIDL

Securitize is the leading RWA tokenization and transfer-agent platform, issuing and administering tokenized funds for BlackRock (BUIDL), Apollo, Hamilton Lane, KKR and VanEck. It is an SEC-registered broker-dealer and transfer agent and the largest player in the tokenization industry by AUM (over $4B, ~20% market share).

Sei Network

The Layer-1 blockchain for trading

Sei is a high-performance Layer-1 blockchain optimized for trading, founded by Jayendra Jog (ex-Robinhood) and Jeff Feng (ex-Coatue) and launched in August 2023 with the SEI token. Its Sei V2 upgrade added a parallelized EVM with optimistic parallelization and SeiDB, delivering thousands of TPS with sub-400ms finality. Circle made a strategic investment in Sei and bridged USDC to it, with native USDC and CCTP V2 integrated by 2025; Ondo's USDY tokenized-Treasury fund also launched on Sei.

Sentiment

Leverage lending protocol

Sentiment is a leveraged lending protocol designed for complex on-chain portfolio positions, with adaptive risk management and permissionless pool creation supporting various collateral types. Its newer iteration is built for high-throughput chains like Hyperliquid, and it supports stablecoin lending and borrowing as part of leverage strategies.

Sentora

Institutional DeFi yield, liquidity and risk platform

Sentora is an institutional-grade DeFi asset management platform formed in 2025 from the merger of analytics firm IntoTheBlock and structured-liquidity provider Trident Digital. It combines IntoTheBlock's onchain analytics with Trident's structured liquidity solutions, operating non-custodial vaults with real-time analytics and over $3B deployed across protocols and chains. Sentora targets compliant institutional access to DeFi yield, liquidity provisioning and risk management, with relationships across ecosystems including ether.fi and Aave.

Sequence

Non-custodial smart wallets for production payments

Sequence delivers non-custodial smart wallets for ecosystems and apps, with passkeys, social auth, timed recovery keys and sandboxed permissions via Smart Sessions. Acquired by Polygon Labs in 2026 (with Coinme) to anchor the Open Money Stack for regulated stablecoin payments.

Shopify

Commerce platform enabling USDC checkout for merchants

Shopify is a global commerce platform that, via Shopify Payments, enabled millions of merchants across 30+ countries to accept USDC on Base — powered by Coinbase and Stripe — with automatic conversion to local currency and no FX fees. It uses a purpose-built escrow smart contract for auth/capture.

Signature Bank

Former crypto banking leader (Signet); failed 2023

Signature Bank was a leading US crypto-friendly bank whose Signet real-time payments network served stablecoin and digital-asset clients. It was historically significant for stablecoin banking before its March 2023 failure and seizure by regulators.

Silo Finance

Isolated-market lending

Silo is a non-custodial lending protocol built on risk-isolated markets, where each asset is paired in its own silo to contain contagion. Silo V2 enables permissionless market creation, and stablecoins are core bridge and borrow assets. It is a notable challenger in risk-isolated lending, prominent on Sonic and Ethereum.

Silvergate Bank

Former crypto bank (SEN); wound down 2023

Silvergate was a pioneering US crypto bank whose Silvergate Exchange Network (SEN) provided real-time fiat settlement for exchanges and stablecoin issuers. It was historically central to stablecoin banking before voluntarily winding down in 2023.

Simplex (Nuvei)

Fiat-to-crypto on/off-ramp by Nuvei

Simplex, acquired by payments giant Nuvei, is a long-standing fiat-to-crypto on/off-ramp with chargeback liability coverage and card acquiring, integrated into many exchanges and wallets worldwide.

Skip / Interchain Labs (IBC Eureka)

IBC interoperability for Cosmos and Ethereum

Skip (now part of Interchain Labs) builds Skip Go cross-chain routing and IBC Eureka, the canonical IBC v2 implementation that extends Inter-Blockchain Communication between 115+ Cosmos chains and Ethereum. It enables trust-minimized cross-chain stablecoin transfers via light-client security.

Sky

MakerDAO rebrand; USDS issuer

Sky (the rebrand of MakerDAO) issues USDS and DAI, decentralized stablecoins, and runs the Sky Savings Rate paid on sUSDS. As the original DeFi credit system (the Maker Vault / collateralized debt position model), Sky remains a foundational lending and stablecoin protocol, channeling billions into RWAs and DeFi via its SubDAO stars including Spark.

Skyfire

Payment rails and identity for AI agents

Skyfire builds the agent trust stack: a payments network and Know Your Agent (KYA) identity layer that lets autonomous AI agents transact using stablecoins. Funds deposited in USD are held as USDC in agent-tied wallets, with programmable spending and tokenized payment cards for machine-led commerce across APIs and digital services.

Slash

Business banking, corporate cards and stablecoin payments

Slash is a multi-product business banking platform combining FDIC-insured checking, corporate cards, expense and treasury management, global payments and stablecoin support. It powers over $30B in annualized payment volume across 5,000+ businesses and surpassed $1B in annualized stablecoin payment volume within nine months of launching the product. It reached unicorn status with a $100M Series C in 2026.

Sling Money

Stablecoin-powered global money transfer app

Sling Money, built by Avian Labs, is a consumer app for sending digital dollars and euros worldwide in seconds using USDP and EURC on Solana, with free wallet transfers in 145+ countries and instant local-currency withdrawals in 80 countries.

Societe Generale FORGE

Bank-issued euro and dollar stablecoins (EURCV, USDCV)

SG-FORGE, the regulated digital-assets subsidiary of Societe Generale, issues the euro stablecoin EUR CoinVertible (EURCV) and the US-dollar USD CoinVertible (USDCV) on Ethereum and Solana, with BNY as reserve custodian — among the first major-bank stablecoins.

Socket

Chain-abstraction interoperability protocol

Socket is an interoperability and chain-abstraction protocol that aggregates routing across bridges (Across, Stargate, Hop, Celer, Connext) and DEXs via a unified API. It builds the consumer-facing Bungee aggregator and is developing Socket Protocol for modular chain abstraction.

