For how these layers fit together behind a card, see how stablecoin cards work. For listed names, see stablecoin stocks, and for brands with their own coin, which companies have a stablecoin.
Directory
Stablecoin Companies
Stablecoins are built by a handful of layers: the issuers that mint them, the infrastructure that moves them, the card issuers that let you spend them, the blockchains they run on, and the banks and custodians that hold the reserves. These are the companies behind each layer.
Updated November 6, 2026
Anchorage Digital
First federally chartered crypto bank; issues Tether's USAT and Western Union's USDPT.
Read explainer →Arc (Circle)
Circle's Layer 1 blockchain, live since September 16, 2026, with gas paid in USDC.
Read explainer →Bridge
Stripe's stablecoin arm: issues Open USD, custom stablecoins and cards.
Read explainer →BVNK
Stablecoin payments infrastructure, owned by Mastercard since August 2026.
Read explainer →Circle
Issuer of USDC and EURC. NYSE: CRCL.
Read explainer →Ethena
Issuer of the synthetic dollar USDe.
Read explainer →JPMorgan (Kinexys)
JPM Coin, a bank deposit token on Base and Ethereum.
Read explainer →Open Standard
Consortium behind Open USD (Coinbase, Mastercard, Shopify, Stripe, Visa).
Read explainer →Paxos
Regulated issuer of PYUSD and USDG, now an OCC national trust bank.
Read explainer →PayPal
Brand behind PYUSD, issued by Paxos.
Read explainer →Qivalis
37 European banks preparing a euro stablecoin.
Read explainer →Rain
Visa Principal Member behind KAST, Western Union Stablecard and Plasma One.
Read explainer →Securitize
The largest tokenization platform and the company behind BlackRock's BUIDL. NYSE: SECZ.
Read explainer →Sky
Issuer of USDS and DAI.
Read explainer →Tempo
Stripe and Paradigm's payments blockchain, live since March 2026. Home of Open USD.
Read explainer →Tether
Issuer of USDT, the largest stablecoin.
Read explainer →World Liberty Financial
Trump family-backed crypto venture behind the WLFI token and the USD1 stablecoin.
Read explainer →zerohash
Crypto and stablecoin APIs behind Interactive Brokers, Stripe, E*Trade and BUIDL.
Read explainer →See what these companies power.
Compare the stablecoin cards built on this infrastructure, or follow the industry in our news.
