15 Stablecoin Infrastructures Powering Crypto Offerings

Aave Labs

DeFi-native overcollateralized stablecoin

London, UK

GHO about $584M market cap

sGHO yield variant at 4.25% APR; Aave V3 TVL $26.8B+ across Ethereum, Arbitrum, Base, and Gnosis

DeFi protocol governed by Aave DAO

UK-incorporated operating entity; no centralized charter

Horizon institutional RWA market live with about $550M net deposits

sGHO launched; GHO V2 rebuild completed in Apr 2026

AllUnity

MiCAR multi-currency stablecoin JV

Frankfurt, Germany

EURAU and CHFAU live on Ethereum, Solana, Stellar, and Arc testnet

Multi-bank reserve model

BaFin E-Money Institution licence

MiCAR-compliant stablecoin issuer

EURAU launched in Jul 2025 as Germany’s first MiCAR-compliant EUR stablecoin

CHFAU launched in Feb 2026 as first MiCAR-compliant Swiss franc stablecoin

Bridge

Stablecoin orchestration and issuance platform

San Francisco, USA

Stablecoin Financial Accounts live in 101 countries

Transaction volume quadrupled in 2025 per Stripe annual letter

Bridge National Trust Bank conditional approval from US OCC

State money transmitter licences

Acquired by Stripe for $1.1B in Feb 2025

Open Issuance powers Phantom CASH, MetaMask USD, Hyperliquid USDH, and Sui USDsui

Circle Internet Group

Major fiat-backed dollar stablecoin issuer

New York, USA

USDC about $77B in circulation

On-chain volume $21.5T; Circle Payments Network at about $10B annualized TPV

NYDFS BitLicense

OCC conditional trust bank approval; MiCAR-compliant via Circle Mint Europe; NYSE: CRCL

Arc L1 token presale completed at $3B valuation in May 2026

Meta selected USDC for creator payments; USYC and EURC live

First Digital Labs

Asian regulated dollar stablecoin issuer

Hong Kong

FDUSD about $400M market cap as of May 2026

Multi-chain on Ethereum, BNB Chain, Sui, TON, and Arbitrum

Hong Kong-based issuer FD121 Limited

HKMA stablecoin licence application pending under Hong Kong Stablecoin Ordinance

OpenPayd payments integration added USD and EUR settlement rails

Canza Finance integration and SPAC merger plans disclosed

Frax Finance

Hybrid algorithmic and collateralized DeFi stablecoin

Delaware, USA

frxUSD and FRAX live with LayerZero cross-chain composability

Modular smart-contract infrastructure

DeFi protocol

No centralized charter

Sonic Labs deployed Frax framework to launch USSD backed by tokenized Treasuries

GENIUS-compatible white-label infrastructure positioned for partner issuance

M0 Foundation

Decentralized white-label stablecoin platform

Zug, Switzerland

About $180M issued through the platform

Multi-chain deployments across Ethereum, Solana, and Cosmos

Decentralized federated issuance model

Permissioned Minter set

Closed $40M Series B in Aug 2025

M0 underpins MetaMask USD, Noble, Usual Labs, and Playtron Game Dollar

Mastercard

TradFi payment network with stablecoin infrastructure

Purchase, New York, USA

NYSE: MA

Crypto Partner Program ecosystem of 85+ firms; operates in 200+ countries and territories

Regulated global card network

Works with regulated banking partners across major jurisdictions

Agreed to acquire BVNK for up to $1.8B in Mar 2026

SoFiUSD settlement integration, Multi-Token Network, and Mastercard Move expansion

Ondo Finance

Yield-bearing stablecoin and tokenized treasury

New York, USA

USDY about $2.1B

OUSG tokenized Treasury fund live

Oasis Pro Markets acquisition added SEC broker-dealer, ATS, and transfer-agent registration

Oasis Pro Markets acquisition closed during the award window

DTCC consortium member; SEC investigation closed without charges in Dec 2025

OSL Group

Hong Kong regulated digital asset platform

Hong Kong

HKEX: 863.HK

50+ licences across 10+ countries; FY2025 core operating income up 150% year-on-year

First SFC Type 1 and Type 7 licensed VATP

HKMA stablecoin licence second-wave applicant; MAS Singapore licensed

USDGO regulated USD stablecoin launched in 2025

OSL BizPay B2B stablecoin payments live; Banxa acquisition added onramp and offramp distribution

Paxos

Multi-stablecoin US trust company issuer

New York, USA

PYUSD about $3.4B; USDG above $1B; USDP $40.5M

More than $180B cumulative tokenization activity since 2018

Paxos Trust Company N.A. under OCC national trust charter

MAS MPI, FIN-FSA Finland, and FSRA Abu Dhabi coverage

Global Dollar Network includes Anchorage, Bullish, Galaxy, Kraken, Robinhood, Nuvei, and Worldpay

Withum and KPMG attest reserves across product lines

Ripple

US-regulated dollar stablecoin issuer

San Francisco, USA

RLUSD market cap about $1.5B to $1.8B as of May 2026

Multi-chain on XRP Ledger and Ethereum

Standard Custody and Trust Company under NYDFS trust charter

FCA EMI, CSSF Luxembourg EMI, MiCA passport, ADGM accepted token, OCC conditional charter

BlackRock and VanEck selected RLUSD as redemption rail for tokenized Treasury funds

Deutsche Bank integration, SBI Japan rollout, and Deloitte attestations