SoFi

Issuer of SoFiUSD, the first US national bank stablecoin

SoFi Technologies is a publicly traded US digital bank that in December 2025 launched SoFiUSD, a fully reserved US-dollar stablecoin redeemable 1:1 through SoFi Bank. It is positioned as the first stablecoin issued by a US national bank to launch on a public, permissionless blockchain (Ethereum and Solana) and is available directly in the SoFi app to nearly 15 million members. SoFi also offers SoFiUSD as white-label stablecoin infrastructure to banks, fintechs and enterprises.

Solana

High-throughput L1 with major stablecoin volume

Solana is a high-performance Layer-1 known for low fees and fast finality, and a leading venue for stablecoin payments and high-frequency USDC/USDT flows. It is a primary chain for consumer payments apps, DePIN, and stablecoin-settled trading, with native USDC and PYUSD support.

Solayer Emerald Card

Solana DeFi-yield spending card

The Solayer Emerald Card combines DeFi yield with spending rewards on Solana, letting users earn yield on stablecoin balances while spending at merchants, aimed at Solayer's crypto-native community.

Solflare

Solana-native non-custodial wallet

Solflare is a long-standing Solana-native self-custody wallet supporting staking, swaps, NFTs and stablecoins like USDC and USDT, available across mobile, extension and web with hardware-wallet support.

Solidus Labs

Crypto-native market surveillance and risk monitoring

Solidus Labs provides crypto-native trade surveillance, market manipulation detection, transaction monitoring and risk monitoring (HALO) for exchanges, brokers, asset managers and regulators, addressing both AML and market-integrity risk.

Sommelier

Automated DeFi strategy vaults

Sommelier is a Cosmos-based protocol coordinating actively managed DeFi vaults ('Cellars') that dynamically reallocate assets, including stablecoin yield strategies, across Ethereum DeFi. It enables sophisticated, gas-efficient automated strategies for stablecoin and LST yield.

Soneium

Sony's Ethereum Layer 2

Soneium is an Ethereum Layer 2 built on the OP Stack and launched by Sony Block Solutions Labs, a joint venture between Sony Group and Startale. It targets entertainment, gaming and consumer applications, has Circle's USDC as a primary token, and gained Startale USD (USDSC), an M0-powered institutional stablecoin, in late 2025.

Sonic

Fast EVM Layer-1, the rebranded Fantom

Sonic (formerly Fantom) is a high-performance EVM Layer-1 blockchain that launched its mainnet in December 2024, capable of ~10,000 TPS with sub-second finality and a 90% fee-sharing model rewarding developers. Sonic Labs introduced USSD, a US dollar stablecoin built on Frax Finance infrastructure backed 1:1 by short-duration US Treasuries via BlackRock, Superstate and WisdomTree, mintable cross-chain from 10+ blockchains. In 2025 the community approved a $150M token issuance to fund a US capital-markets expansion including an ETF initiative.

Sony Bank

Japanese digital bank piloting yen-backed stablecoins

Sony Bank is the digital banking arm of Sony Group that has been piloting a yen-pegged stablecoin, including an earlier trial on Polygon aimed at gaming and entertainment IP payments. It signed an MoU with JPYC Inc. to enable real-time purchase of the JPYC yen stablecoin directly from Sony Bank deposits, with its Web3 subsidiary BlockBloom designing the integration between bank rails and stablecoin rails.

Spec

Real-time fraud and compliance defense

Spec provides a real-time fraud, abuse and compliance defense platform using session and behavioral signals to stop account takeover, onboarding fraud and money-laundering attempts, used by fintech, crypto and stablecoin on-ramp companies.

Sphere

Global stablecoin payments API and dashboard

Sphere (SpherePay) is a B2B payments platform and API suite helping fintechs and institutions move value across borders compliantly, supporting on/off-ramp flows, multi-chain stablecoin transfers, white-label embeds and SDKs. It is also building SphereNet, a payments network.

Spiko

Europe's first tokenized money-market funds

Spiko is a Paris-based fintech that launched Europe's first AMF-approved tokenized money-market funds (EUTBL in euros, USTBL in dollars), giving businesses on-chain access to European and US sovereign-debt yield. It scaled to hundreds of millions in AUM in its first year.

Squads

Smart account and multisig infrastructure for Solana

Squads is the leading smart-contract wallet and multisig infrastructure layer for Solana and the SVM, securing over $10B in assets and processing $3B+ in stablecoin transfers. Its programs power treasury management, account abstraction, embedded smart accounts (Altitude) and programmable stablecoin payments and payroll (Grid) for DAOs, companies and developers.

Squid Router

Cross-chain swap and bridge built on Axelar

Squid is a cross-chain liquidity router built on Axelar's GMP that lets users and apps swap and bridge in a single transaction across 100+ chains. Its CORAL intent engine and Squid Coral SDK power one-click cross-chain stablecoin movement embedded in wallets and dApps.

Stable

USDT-gas L1 for stablecoin payments

Stable is a Layer-1 blockchain purpose-built for stablecoin payments that uses USDT itself as the native gas asset, with no separate L1 token required for fees. Associated with the USDT0 cross-chain transport team and positioned as a Tether-aligned settlement layer for remittances and merchant flows, it added PYUSD support with PayPal Ventures and targets a 2026 mainnet.

Stable Sea

Low-cost B2B cross-border stablecoin payments

Stable Sea is a B2B cross-border payments provider using stablecoin rails to lower costs and speed settlement, partnering with dLocal to combine stablecoin liquidity with local payment infrastructure across emerging markets.

Stables

Stablecoin money app and card

Stables is an Australia-based stablecoin money app and card backed by USDT/USDC, letting users top up with stablecoins and spend at 140M+ merchants globally. It also provides USDt payments infrastructure for Asia and MENA.

StablR

Issuer of EURR and USDR

StablR is a Malta-based, MFSA-supervised issuer of the MiCA-compliant euro stablecoin EURR and USD stablecoin USDR, with reserves and custody arrangements aimed at institutional payment use cases.

