2026-5-17 19:54 |
Best Stablecoin Infrastructure is a category within the BeInCrypto Institutional 100, an annual research-driven program recognising institutional digital asset excellence across 26 categories and six pillars.
This category sits under Pillar 4: Tokenization & On-Chain Finance. The 15 firms below are listed alphabetically and are not ranked. A shortlist will be named in May 2026, with the winner announced at Proof of Talk in Paris on June 2–3, 2026.
Key Facts Long list: 15 firms across fiat-backed dollar stablecoins, MiCAR-compliant euro and multi-currency issuers, Asian dollar stablecoins, DeFi-native stablecoins, white-label platforms, yield-bearing stablecoins, bank-issued stablecoins, and payment networks. Initial pool: More than 30 stablecoin issuance and infrastructure firms screened; 15 advanced to the long list Order: Listed alphabetically, not ranked. Scoring: 50% quantitative data · 50% Expert Council. Criteria assessed: Stablecoin market capitalization, on-chain volume, institutional adoption, reserves posture, regulatory status, multi-chain distribution, enterprise integration, innovation, ecosystem dominance Data sources: NYDFS, OCC, BaFin, ACPR, CSSF, FCA, FINMA, MAS, SFC, HKMA, FIN-FSA, FSRA, MiCA-CASP registers, reserve attestations, SEC EDGAR, exchange disclosures, CoinGecko, CoinMarketCap, and DefiLlama. FirmStablecoin Sub-SegmentHQReachTop Licensure / PlatformRepresentative WorkAave LabsDeFi-native overcollateralized stablecoinLondon, UKGHO about $584M market capsGHO yield variant at 4.25% APR; Aave V3 TVL $26.8B+ across Ethereum, Arbitrum, Base, and GnosisDeFi protocol governed by Aave DAO
UK-incorporated operating entity; no centralized charterHorizon institutional RWA market live with about $550M net deposits
sGHO launched; GHO V2 rebuild completed in Apr 2026AllUnityMiCAR multi-currency stablecoin JVFrankfurt, GermanyEURAU and CHFAU live on Ethereum, Solana, Stellar, and Arc testnet
Multi-bank reserve modelBaFin E-Money Institution licence
MiCAR-compliant stablecoin issuerEURAU launched in Jul 2025 as Germany’s first MiCAR-compliant EUR stablecoin
CHFAU launched in Feb 2026 as first MiCAR-compliant Swiss franc stablecoinBridgeStablecoin orchestration and issuance platformSan Francisco, USAStablecoin Financial Accounts live in 101 countries
Transaction volume quadrupled in 2025 per Stripe annual letterBridge National Trust Bank conditional approval from US OCC
State money transmitter licencesAcquired by Stripe for $1.1B in Feb 2025
Open Issuance powers Phantom CASH, MetaMask USD, Hyperliquid USDH, and Sui USDsuiCircle Internet GroupMajor fiat-backed dollar stablecoin issuerNew York, USAUSDC about $77B in circulation
On-chain volume $21.5T; Circle Payments Network at about $10B annualized TPVNYDFS BitLicense
OCC conditional trust bank approval; MiCAR-compliant via Circle Mint Europe; NYSE: CRCLArc L1 token presale completed at $3B valuation in May 2026
Meta selected USDC for creator payments; USYC and EURC liveFirst Digital LabsAsian regulated dollar stablecoin issuerHong KongFDUSD about $400M market cap as of May 2026
Multi-chain on Ethereum, BNB Chain, Sui, TON, and ArbitrumHong Kong-based issuer FD121 Limited
HKMA stablecoin licence application pending under Hong Kong Stablecoin OrdinanceOpenPayd payments integration added USD and EUR settlement rails
Canza Finance integration and SPAC merger plans disclosedFrax FinanceHybrid algorithmic and collateralized DeFi stablecoinDelaware, USAfrxUSD and FRAX live with LayerZero cross-chain composability
Modular smart-contract infrastructureDeFi protocol
No centralized charterSonic Labs deployed Frax framework to launch USSD backed by tokenized Treasuries
GENIUS-compatible white-label infrastructure positioned for partner issuanceM0 FoundationDecentralized white-label stablecoin platformZug, SwitzerlandAbout $180M issued through the platform
Multi-chain deployments across Ethereum, Solana, and CosmosDecentralized federated issuance model
Permissioned Minter setClosed $40M Series B in Aug 2025
