Best of · Ethereum · Updated
The best Stablecoin Issuers on Ethereum in 2026
We track 15 Stablecoin Issuers that run on Ethereum and have reviewed 11 of them in full. Our top pick is Ethena USDtb. Each one is scored on security, ease of use, fees and features.
Ranked list
- 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
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% - 7
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 — - 8
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% - 9
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 — - 10
Mountain Protocol
Stablecoin Issuer · Ethereum, zkSync Era, Arbitrum +3
Mountain Protocol issued USDM, a rebasing stablecoin backed by short-term US Treasuries. The project is winding down, so this is mainly a record of what it was and what remaining holders face.
ScoreScore 4.5 out of 10TVL $1.40M+0.2% - 11
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% - 12
Level
Stablecoin Issuer · Ethereum
Level issues lvlUSD, a stablecoin backed by USDC and USDT deployed in DeFi protocols. The team says it is sunsetting the product, so users should verify its current status before taking action.
ScoreNot rated yetTVL $458K−0.0% - 13
Monolith
Stablecoin Issuer · Ethereum
Monolith is presented as an Ethereum protocol for creating stablecoins, but its descriptions conflict about whether it is a stablecoin factory or a yield optimization layer. The exact mechanics, fees, and security details are unclear.
ScoreNot rated yetTVL $258+1.4% - 14
Dinero
Stablecoin Issuer · Ethereum
Dinero is a project associated with Redacted Cartel and Ethereum; descriptions link it to an over-collateralized stablecoin and a DINERO utility token. Its product and token details remain unclear.
ScoreNot rated yetTVL — - 15
Reflexer Labs
Stablecoin Issuer · Ethereum
Reflexer Labs is the team behind RAI, a stablecoin backed by ether and minted through SAFE vaults on Ethereum. It is aimed at DeFi users who want a stablecoin that is not pegged to the dollar by a bank reserve.
ScoreNot rated yetTVL —
Stablecoin Issuers on Ethereum: the numbers
- Tracked
- 15
- Reviewed
- 15
- Total TVL
- $769M
- Avg. score
- 6.0/10
DappsAtlas tracks 15 stablecoin issuers on Ethereum. Every one of them has a full review. The 9 that report TVL hold $769M between them, counting value on every chain they support. Ethena USDtb dominates, with 54% of that total. The five largest make up 100% of the total; the median is $1.40M.
By value locked, the largest stablecoin issuers on Ethereum are Ethena USDtb ($417M), M0 ($248M) and Frax USD ($95.9M). On DappsAtlas scores, Ethena USDtb ranks first at 7.3/10, ahead of M0 (7.0) and Agora (6.4). That makes Ethena USDtb both the biggest and the best-rated. The 10 rated stablecoin issuers average 6.0/10, and none scores 8 or above yet.
Beyond Ethereum, these stablecoin issuers most often also run on BNB Chain (2), Sonic (1) and Hyperliquid L1 (1). Of the 12 with a confirmed status, 10 are active and 2 are inactive or wound down. In the past week, total value locked fell 4.7%. M0 gained the most (+14.7%), while Ethena USDtb dropped the most (−14.0%).
Largest by TVL
- 1
Ethena USDtb$417M
- 2
M0$248M
- 3
Frax USD$95.9M
- 4
Flying Tulip ftUSD$5.79M
- 5
Mountain Protocol$1.40M
Highest rated
- 1
- 2
- 3
Agora6.4
- 4
- 5Ethena Usde6.0
Method
How we ranked them
Reviewed dApps come first. Each DappsAtlas review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.
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Frequently asked questions
What is the largest stablecoin issuer on Ethereum by TVL?
Ethena USDtb is the largest stablecoin issuer on Ethereum by total value locked, with $417M across all the chains it supports. It is followed by M0 ($248M) and Frax USD ($95.9M). TVL figures come from DefiLlama and change daily.
Which stablecoin issuer on Ethereum has the highest DappsAtlas score?
Ethena USDtb has the highest score at 7.3/10, ahead of M0 (7.0) and Agora (6.4). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many stablecoin issuers on Ethereum has DappsAtlas reviewed?
DappsAtlas tracks 15 stablecoin issuers on Ethereum. Of these, 15 have a full review and 9 report value locked, $769M in total, counting value on every chain they support.
Which stablecoin issuers on Ethereum grew the most this week?
Among stablecoin issuers with at least $1M locked, M0 had the biggest 7-day TVL gain (+14.7%) and Ethena USDtb the biggest drop (−14.0%). Combined TVL moved −4.7% over the same seven days.
What is the average score for stablecoin issuers on Ethereum?
The 10 rated stablecoin issuers on Ethereum average 6.0 out of 10. Of these, 0 score 8 or higher and 1 score below 5.