Stably

Multi-currency stablecoin-as-a-service platform

Stably is a stablecoin-as-a-service platform providing multi-currency, fiat-backed stablecoin issuance with integrated fiat on/off-ramps. It has served as a primary stablecoin partner for the Algorand and Stacks blockchains, enabling branded and ecosystem stablecoins.

StakeStone

Issuer of USDz/STONE omnichain yield assets

StakeStone is an omnichain liquidity protocol issuing yield-bearing assets including a yield-bearing stablecoin (USDz/SBTC suite alongside its STONE LST), distributing native yield across multiple chains via its omnichain framework.

Standard Chartered

Global bank providing custody and reserve banking for digital assets

Standard Chartered is a global bank expanding into digital assets, providing custody and reserve banking. It is bringing its crypto custodian Zodia Custody fully into core operations and partners with stablecoin and tokenization initiatives across Asia, the Middle East and Europe.

Standard Custody & Trust

NYDFS-chartered trust custodian (PolySign)

Standard Custody & Trust Company is a NYDFS-chartered qualified custodian (part of PolySign) providing institutional cold custody and settlement. It serves as a regulated custodian and reserve partner for tokenized assets and stablecoins.

Standard Economics

Stablecoin cross-border payments app (Uno)

Standard Economics is a stablecoin payments startup building Uno, a cross-border payments and remittance app that gives users USD access via stablecoins. Uno first launched in Mexico in October 2025 with domestic payments and zero-fee cross-border transfers, with plans to expand to Argentina, the Philippines and other Latin American and Asian markets.

Stargate Finance

Omnichain liquidity transport built on LayerZero

Stargate is a fully-composable liquidity transport protocol built on LayerZero that enables native asset transfers (including stablecoins) across chains using unified liquidity pools with guaranteed instant finality. It is one of the highest-volume bridges for USDC and USDT.

Starknet

Ethereum ZK-rollup scaling network

Starknet is a permissionless ZK-rollup (validity rollup) Layer 2 on Ethereum developed by StarkWare, using STARK proofs and the Cairo programming language to deliver low-cost, high-throughput transactions. It hosts a growing DeFi ecosystem and supports major dollar stablecoins including USDC and USDT used for trading, lending and payments.

Startale Group

Japanese Web3 infrastructure firm issuing yen and dollar stablecoins

Startale Group is a Japan-based Web3 infrastructure company that operates Astar Network and co-develops the Sony-backed Soneium L2 via Sony Block Solutions Labs. In partnership with SBI Holdings it is launching JPYSC, the first trust-bank-backed JPY stablecoin (issued by Shinsei Trust & Banking), alongside a dollar stablecoin USDSC and the tokenized-asset chain Strium. It raised a $63M Series A backed by SBI Group and Sony Innovation Fund.

Stasis

Issuer of EURS, the largest euro-backed stablecoin

Stasis is a Malta-based stablecoin issuer that launched EURS in 2018, one of the largest and most established euro-backed stablecoins. EURS is fully collateralized 1:1 by euro bank deposits and liquid financial instruments, with daily reserve statements, quarterly verifications and annual audits by BDO Malta, and is available across multiple blockchains including Ethereum, Polygon, Algorand, Stellar and XDC.

State Street

Custodian bank and asset manager targeting stablecoin reserves

State Street is a major global custodian bank and asset manager. It holds portions of stablecoin reserves (including for Paxos) and in 2026 launched a government money market fund built specifically for stablecoin issuers seeking GENIUS Act-eligible reserve assets.

Steakhouse Financial

Crypto-native financial advisory and DeFi risk curator

Steakhouse Financial is a crypto-native financial advisory and risk-curation firm founded in 2020, advising leading protocols including Sky (MakerDAO), Coinbase, Lido and Ethena on treasury, ALM and RWA strategy. It helped onboard US Treasuries and private credit to MakerDAO and is now the largest curator on Morpho, managing dozens of vaults across multiple chains. It incubated Grove.

Stellar

Payments L1 for cross-border stablecoin settlement

Stellar is a Layer-1 designed for fast, low-cost payments and asset issuance, widely used for cross-border stablecoin settlement and remittances. It hosts USDC and EURC and powers Visa/Wirex card stablecoin settlement and x402 agentic payments, with an anchor network bridging fiat on/off ramps globally.

Stork

Ultra-low-latency price oracle

Stork delivers price data at ultra-low latency for perpetuals markets, lending protocols, and DeFi ecosystems, rapidly supporting new assets on listing. Its pull-based architecture targets high-frequency trading and derivatives use cases requiring sub-second updates.

StraitsX

Issuer of XSGD, XUSD and XIDR

StraitsX is a Singapore-based stablecoin and payments infrastructure provider, licensed as a Major Payment Institution by the Monetary Authority of Singapore. It issues XSGD, the Singapore-dollar stablecoin launched in 2020 and backed 1:1 by reserves held with DBS Bank and Standard Chartered, alongside XUSD. XSGD operates across Ethereum, Polygon, Avalanche, Hedera, Zilliqa and the XRP Ledger, with monthly reserve attestations, and the company is expanding both stablecoins onto Solana.

Stream Finance

Collapsed yield stablecoin (xUSD) at center of 2025 DeFi contagion

Stream Finance issued xUSD, a yield-bearing 'stablecoin' marketed with ~18% APY backed by leveraged and off-chain strategies. On November 4, 2025 it disclosed a ~$93M loss tied to an external fund manager; xUSD crashed roughly 77-82% from $1 toward $0.20s, freezing ~$160M in deposits and triggering over $285M of contagion across DeFi, including the near-total collapse of Elixir's deUSD. The protocol is effectively insolvent.

Stripe

Global payments platform with native stablecoin checkout

Stripe is the dominant internet payments platform. After acquiring stablecoin infrastructure startup Bridge for ~$1.1B in early 2025 and stablecoin wallet firm Privy, Stripe rolled out native stablecoin acceptance: every Stripe merchant can accept USDC (and USDB) through standard checkout, and Stripe powers USDC payments for millions of Shopify merchants. It charges a flat ~1.5% on stablecoin transactions.

