The GENIUS Act, signed in July 2025, gave U.S. companies a clear path to issue stablecoins, and many moved within months. A pattern has emerged: most brands do not issue the token themselves. A regulated trust bank or infrastructure company (Paxos, Anchorage, BitGo, Bridge) issues it and holds the reserves, while the brand handles distribution.
Reference
Which Companies Have a Stablecoin?
Payment companies, banks and asset managers now issue their own digital dollars. Here is who has launched, who issues the tokens behind the brand, and who is still on the sidelines.
Updated October 28, 2026
Company and bank stablecoins
| Company | Token | Status | Issuer | Chains | Notes |
|---|---|---|---|---|---|
| PayPal | PYUSD | Live since Aug 2023 | Paxos | Ethereum, Solana and others | About $3B in supply. 4% rewards for eligible U.S. holders; available in 70 markets since March 2026. |
| Ripple | RLUSD | Live since Dec 2024 | Ripple | XRP Ledger, Ethereum | About $2.6B in supply. BNY is primary reserve custodian; Robinhood partnership announced October 27, 2026. |
| Open Standard (Coinbase, Mastercard, Shopify, Stripe, Visa) | OUSD | Live since Sep 30, 2026 | Bridge (Stripe) | Base, Ethereum, Solana, Tempo | Reserve income shared with 200+ partners. Default stablecoin on Stripe. |
| World Liberty Financial | USD1 | Live since Mar 2025 | BitGo Bank & Trust | Solana, Ethereum, BNB Chain | About $3.9B in supply. Backed by the Trump family's crypto venture. |
| Tether | USAT | Live since Jan 2026 | Anchorage Digital Bank | Ethereum | Tether's U.S. stablecoin built for the GENIUS Act, separate from USDT. Cantor Fitzgerald holds reserves. |
| Fidelity | FIDD | Live since Feb 2026 | Fidelity Digital Assets, N.A. | Ethereum | Buy and redeem at $1 on Fidelity platforms; supply and reserve NAV disclosed daily. |
| SoFi | SoFiUSD | In SoFi app since May 2026 | SoFi Bank, N.A. | Ethereum, Solana | First stablecoin issued by a U.S. national bank, available to SoFi's ~15 million members. Not FDIC insured. |
| Western Union | USDPT | Live, 2026 | Anchorage Digital Bank | Solana | Powers Western Union's Stablecard for remittances. |
| Société Générale | USDCV, EURCV | Live | SG-FORGE | Ethereum, Solana | MiCA e-money tokens from a major European bank. Small supply. |
| Crédit Agricole | EURXT | Live since 2026 | CACEIS | Ethereum | MiCA-compliant euro stablecoin for B2B settlement of tokenized assets. |
Deposit tokens and announced coins
| Company | Token | Status | Issuer | Chains | Notes |
|---|---|---|---|---|---|
| JPMorgan | JPM Coin (JPMD) | Live for institutions | JPMorgan Chase | Base, Ethereum | A deposit token, not a stablecoin: tokenized bank deposits for institutional clients. Added Ethereum on October 19, 2026. |
| Qivalis (37 European banks incl. ING, UniCredit, BNP Paribas) | Euro stablecoin | Licensed Oct 2026, launch planned | Qivalis | Ethereum | E-money licence from De Nederlandsche Bank on October 13, 2026; MiCA white paper still to publish. |
| 21-bank consortium (BofA, Citi, Goldman Sachs, Deutsche Bank, UBS...) | USD stablecoin | Announced | New company (name TBA) | Public blockchains | Aims to launch a dollar stablecoin in H1 2027, then euro. |
| Klarna | KlarnaUSD | Announced | Bridge (Stripe) | Tempo | Announced November 2025 on Tempo testnet; a mainnet launch was planned for 2026. |
Supply figures are approximate, from CoinGecko and issuer disclosures as of October 28, 2026.
No coin of their own
Visa, Mastercard, Stripe and Coinbase
Visa
No own stablecoin. Settles in stablecoins, runs a validator on Tempo, and is a founding partner of Open USD. Asked in April 2026 about its own coin, Visa said 'the rules haven't even been fully written yet.'
Mastercard
No own stablecoin. Agreed to acquire stablecoin infrastructure firm BVNK for up to $1.8 billion in March 2026, and is an Open USD founding partner.
Stripe
No consumer-branded coin. Its Bridge subsidiary issues OUSD and white-label stablecoins through Open Issuance, and Stripe co-incubated the Tempo blockchain.
Coinbase
No own stablecoin. It shares in USDC reserve income through its partnership with Circle, runs the Base network, and is an Open USD founding partner.
Stablecoin vs deposit token
A stablecoin like PYUSD or SoFiUSD is a bearer token backed by a segregated pool of reserves and redeemable at $1; under the GENIUS Act it cannot pay interest. A deposit token like JPMorgan's JPMD is a bank deposit recorded on a blockchain: it stays on the bank's balance sheet, carries the bank's credit risk, and is limited to the bank's clients. Banks favor deposit tokens because they keep deposits funding loans. More in our guide to tokenized deposits.
Why companies are launching their own
- Reserve income: an issuer earns the yield on the Treasuries backing its coin. Open USD instead shares that income with its partners.
- Cheaper, faster payments: settlement in seconds, 24/7, without card or correspondent banking fees.
- Distribution: PayPal, SoFi and Fidelity can offer a dollar token to millions of existing customers.
Most company coins are still small next to USDT andUSDC, which together make up more than 80% of supply. See the full list of stablecoins by market cap, or thelisted companies with stablecoin exposure.
FAQ
Company stablecoins, answered
Which companies have their own stablecoin?
As of October 28, 2026, live company stablecoins include PayPal's PYUSD, Ripple's RLUSD, Fidelity's FIDD, SoFi's SoFiUSD, Western Union's USDPT, World Liberty Financial's USD1, Tether's U.S.-focused USAT, Société Générale's USDCV and EURCV, Crédit Agricole's EURXT, and Open USD (OUSD) from a consortium founded by Coinbase, Mastercard, Shopify, Stripe and Visa.
Does JPMorgan have a stablecoin?
Not exactly. JPMorgan issues JPM Coin (ticker JPMD), which it describes as a deposit token, not a stablecoin or cryptocurrency. It represents JPMorgan bank deposits on public blockchains (Base since November 2025, Ethereum since October 2026) and is available only to institutional clients.
Does Visa or Mastercard have a stablecoin?
Neither has its own stablecoin. Both are founding partners of Open USD (OUSD), launched September 30, 2026. Visa settles transactions in stablecoins and runs a validator on Tempo; Mastercard agreed to buy stablecoin infrastructure company BVNK.
Does Coinbase have its own stablecoin?
No. Coinbase earns a share of reserve income on USDC through its partnership with Circle, and is one of the five founding partners of Open USD.
Which banks have launched stablecoins?
SoFi Bank (SoFiUSD) and Fidelity Digital Assets (FIDD) in the U.S.; Société Générale (USDCV, EURCV) and Crédit Agricole's CACEIS (EURXT) in Europe. JPMorgan offers a deposit token (JPMD) instead. Anchorage Digital Bank and BitGo Bank & Trust issue stablecoins on behalf of brands such as Tether (USAT), Western Union (USDPT) and World Liberty Financial (USD1).
A new coin launches every month.
Follow every bank, fintech and Big Tech stablecoin launch in our independent news coverage.
