DeFi · Category ranking
Best Stablecoin Issuers in 2026
32 Stablecoin Issuers ranked by DappsAtlas score and total value locked. Open any row for the full review.
- Listed
- 32
- Reviewed
- 32
- Page
- 1/1
Stablecoin issuers are the protocols and companies that create tokens designed to hold a fixed value, most often one US dollar. Some also issue euro or yen tokens. This page lists 15 of them, from institution-focused issuers such as Agora and M0 to DeFi-native designs such as Ethena USDe and Angle Protocol.
The models differ. Some issuers hold cash equivalents or tokenized Treasuries and pass part of the yield on, as Ethena USDtb, Frax USD and Usual EUR0 describe. Others use crypto collateral with hedging, or over-collateralized loans, to hold the peg. Revenue usually comes from reserve yield, minting and redemption fees, or infrastructure services. M0, for example, provides tooling for businesses that want to launch their own stablecoins.
When comparing issuers, look at what backs the token, who holds the reserves, how redemption works and which chains it runs on. TVL at the time of writing ranges from about $417M for Ethena USDtb and $224M for M0 down to figures in the thousands for smaller projects, and some have no figure at all. Also check for wind-downs, as with Mountain Protocol. Stablecoins are not risk-free, and this page is information, not financial advice. Rules on holding and using them differ by country, so check local law first.
Stablecoin Issuers at a glance
- Tracked
- 32
- Reviewed
- 32
- Total TVL
- $814M
- Avg. score
- 5.6/10
Largest by TVL
- 1
Ethena USDtb$417M
- 2
M0$248M
- 3
Frax USD$95.9M
- 4
JupUSD$42.5M
- 5
Flying Tulip ftUSD$5.79M
Highest rated
- 1
- 2
- 3
Agora6.4
- 4
- 5Ethena Usde6.0
| Chains | |||||
|---|---|---|---|---|---|
| 1 | Ethena USDtbReviewed | Ethereum | $417M | −14.0% | 7.3 |
| 2 | M0Reviewed | Ethereum | $248M | +14.7% | 7.0 |
| 3 | AgoraReviewed | Ethereum | — | — | 6.4 |
| 4 | Flying Tulip ftUSDReviewed | Ethereum, Sonic +1 | $5.79M | +4.5% | 6.3 |
| 5 | Ethena UsdeReviewed | Ethereum | — | — | 6.0 |
| 6 | Bastion ProtocolReviewed | Base, Solana | — | — | 6.0 |
| 7 | Felix USDhlReviewed | Hyperliquid L1, Ethereum | $356K | +0.1% | 5.8 |
| 8 | Num FinanceReviewed | — | — | — | 5.8 |
| 9 | DaiReviewed | Ethereum | — | — | 5.8 |
| 10 | Usual EUR0Reviewed | Ethereum | $229K | +0.1% | 5.5 |
| 11 | UsddReviewed | Tron, BNB Chain +1 | — | — | 5.5 |
| 12 | JpycReviewed | Astar | — | — | 5.4 |
| 13 | JupUSDReviewed | Solana | $42.5M | +6.8% | 5.2 |
| 14 | Angle ProtocolReviewed | Arbitrum | — | — | 5.0 |
| 15 | Beans PalaceReviewed | Ethereum | — | — | 5.0 |
| 16 | Mountain ProtocolReviewed | Ethereum, zkSync Era +4 | $1.40M | +0.2% | 4.5 |
| 17 | BabelFishReviewed | Rsk | $318K | −74.2% | 4.5 |
| 18 | UnitasReviewed | — | — | — | 4.5 |
| 19 | Frax USDReviewed | Ethereum | $95.9M | −2.1% | — |
| 20 | International Stable CurrencyReviewed | Solana | $2.41M | +0.0% | — |
| 21 | LevelReviewed | Ethereum | $458K | −0.0% | — |
| 22 | MonolithReviewed | Ethereum | $258 | +1.4% | — |
| 23 | DineroReviewed | Ethereum | — | — | — |
| 24 | NuonReviewed | Base | — | — | — |
| 25 | SperaxReviewed | Arbitrum | — | — | — |
| 26 | ResolvReviewed | — | — | — | — |
| 27 | Saturn NetworkReviewed | — | — | — | — |
| 28 | SamecoinReviewed | BNB Chain | — | — | — |
| 29 | Wemix DollarReviewed | — | — | — | — |
| 30 | Anzen V2Reviewed | — | — | — | — |
| 31 | Falcon Finance ffReviewed | — | — | — | — |
| 32 | KovritaReviewed | — | — | — | — |
Ranked by DappsAtlas score, then total value locked. Click a column to re-sort this page. TVL data via DefiLlama.
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Stablecoin Issuers by chain
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Frequently asked questions
What is a stablecoin issuer?
A stablecoin issuer is a protocol or company that creates a token meant to hold a steady value, usually one US dollar, one euro or one yen. Some hold reserves such as cash equivalents or Treasury bills. Others use crypto collateral or hedging to keep the price near the target.
How do stablecoin issuers make money?
Issuers earn mainly from the yield on their reserves, such as Treasury bills or lending returns, and keep part of it after paying any share to holders. Some also charge fees for minting, redemption or white-label services. Ethena USDtb, Agora and M0 are examples of different business models in this area.
Are stablecoins risk-free?
No. A stablecoin can lose its peg because of weak reserves, failed hedges, custody problems or a wind down. Mountain Protocol's USDM, for example, is in an orderly wind down with primary redemption closed. Check the reserve type, redemption terms and who controls the token before holding a large amount.
What is the difference between Ethena USDe and USDtb?
Ethena USDe is a synthetic dollar that relies on hedged crypto positions to stay near $1. Ethena USDtb is backed by tokenized treasuries, including BlackRock's BUIDL. Their risks differ: USDe depends on derivatives markets, while USDtb depends on the issuer and its reserve assets.
Are there stablecoins that track currencies other than the dollar?
Yes. Usual EUR0 tracks the euro and is described as backed by EU-issued T-Bills, while JPYC tracks the Japanese yen on Astar Network. Most other stablecoins on this page are dollar-pegged. Angle Protocol offers euro and dollar-pegged tokens.
How should I compare stablecoin issuers?
Start with how the reserves are held and described, then compare TVL, supported chains, redemption rules and whether the issuer is a company, a DAO or a mix. Our scores are one input, and several issuers here have no TVL figure listed. Always read the issuer's own documents, and note that rules on holding or redeeming stablecoins vary by country.
What is the largest stablecoin issuer by TVL?
Ethena USDtb is the largest stablecoin issuer by total value locked, with $417M. It is followed by M0 ($248M) and Frax USD ($95.9M). TVL figures come from DefiLlama and change daily.
Which stablecoin issuer 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 does DappsAtlas track?
DappsAtlas tracks 32 stablecoin issuers. Of these, 32 have a full review and 12 report value locked, $814M in total.
What chains do most stablecoin issuers run on?
Which stablecoin issuers 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 −4.2% over the same seven days.
What is the average score for stablecoin issuers?
The 18 rated stablecoin issuers average 5.6 out of 10. Of these, 0 score 8 or higher and 3 score below 5.