Stronghold

Blockchain payments infrastructure powered by SHx

Stronghold is a financial infrastructure company building payments and settlement rails on the Stellar network, powered by its SHx utility token. It has issued Stronghold USD, a US-dollar-backed stablecoin on Stellar, and provides embedded payments and settlement services for enterprises, with SHx tradable against Circle's USDC on Stellar's DEX and a bridge to the XRP Ledger.

Sui

Move L1 with native USDC and growing stablecoin payments

Sui is a high-performance Layer-1 built with the Move language, offering parallel execution and low fees. It supports native USDC and a growing set of stablecoins, targeting consumer payments, gaming, and DeFi liquidity.

Summer.fi

DeFi access layer for borrowing, multiply and yield

Summer.fi (formerly Oasis.app, originating from the Maker ecosystem) is a non-custodial DeFi front-end and aggregator for borrowing, leveraged Multiply positions, and automated Lazy Summer yield strategies across protocols like Sky/Maker, Aave, Spark and Morpho. It is a major interface for managing stablecoin debt (DAI/USDS) and earning yield.

Sumsub

Full-cycle verification and AML platform

Sumsub provides KYC/KYB identity verification, AML screening, fraud prevention and crypto transaction monitoring (powered partly by integrations with blockchain analytics vendors). It is widely used by crypto exchanges, on/off-ramps and fintechs for onboarding and ongoing compliance.

Superfluid

Stream money every second on-chain

Superfluid is a money-streaming protocol enabling real-time, continuous on-chain cashflows via 'Super Tokens', an extension of ERC-20. A single transaction creates a per-second stream used by crypto-native organizations for salaries, grants, subscriptions and rewards, and works with stablecoins and other tokens.

Superset

Unified liquidity execution layer for stablecoins and onchain FX

Superset is a cross-chain stablecoin liquidity and onchain FX infrastructure project that consolidates fragmented stablecoin liquidity into one open onchain market. It uses a hub-and-spoke model that routes pricing and execution through a central chain (Arbitrum) while settling trades across multiple networks, targeting consistent fills and clearer pricing for LPs, market makers, issuers and wallets.

Superstate

Issuer of USTB and USCC tokenized yield funds

Superstate, founded by Compound creator Robert Leshner, issues USTB (tokenized short-term Treasuries) and USCC (crypto carry fund) as yield-bearing on-chain investment tokens for institutions. It bridges regulated funds and DeFi composability.

Supra

Vertically integrated oracle and cross-chain toolkit

Supra is a vertically integrated toolkit of cross-chain solutions providing decentralized oracle price feeds, VRF, and cross-chain interoperability for both on-chain and off-chain use cases. It targets high-throughput, low-latency data delivery across many L1s and L2s.

SushiSwap

Multi-chain DEX and DeFi suite

SushiSwap is a long-running decentralized exchange and DeFi platform deployed across 30+ chains. It offers AMM swaps, concentrated liquidity (v3), a cross-chain swap aggregator (SushiXSwap), lending and yield products, making it a significant venue for stablecoin liquidity and routing.

Swapped.com

European fiat-to-crypto on/off-ramp

Swapped.com is a European-focused fiat-to-crypto on/off-ramp offering instant buy/sell with cards, SEPA, and local rails, available as a consumer product and partner ramp.

Swarm

Regulated DeFi for tokenized stocks and bonds

Swarm (Swarm Markets) is a BaFin-regulated platform offering tokenized public equities (e.g. AAPL, TSLA) and tokenized US Treasuries that can be traded and used in DeFi. It bridges regulated securities into permissionless markets.

Switchboard

Permissionless customizable oracle

Switchboard is a permissionless oracle network letting developers build custom data feeds for price data, randomness, and verticals from insurance verification to gaming. It originated on Solana and uses a TEE-based architecture (Switchboard On-Demand) for low-latency, customizable feeds across multiple chains.

Sygnum

Regulated digital asset bank with custody

Sygnum is a Swiss and Singapore-licensed digital asset bank offering institutional custody, brokerage, tokenization and yield. As a chartered bank it provides bankruptcy-remote regulated custody and is a custody/reserve counterparty for tokenized assets and stablecoins.

Symbiosis

Cross-chain liquidity and swap protocol

Symbiosis is a cross-chain AMM and liquidity protocol that enables swaps and stablecoin transfers between EVM and non-EVM chains (including Bitcoin, Tron, and TON) through a single interface. It uses a decentralized relayer network and stable pools for cross-chain settlement.

Synapse Protocol

Cross-chain bridge with stableswap liquidity

Synapse is a cross-chain communications protocol and bridge that runs Curve-style stableswap pools across chains, offering one of the broadest lists of supported stablecoins and chains. Its Synapse Chain and Interchain Network extend generic messaging beyond simple asset transfers.

Synthetix

Issuer of sUSD, the SNX-backed synthetic dollar

Synthetix is a veteran Ethereum and Optimism DeFi protocol best known for sUSD, a crypto-collateralized stablecoin minted against staked SNX, and for its perpetual futures liquidity. In April 2025 sUSD depegged to as low as ~$0.66 after SIP-420 cut minter collateralization from 750% to 200% via a shared debt pool; the team has since pursued buybacks and incentive changes to rebuild the peg.

t-0 Network

USDT-powered net-settlement network for cross-border payments

t-0 Network is an institutional settlement layer for stablecoin-powered payments, connecting licensed banks, fintechs, and payment providers peer-to-peer through a single API with USDT as the common settlement asset. Members transact across 1,200+ cross-currency corridors spanning 50+ countries and settle only net balances at a cadence they control, cutting FX exposure and removing the prefunding burden of correspondent banking. Tether announced a strategic investment in the network in February 2026.

t3rn

Universal cross-chain execution protocol

t3rn is a cross-chain interoperability protocol providing a Universal Execution Protocol for fail-safe, atomic multi-chain smart contract execution across EVM and non-EVM chains. Off-chain attestors validate and settle cross-chain transactions so multi-step operations either fully complete or revert, ensuring funds are never lost. It supports ERC-7683 intents and is used for cross-chain swaps and bridging.

