Stablecoin Issuer · Alternatives
The best Level alternatives in 2026
Level issues lvlUSD backed by USDC and USDT in DeFi protocols, but the team says it is sunsetting the product. If Level is not the right fit, these 12 reviewed Stablecoin Issuer options are the closest matches, ranked by DappsAtlas score. Read our full Level review
At a glance
Level vs the alternatives
| dApp | Score | TVL | Chains |
|---|---|---|---|
| Not rated yet | $458K | 1 | |
| Score 7.3 out of 10 | $417M | 1 | |
| Score 7.0 out of 10 | $248M | 1 | |
| Score 6.4 out of 10 | — | 1 | |
| Score 6.3 out of 10 | $5.79M | 3 | |
| Ethena Usde | Score 6.0 out of 10 | — | 1 |
| Score 6.0 out of 10 | — | 2 | |
| 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 | |
| Score 5.5 out of 10 | — | 3 | |
| Jpyc | Score 5.4 out of 10 | — | 1 |
Ranked
Top Level alternatives
- 1
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% - 2
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% - 3
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 — - 4
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% - 5
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 — - 6
Bastion Protocol
Stablecoin Issuer · Base, Solana
Bastion provides businesses with APIs and dashboards for branded stablecoin issuance, custodial wallets, and fiat on- and off-ramps. It is built for teams that want to add stablecoin services without operating all the underlying infrastructure, but access and commercial details require direct contact.
ScoreScore 6.0 out of 10TVL — - 7
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% - 8
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 — - 9
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 — - 10
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% - 11
Usdd
Stablecoin Issuer · Tron, BNB Chain, Ethereum
USDD is a dollar-pegged stablecoin launched with backing from the TRON DAO Reserve and deployed on TRON, BNB Chain and Ethereum. Its reserve design is described in conflicting ways across sources, so check the current mechanism before holding it.
ScoreScore 5.5 out of 10TVL — - 12
Jpyc
Stablecoin Issuer · Astar
JPYC is a stablecoin designed to track the Japanese yen at a 1:1 ratio, issued on the Astar Network. It suits readers who want a yen-denominated token on-chain, and its main caveat is that the peg depends on the issuer's reserves and regulatory standing.
ScoreScore 5.4 out of 10TVL —