Stablecoin Issuer · Alternatives
The best Bastion Protocol alternatives in 2026
Bastion provides businesses with APIs for branded stablecoin issuance, custodial wallets, transfers, and fiat on- and off-ramps. If Bastion Protocol is not the right fit, these 12 reviewed Stablecoin Issuer options are the closest matches, ranked by DappsAtlas score. Read our full Bastion Protocol review
At a glance
Bastion Protocol vs the alternatives
| dApp | Score | TVL | Chains |
|---|---|---|---|
| Score 6.0 out of 10 | — | 2 | |
| Score 5.2 out of 10 | $42.5M | 1 | |
| Score 7.3 out of 10 | $417M | 1 | |
| Score 7.0 out of 10 | $248M | 1 | |
| Not rated yet | $95.9M | 1 | |
| Score 6.3 out of 10 | $5.79M | 3 | |
| Score 4.5 out of 10 | $318K | 1 | |
| Score 6.4 out of 10 | — | 1 | |
| Ethena Usde | Score 6.0 out of 10 | — | 1 |
| Score 5.8 out of 10 | $356K | 2 | |
| Score 5.8 out of 10 | — | — | |
| Dai | Score 5.8 out of 10 | — | 1 |
| Score 5.5 out of 10 | $229K | 1 |
Ranked
Top Bastion Protocol alternatives
- 1
JupUSD
Stablecoin Issuer · Solana
JupUSD is a Solana-native, reserve-backed stablecoin pegged to the U.S. dollar, built by Jupiter with Ethena. Its purpose is clear, but reserve, redemption, and audit details are limited.
ScoreScore 5.2 out of 10TVL $42.5M+6.8% - 2
Ethena USDtb
Stablecoin Issuer · Ethereum
USDtb is a USD stablecoin from Ethena Labs whose reserves are invested in BlackRock's BUIDL tokenized treasury fund. It is aimed at DeFi users and institutions that want a treasury-backed dollar, but the structure leans on a few third parties.
ScoreScore 7.3 out of 10TVL $417M−14.0% - 3
M0
Stablecoin Issuer · Ethereum
M0 is modular stablecoin infrastructure that lets businesses design, distribute and issue their own branded stablecoins. DefiLlama shows about $224 million in TVL on Ethereum, but it is a B2B platform rather than a consumer product.
ScoreScore 7.0 out of 10TVL $248M+14.7% - 4
Frax USD
Stablecoin Issuer · Ethereum
Frax USD (frxUSD) is a fully collateralized stablecoin from Frax Finance, backed by cash-equivalent reserves at off-chain custodians with on-chain minting and redemption. The main takeaway is that it trades the trustless design of earlier Frax stablecoins for a more conventional reserve model.
ScoreNot rated yetTVL $95.9M−2.1% - 5
Flying Tulip ftUSD
Stablecoin Issuer · Ethereum, Sonic, BNB Chain
Flying Tulip ftUSD is a stablecoin backed by USDC and USDT and routed into Aave yield strategies, with a staked form called sftUSD that earns FT rewards. It is a young product with modest total value locked and few published details on fees.
ScoreScore 6.3 out of 10TVL $5.79M+4.5% - 6
BabelFish
Stablecoin Issuer · Rsk
BabelFish is a DAO-run protocol that issues XUSD, a stablecoin it says is backed 1:1 by a basket of other stablecoins. Its on-chain footprint is small, so treat it as an early, higher-risk project.
ScoreScore 4.5 out of 10TVL $318K−74.2% - 7
Agora
Stablecoin Issuer · Ethereum
Agora is a US fintech company behind AUSD, a full-reserve dollar stablecoin aimed at institutions and operators. It is a young, venture-backed issuer whose appeal rests on compliance features and white-label options, with reserve details worth verifying.
ScoreScore 6.4 out of 10TVL — - 8
Ethena Usde
Stablecoin Issuer · Ethereum
Ethena USDe is a crypto-native synthetic dollar on Ethereum that aims to trade close to $1 by pairing crypto collateral with offsetting hedge positions. It suits DeFi users who understand the hedging mechanics and accept variable yield and peg risk.
ScoreScore 6.0 out of 10TVL — - 9
Felix USDhl
Stablecoin Issuer · Hyperliquid L1, Ethereum
Felix USDhl is a fiat-style stablecoin made for the Hyperliquid ecosystem, intended as a base asset for HIP-3 markets, FX and payments. It is early and small, and the details that matter most for a stablecoin, such as reserves and audits, are not published.
ScoreScore 5.8 out of 10TVL $356K+0.1% - 10
Num Finance
Stablecoin Issuer
Num Finance describes infrastructure for local-currency stablecoins and tokenized investments, aimed mainly at institutions. Its product scope is clear, but fees, network deployments and independent audit details are not.
ScoreScore 5.8 out of 10TVL — - 11
Dai
Stablecoin Issuer · Ethereum
Dai (DAI) is a collateral-backed stablecoin from Maker Protocol, designed to track the U.S. dollar. Its main appeal is onchain dollar exposure; its peg, collateral and smart-contract risks remain important.
ScoreScore 5.8 out of 10TVL — - 12
Usual EUR0
Stablecoin Issuer · Ethereum
Usual EUR0 is a euro-pegged stablecoin on Ethereum that is described as fully backed by EU-issued T-Bills. It is a young, small product from a protocol that has already been through one depeg episode on a sister token.
ScoreScore 5.5 out of 10TVL $229K+0.1%