Tangany

White-label custody-as-a-service (Germany)

Tangany is a German BaFin-licensed custody-as-a-service provider offering API-based white-label custody and tokenization infrastructure to banks, fintechs and enterprises. It enables regulated custody and stablecoin/token issuance without building in-house key management.

Tangible (Real USD)

Defunct real-estate-backed yield stablecoin (USDR)

Tangible issued Real USD (USDR) on Polygon, a yield-bearing stablecoin backed largely by tokenized real estate plus a DAI liquidity buffer. In October 2023 USDR depegged to roughly $0.51 after a redemption rush drained its liquid DAI, leaving holders facing illiquid real-estate-backed assets. Tangible subsequently wound down USDR and offered compensation via DAI and real-estate-pool tokens.

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.

Taurus

Swiss enterprise custody and tokenization infrastructure

Taurus is a Swiss digital asset infrastructure provider offering custody (Taurus-PROTECT), tokenization (Taurus-CAPITAL) and a regulated marketplace (TDX). Backed by Credit Suisse and Deutsche Bank, it provides white-label custody and tokenization to banks across Europe and is a key enterprise platform for regulated digital assets and stablecoins.

Tazapay

Cross-border B2B collections and payouts with stablecoin settlement

Tazapay is a Singapore-based cross-border payments platform connecting stablecoin settlement to B2B collection and payout corridors across Asia and emerging markets, with local payment method coverage in 170+ markets.

Tellor

Permissionless decentralized oracle

Tellor is a permissionless, Ethereum-based oracle where reporters stake TRB to submit data and submissions can be disputed on-chain. It emphasizes censorship resistance and decentralization for price and arbitrary data feeds used by DeFi protocols.

Tempo

Stablecoin-native payments L1 backed by Stripe and Paradigm

Tempo is an EVM-compatible Layer-1 blockchain purpose-built for stablecoin payments, incubated by Stripe and Paradigm and spun out as an independent company. It targets enterprise and merchant payments with stablecoins as the default gas asset, leveraging Stripe's distribution, Bridge issuance infrastructure, and Privy wallets. It opened a public testnet in late 2025 ahead of a 2026 mainnet.

Tencent / WeChat Pay

China's dominant mobile payments super-app

WeChat Pay, operated by Tencent's Tenpay subsidiary within the WeChat super-app, is one of China's two dominant mobile payment networks with over a billion users. It handles QR-based in-store and online payments, cross-border merchant acceptance, and is exploring digital-currency and tokenized-payment initiatives, though Chinese regulation has kept it focused on fiat and the e-CNY rather than public stablecoins.

Term Finance

Fixed-rate, fixed-term DeFi lending

Term Finance is a non-custodial protocol for fixed-rate, fixed-term lending and borrowing, using a weekly auction to match stablecoin lenders and borrowers. It brings predictable bond-like rates to onchain stablecoin credit, differentiating from variable-rate money markets.

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.

Texas Capital Bank

US bank backing stablecoin reserves

Texas Capital Bank is a Texas-based commercial bank serving as a reserve and banking partner for stablecoin issuers, providing custody of reserve cash and banking infrastructure for digital-dollar issuance under US regulatory frameworks.

The Better Money Company

Clearing layer for stablecoins

The Better Money Company is building a stablecoin clearinghouse that lets any stablecoin be exchanged for any other at par, with no slippage, across chains and issuers. Rather than routing through liquidity pools or OTC desks, it settles 1:1 via direct participation from banking partners and issuers. Founded by ex-a16z crypto investor Sam Broner and Adam Zuckerman, it raised a $10M seed round led by a16z crypto in 2026.

The Graph

Decentralized indexing and query protocol

The Graph is a decentralized protocol for indexing and querying blockchain data via GraphQL subgraphs. Indexers, curators and delegators stake GRT to serve verifiable on-chain data to dApps and analytics tools, including data used to track stablecoin flows, balances and contract activity.

Theo Network

Aggregated institutional Treasury yield (thBILL)

Theo Network offers thBILL, an index of institutional-grade tokenized Treasury products, aggregating exposure (e.g. Wellington-managed tULTRA via Libeara) and wrapping it with continuous market-making and DeFi distribution. It scaled to $200M+ TVL within months of launch.

Thirdweb

Full-stack Web3 dev platform with embedded wallets

Thirdweb is a one-stop Web3 development platform offering smart contracts, embedded/in-app wallets, account abstraction, and infrastructure. Its in-app wallets support email/social login and are widely used to onboard mainstream users to stablecoin-enabled apps.

THORChain

Native cross-chain liquidity protocol

THORChain is a decentralized cross-chain liquidity network that enables native asset swaps across major chains (Bitcoin, Ethereum, BNB) without wrapping, with continuous liquidity pools and its own stablecoin TOR. It is a major venue for non-custodial cross-chain swaps including stablecoins.

Threshold (thUSD)

BTC and ETH-backed stablecoin thUSD

Threshold Network issues thUSD, an overcollateralized stablecoin (a Liquity-derived design) backed by tBTC and ETH, bringing Bitcoin collateral into a decentralized CDP stablecoin model.

Thunes

Global cross-border payments network with stablecoin reach

Thunes operates a global cross-border payments network reaching billions of mobile wallets and bank accounts, expanding into stablecoin settlement to make cross-border payouts faster and more accessible in emerging markets.

Timeswap

Oracle-less, permissionless lending protocol

Timeswap is the first oracle-less lending and borrowing protocol, enabling permissionless creation of fixed-maturity money markets for any ERC-20 / ERC-4626 pair via a novel 3-variable constant-product AMM. Its non-liquidatable, oracle-free design supports markets for long-tail and stablecoin assets across multiple chains.

Tokemak

Liquidity routing and autonomous liquidity management

Tokemak is a liquidity management protocol that optimizes and routes liquidity across DeFi. Its autopilot/autopools (v2) automatically allocate deposited assets to the best-yielding liquidity pools, including stablecoin (autoUSD) and ETH strategies, abstracting away manual LP management and rebalancing.

