Issuer of USDC and EURC. Publishes monthly attestations of the reserves behind USDC.
Directory
Stablecoin issuers
Companies that mint dollar tokens and hold the reserves behind them. Every listing says what a company is good for and what to watch out for. Sponsors can buy placement here. They can never buy a rating, and the methodology page says so in writing.
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Stablecoin issuers today
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Every stablecoin issuers listing
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Ethena
They hold the keys
Issuer of USDe, a synthetic dollar backed by crypto held against equal short futures positions rather than by cash in a bank. In 2025 Germany's BaFin ordered its German company, Ethena GmbH, to wind up its USDe business there after finding serious deficiencies; Ethena objected and the orders were not yet final.
Issues dollar tokens for itself and others, including Global Dollar (USDG), PayPal USD (PYUSD), Pax Dollar (USDP) and the gold token PAXG. New York's financial regulator ordered it to stop minting Binance's BUSD in 2023, and in 2025 fined it $26.5 million for anti-money-laundering failures.
Founded 2012
Payments company behind the XRP Ledger; its RLUSD stablecoin is issued by a New York trust company supervised by the state's financial regulator. In 2024 a US court ordered it to pay a $125 million civil penalty for selling XRP without registration.
Protocol behind the USDS and DAI stablecoins, which are backed by more crypto and other collateral than they issue, held onchain rather than as cash in a bank.
Issuer of USDT, the largest stablecoin. In 2021 US regulators found it had not always held a dollar in reserve for every token from 2016 to 2019.
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