M0 underpins MetaMask USD, Noble, Usual Labs, and Playtron Game DollarMastercardTradFi payment network with stablecoin infrastructurePurchase, New York, USANYSE: MA
Crypto Partner Program ecosystem of 85+ firms; operates in 200+ countries and territoriesRegulated global card network
Works with regulated banking partners across major jurisdictionsAgreed to acquire BVNK for up to $1.8B in Mar 2026
SoFiUSD settlement integration, Multi-Token Network, and Mastercard Move expansionOndo FinanceYield-bearing stablecoin and tokenized treasuryNew York, USAUSDY about $2.1B
OUSG tokenized Treasury fund liveOasis Pro Markets acquisition added SEC broker-dealer, ATS, and transfer-agent registrationOasis Pro Markets acquisition closed during the award window
DTCC consortium member; SEC investigation closed without charges in Dec 2025OSL GroupHong Kong regulated digital asset platformHong KongHKEX: 863.HK
50+ licences across 10+ countries; FY2025 core operating income up 150% year-on-yearFirst SFC Type 1 and Type 7 licensed VATP
HKMA stablecoin licence second-wave applicant; MAS Singapore licensedUSDGO regulated USD stablecoin launched in 2025
OSL BizPay B2B stablecoin payments live; Banxa acquisition added onramp and offramp distributionPaxosMulti-stablecoin US trust company issuerNew York, USAPYUSD about $3.4B; USDG above $1B; USDP $40.5M
More than $180B cumulative tokenization activity since 2018Paxos Trust Company N.A. under OCC national trust charter
MAS MPI, FIN-FSA Finland, and FSRA Abu Dhabi coverageGlobal Dollar Network includes Anchorage, Bullish, Galaxy, Kraken, Robinhood, Nuvei, and Worldpay
Withum and KPMG attest reserves across product linesRippleUS-regulated dollar stablecoin issuerSan Francisco, USARLUSD market cap about $1.5B to $1.8B as of May 2026
Multi-chain on XRP Ledger and EthereumStandard Custody and Trust Company under NYDFS trust charter
FCA EMI, CSSF Luxembourg EMI, MiCA passport, ADGM accepted token, OCC conditional charterBlackRock and VanEck selected RLUSD as redemption rail for tokenized Treasury funds
Deutsche Bank integration, SBI Japan rollout, and Deloitte attestations About This List
The BeInCrypto Institutional 100 — Best Stablecoin Infrastructure (2026 Long List) identifies firms that underwrite, issue, settle, and distribute stablecoins at an institutional scale.
The list spans fiat-backed dollar issuers, MiCAR-compliant euro and multi-currency issuers, regulated Asian dollar stablecoin issuers, DeFi-native decentralized stablecoins, white-label issuance platforms, yield-bearing stablecoins, tokenized treasuries, and payment networks operating stablecoin settlement rails.
Tether USDT, Tron USDD, World Liberty Financial USD1, Plasma Network, and Ethena Labs are excluded under reputational and enforcement filters applied across the program.
MethodologyThis category is evaluated under Track A of the BeInCrypto Institutional 100 methodology: 50% based on quantitative metrics and 50% on Expert Council scoring.
Assessment spans seven criteria: stablecoin market capitalization and on-chain volume, institutional adoption, regulatory and reserves posture, multi-chain distribution, enterprise integration depth, innovation signal, and ecosystem dominance.
The 50/50 split reflects the availability of quantitative stablecoin data, including on-chain market capitalization, transaction volume, and reserve attestations, balanced against Expert Council assessment of regulatory durability, reserve quality, governance, and product innovation.
Data was verified using regulatory registers, issuer reserve attestations, audited filings, SEC EDGAR, exchange disclosures, partnership announcements, and on-chain analytics providers including CoinGecko, CoinMarketCap, and DefiLlama. Nominees were also reviewed against negative-signal queries covering enforcement, security breaches, depegs, active litigation, and reputational controversy during the award window.
The post BeInCrypto Institutional Research: 15 Stablecoin Infrastructures Powering Crypto Offerings appeared first on BeInCrypto.
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