Token Terminal

Financial data platform for crypto

Token Terminal is a financial and on-chain data platform that aggregates standardized metrics for blockchains, protocols and applications, including stablecoin supply, transfer volume, revenue and active-address data. Its dashboards and APIs are widely used by analysts and institutions to track stablecoin issuers and DeFi activity.

Tokeny

ERC-3643 tokenization infrastructure

Tokeny is an enterprise tokenization platform and the steward of the ERC-3643 permissioned-token standard, providing issuance, compliance and lifecycle management for tokenized securities. Apex Group is a majority owner, embedding Tokeny in institutional fund administration.

Tokocrypto

Binance-backed Indonesian crypto exchange

Tokocrypto is an Indonesian centralized crypto exchange launched in 2018 and backed by Binance. It offers 400+ tokens with spot and Pro trading, IDR on/off-ramps and an Earn yield feature, operating under Indonesian (Bappebti/OJK) regulation.

Toku

Stablecoin payroll and token compensation for global teams

Toku is an all-in-one global payroll, EOR and token-compensation platform purpose-built for crypto and Web3 companies. It handles fiat employment, stablecoin disbursements and token-grant compliance across 100+ jurisdictions, integrating with ADP, Rippling and Workday and partnering with Mesh for end-to-end stablecoin payroll rails.

TON

Telegram-linked L1 for in-app stablecoin payments

The Open Network (TON) is a Layer-1 closely integrated with Telegram, enabling stablecoin payments to a massive messaging user base. USDT on TON has driven significant peer-to-peer and in-app dollar transfer adoption via Telegram wallets.

Tonkeeper

Leading non-custodial wallet for TON

Tonkeeper is the leading self-custody wallet for The Open Network (TON), the chain tied to Telegram. It supports USDT on TON (a major stablecoin venue) plus staking and dApps, with deep Telegram integration.

Topper (Uphold)

Uphold's embeddable fiat-to-crypto onramp

Topper is Uphold's on/off-ramp product, an embeddable fiat-to-crypto checkout backed by Uphold's regulated exchange infrastructure, supporting cards, bank transfers, and many assets globally.

Toros / dHEDGE

Automated on-chain asset management and yield vaults

dHEDGE is a decentralized, non-custodial asset management protocol enabling on-chain investment funds, and Toros is its automated-strategy product offering dynamic vaults including leveraged tokens and stablecoin yield vaults (USDy, USDpy delta-neutral). The vaults deliver tokenized yield strategies on top of stablecoin and crypto holdings.

Totalis

On-chain derivative layer for prediction markets

Totalis is a DeFi startup building a derivative layer for prediction markets, letting users bundle views across multiple events rather than betting on a single outcome. Founded in 2026, it runs fully on-chain using stablecoins for transactions and treasury management, and became the recipient of Y Combinator's first all-stablecoin seed investment, a $500K USDC disbursement settled on Solana.

Trace Finance

Stablecoin and banking infrastructure for Brazil and LatAm

Trace Finance is a regulated financial-infrastructure company powering cross-border payments, banking connectivity, FX and stablecoin settlement across Brazil, the US and emerging markets. It combines local rails (Pix), compliance, banking infrastructure and stablecoin-enabled settlement via one API, enabling BRL-to-stablecoin conversion in under a minute. It has processed over $10B in cross-border volume and serves major PSPs including dLocal.

Tradable

Private credit tokenization and liquidity platform

Tradable is a private credit tokenization and liquidity platform offering deal ownership management and access to institutional-grade private credit deals onchain. It operates on the ZKsync Era network and has tokenized over $2 billion in real-world private credit assets, making private credit positions transferable and composable in DeFi.

Trail of Bits

Security research and smart contract audits

Trail of Bits is a cybersecurity research and consulting firm known for high-assurance smart contract audits, cryptography review, and security tooling such as Slither and Echidna. It audits stablecoin protocols, bridges, and DeFi systems for correctness and exploit resistance.

Transak

Global fiat-to-crypto on/off-ramp developer infrastructure

Transak provides an embeddable on/off-ramp widget, SDK, and API supporting 130+ cryptocurrencies and local payment methods across 60+ countries. It is widely integrated into wallets, dApps, NFT marketplaces, games, and exchanges, and partnered with Cross River Bank in 2025 for ACH, wire, RTP, and FedNow rails.

Transfero

Issuer of BRZ, the Brazilian real stablecoin

Transfero is a Brazilian financial group that issues BRZ, the leading Brazilian-real-pegged stablecoin, used for on/off-ramps, remittances and trading across Latin America and multiple blockchains.

TransFi

Stablecoin and cross-border payment solutions for global businesses

TransFi provides global on/off-ramps and stablecoin payout/collection rails supporting 250+ payment methods across 100+ countries, used by businesses for cross-border collections and disbursements.

Trezor

Pioneer hardware wallet maker

Trezor, built by SatoshiLabs, created the first commercial hardware wallet. Its devices (Model One, Model T, Safe series) and Trezor Suite app provide cold-storage self-custody for Bitcoin, Ethereum and stablecoins like USDC and USDT.

Tria

Chain-abstracted Web3 neobank wallet

Tria is a self-custodial Web3 neobank and chain-abstraction platform that lets users trade, spend and earn across EVM, Solana, Cosmos, Move and Bitcoin ecosystems without bridges, gas tokens or network switching. It offers a consumer wallet plus an embedded wallet SDK for developers, stablecoin yield on idle assets, and a BestPath intent-routing layer that finds optimal cross-chain execution.

Triple-A

Regulated stablecoin payment and payout gateway

Triple-A is a regulated crypto/stablecoin payment gateway offering local-currency settlement with fixed FX rates and fast bank payouts across the US, Europe and Asia. It works directly with major banks (DBS, Standard Chartered, BNY Mellon, OCBC, Deutsche Bank) and supports stablecoin acceptance and disbursement.

TRM Labs

Blockchain intelligence for risk and compliance

TRM Labs provides blockchain analytics, transaction monitoring, wallet screening and forensic investigation tools focused on sanctions compliance and national security. It achieved FedRAMP High authorization and operates the Beacon Network for real-time intelligence sharing. TRM reached a $1B valuation in its 2026 Series C.

TRON

Dominant network for USDT settlement

TRON is a high-throughput, low-fee Layer-1 founded by Justin Sun that has become the dominant settlement network for USDT, hosting roughly 60%+ of total USDT supply and the majority of USDT transfers by count and volume. It is heavily used for remittances and peer-to-peer dollar transfers in emerging markets.

Tron-rival: Aptos

High-throughput Move L1 with growing stablecoin supply

Aptos is a high-throughput Layer-1 using the Move language, which has attracted significant native stablecoin supply including USDC, USDT, and Ethena's USDe. It positions itself for fast, low-cost payments and institutional stablecoin and RWA use cases.

Trubit

LatAm exchange and cross-border stablecoin payments

Trubit is a Latin American crypto exchange and payments platform offering on/off-ramps and stablecoin-based cross-border transfers, with a B2B arm serving businesses across Mexico and the region.

TrueFi

On-chain credit and RWA lending protocol

TrueFi is a DeFi credit protocol, originally built by the TrustToken team, that pioneered uncollateralized on-chain lending with on-chain credit scores. After originating over $1.5B in undercollateralized loans during the prior cycle, it pivoted toward real-world-asset lending and tokenized credit. The protocol is governed by the TRU token.

TrueUSD

Issuer of TUSD

TrueUSD (TUSD) is a USD-pegged stablecoin with on-chain attestations of reserves, live across many public chains. The TrueUSD brand has also issued other fiat-pegged tokens such as TrueGBP, TrueAUD and TrueCAD.

Truflation

On-chain inflation and economic data oracle

Truflation provides independent, real-time inflation and macroeconomic data on-chain, serving as a specialized data oracle for RWA, yield, and stablecoin protocols that need real-world economic indices. It aggregates millions of price points to publish daily inflation indexes across regions.

Trust Wallet

Multichain mobile self-custody wallet

Trust Wallet is a popular mobile-first self-custody wallet (acquired by Binance in 2018, now operating independently) supporting 100+ blockchains and millions of assets. It supports USDC anywhere Circle issues natively plus bridged stablecoin variants on 70+ EVM chains.

Turnkey

Non-custodial key infrastructure and embedded wallets

Turnkey is non-custodial wallet and key-management infrastructure spanning embedded wallets and company wallets. Keys are generated, stored, and used for signing entirely inside hardware-isolated secure enclaves, with an independently verifiable security model. Popular for high-throughput signing and agent/stablecoin applications.

U.S. Bank

Custodian for reserves backing Anchorage Digital's stablecoins

U.S. Bancorp's U.S. Bank is one of the largest commercial banks in the United States and was selected to provide custody services for the reserves backing payment stablecoins issued by Anchorage Digital Bank, including USAT.

UBS

Global bank tokenizing funds and money markets

UBS is a global Swiss bank and wealth manager active in tokenization, having launched tokenized money-market fund (uMINT) and blockchain-based payment pilots. It provides banking, asset management, and reserve-grade services relevant to stablecoins and yield-bearing dollar products.

UMA

Optimistic oracle for arbitrary data

UMA is an optimistic oracle that verifies arbitrary off-chain data and claims through a propose-and-dispute mechanism resolved by token-holder voting. It underpins prediction markets (e.g. Polymarket), insurance, and custom data resolution rather than high-frequency price feeds.

Umbrella Network

Scalable Merkle-tree-batched oracle

Umbrella Network is a decentralized oracle that batches large volumes of data into Merkle trees to deliver many price feeds cost-efficiently on-chain. It targets high-volume DeFi data needs with low per-feed gas costs across multiple EVM chains.

Unbound Security

Cryptographic MPC security (acquired by Coinbase)

Unbound Security was an Israel-based pioneer in cryptographic key-management and secure multi-party computation (MPC). Coinbase acquired Unbound Security in late 2021 to bolster its institutional custody, wallet and key-management technology. (Note: Unbound was acquired by Coinbase, not PayPal.)

Unichain

DeFi-focused L2 by Uniswap Labs

Unichain is an Ethereum Layer 2 built on the OP Stack and launched by Uniswap Labs, optimized for fast, low-cost DeFi and cross-chain liquidity. It serves as a home base for Uniswap trading and the broader DeFi stack, with deep stablecoin liquidity in USDC, USDT and DAI.

Union

Zero-knowledge interoperability layer

Union is a zero-knowledge interoperability protocol providing trust-minimized cross-chain messaging and asset transfers using ZK light clients, connecting Cosmos, Ethereum, and other ecosystems. It targets censorship-resistant bridging for stablecoins and tokens.

Uniswap

Largest decentralized exchange

Uniswap is the largest DEX by volume, enabling permissionless token swaps via concentrated-liquidity AMMs. Stablecoin pairs (USDC/ETH, USDC/USDT) are among its highest-volume markets, making it a core stablecoin trading and liquidity venue. Uniswap v4 introduced hooks for customizable pools, and the protocol launched its own Unichain L2.

Unit21

No-code fraud & AML operations platform

Unit21 is a risk and compliance platform offering no-code and agentic AI tools for fraud prevention, AML transaction monitoring, case management and regulatory reporting. Trusted by 200+ fintechs, banks and crypto firms, it helps stablecoin and payments companies monitor transactions and file suspicious activity reports.

United Stables

Issuer of $U, the stablecoin liquidity layer

United Stables issues $U, a USD-pegged stablecoin deployed natively on BNB Chain and Ethereum, designed as a liquidity layer to reduce fragmentation of stablecoin liquidity across networks. It rose into the top stablecoins shortly after launch.

Unlimit (Unlimit Crypto)

Global payments and fiat<>crypto on/off-ramp

Unlimit is a global payments company whose Unlimit Crypto product offers fiat<>crypto on/off-ramps with 1000+ payment methods and broad geographic licensing, enabling Web3 platforms to embed buy/sell flows worldwide.

Upbit

Dominant South Korean exchange

Upbit, operated by Dunamu, is the dominant crypto exchange in South Korea by volume. While much Korean trading is in KRW, Upbit is a major regional venue for USDT and stablecoin-related products as Korea moves toward won-stablecoin regulation.

Usual

Issuer of USD0 RWA-backed stablecoin and USD0++ bond

Usual is a decentralized fiat stablecoin protocol whose USD0 is backed by tokenized short-term US Treasuries. USD0++ is a yield-bearing 'liquid bond' with fixed maturity and protocol token (USUAL) rewards. Led by former French politician Pierre Person, Usual positions itself as a community-owned challenger to Tether.

Utila

Operational MPC wallet platform for businesses

Utila is an institutional MPC wallet and digital asset operations platform aimed at fintechs, payment firms and funds, with high-throughput stablecoin operations, policy controls and treasury tooling. It has grown rapidly as a custody/operations layer for stablecoin money movement.

VALR

Leading African crypto exchange

VALR is a leading South African crypto exchange expanding across Africa and beyond. It supports broad stablecoin trading and payments, positioning itself as a key venue in a region with strong stablecoin remittance and savings use cases.

VanEck

Tokenized Treasury fund (VBILL)

VanEck, a global asset manager, issues VBILL, a tokenized US Treasury fund via Securitize. The fund is integrated into DeFi (e.g. usable as collateral on Euler) as VanEck pushes tokenized funds into on-chain markets.

Velodrome

ve(3,3) liquidity layer DEX on Optimism / Superchain

Velodrome is the leading ve(3,3) automated market maker and liquidity hub on Optimism and the broader Superchain. It uses vote-escrowed VELO (veVELO) to direct emissions toward pools, making it the central venue for incentivizing stablecoin and bluechip liquidity on OP-stack chains. Its sister deployment on Base is Aerodrome.

Venus Protocol is one of the largest lending and borrowing money markets, originating on BNB Chain and now multichain. Beyond supplying and borrowing assets including USDC, USDT and FDUSD, Venus issues VAI, an overcollateralized decentralized stablecoin minted against deposited collateral. It operates isolated pools and a core pool governed by the XVS token.

Veriff

AI-powered identity verification

Veriff is an AI-powered identity verification provider offering document, biometric and proof-of-address checks plus fraud detection, used by crypto exchanges, fintechs and marketplaces for KYC onboarding.

VerifyVASP

Verified VASP Travel Rule network

VerifyVASP operates a closed, centralized Travel Rule messaging network for secure data sharing between verified VASPs, with deep Asia-Pacific coverage. It acquired Japan-based Sygna to expand its Verified Network.

Verto is a B2B cross-border payments and FX platform connecting businesses to hard-to-reach emerging-market currencies, using stablecoin rails alongside local infrastructure to speed settlement and reduce costs across Africa and beyond.

Visa

Card network settling and enabling stablecoins

Visa is a global card network that has integrated stablecoins for settlement and card programs. Visa settles transactions in USDC, partnered with Bridge (Stripe) to let fintechs issue Visa cards funded by stablecoins with on-the-fly off-ramp conversion, and invested in BVNK. Its stablecoin settlement volume hit a ~$4.5B annualized run rate by early 2026.

Visa Direct

Visa's global money-movement and payouts network

Visa Direct is Visa's real-time push-payments and payouts platform reaching billions of endpoints across cards, accounts, and wallets in 190+ countries. In 2025 Visa launched stablecoin pilots on Visa Direct: a prefunding pilot letting businesses fund payout accounts with USDC or PYUSD, and a payouts pilot enabling recipients to receive funds directly in stablecoin wallets, with wider rollout planned for 2026.

VNX

Non-USD stablecoins and tokenized gold from Liechtenstein

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.

WalletConnect

The connectivity layer for the financial internet

WalletConnect is the leading global connectivity network for wallets, banks, fintechs, financial institutions, and DeFi. The decentralized network provides a single, secure, and compliant access point for moving any asset on any chain, connecting 900M end users, 54M+ wallets, 80,000+ apps, hundreds of institutions, and approximately $2 trillion in network value. Built on this foundation, WalletConnect powers a growing suite of infrastructure for digital asset connectivity, payments, and financial services, enabling institutions and developers to build seamless, interoperable experiences across the onchain economy. WalletConnect Pay is WalletConnect's digital payments platform, enabling PSPs, merchants, wallets, and financial institutions to seamlessly accept and settle stablecoin payments through a single, compliant integration.

Wanchain

Decentralized interoperability blockchain

Wanchain is a long-running interoperability-focused Layer 1 that provides decentralized cross-chain bridges using secure multiparty computation and Shnorr-threshold signatures, connecting Bitcoin, Ethereum, Cosmos, Polkadot, and EVM chains for asset and stablecoin transfers.

WazirX

Major Indian crypto exchange

WazirX is one of India's largest crypto exchanges. It is a key venue in the Indian market for stablecoin and crypto trading, though it suffered a major security breach in 2024 and has been restructuring.

Web3Auth

Social-login MPC wallet infra (now MetaMask Embedded Wallets)

Web3Auth is pluggable embedded-wallet infrastructure providing social/OAuth login and non-custodial MPC wallets with SDKs for React, Android, Unity and more. It was acquired by MetaMask/Consensys and rebranded MetaMask Embedded Wallets.

Wellington Management

Institutional asset manager behind tokenized treasury strategies

Wellington Management is a major independent asset manager (~$1.2T AUM) that sub-manages the Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA), a tokenized US Treasury strategy issued by Libeara/FundBridge and distributed via DigiFT. It is also an institutional backer of Ondo Finance and a participant in Citi-led private-market tokenization pilots.

Wells Fargo

Major US bank with digital-payments initiatives

Wells Fargo is a top-four US bank that has explored bank-led stablecoin and tokenized-deposit initiatives, including participation in joint bank stablecoin discussions. It provides banking, payments, and treasury services relevant to stablecoin reserves and settlement.

Wert

Embeddable fiat onramp for NFTs and crypto

Wert provides an embeddable fiat-to-crypto onramp and smart-contract checkout enabling users to buy crypto, NFTs, and tokens with cards directly inside dApps, with strong support for on-chain minting flows.