BeInCrypto Institutional Research: 15 Stablecoin Infrastructures Powering Crypto Offerings
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.
| Firm | Stablecoin Sub-Segment | HQ | Reach | Top Licensure / Platform | Representative Work |
|---|---|---|---|---|---|
| Aave Labs | DeFi-native overcollateralized stablecoin | London, UK | GHO about $584M market capsGHO yield variant at 4.25% APR; Aave V3 TVL $26.8B+ across Ethereum, Arbitrum, Base, and Gnosis | DeFi protocol governed by Aave DAOUK-incorporated operating entity; no centralized charter | Horizon institutional RWA market live with about $550M net depositssGHO launched; GHO V2 rebuild completed in Apr 2026 |
| AllUnity | MiCAR multi-currency stablecoin JV | Frankfurt, Germany | EURAU and CHFAU live on Ethereum, Solana, Stellar, and Arc testnetMulti-bank reserve model | BaFin E-Money Institution licenceMiCAR-compliant stablecoin issuer | EURAU launched in Jul 2025 as Germany’s first MiCAR-compliant EUR stablecoinCHFAU launched in Feb 2026 as first MiCAR-compliant Swiss franc stablecoin |
| Bridge | Stablecoin orchestration and issuance platform | San Francisco, USA | Stablecoin Financial Accounts live in 101 countriesTransaction volume quadrupled in 2025 per Stripe annual letter | Bridge National Trust Bank conditional approval from US OCCState money transmitter licences | Acquired by Stripe for $1.1B in Feb 2025Open Issuance powers Phantom CASH, MetaMask USD, Hyperliquid USDH, and Sui USDsui |
| Circle Internet Group | Major fiat-backed dollar stablecoin issuer | New York, USA | USDC about $77B in circulationOn-chain volume $21.5T; Circle Payments Network at about $10B annualized TPV | NYDFS BitLicenseOCC conditional trust bank approval; MiCAR-compliant via Circle Mint Europe; NYSE: CRCL | Arc L1 token presale completed at $3B valuation in May 2026Meta selected USDC for creator payments; USYC and EURC live |
| First Digital Labs | Asian regulated dollar stablecoin issuer | Hong Kong | FDUSD about $400M market cap as of May 2026Multi-chain on Ethereum, BNB Chain, Sui, TON, and Arbitrum | Hong Kong-based issuer FD121 LimitedHKMA stablecoin licence application pending under Hong Kong Stablecoin Ordinance | OpenPayd payments integration added USD and EUR settlement railsCanza Finance integration and SPAC merger plans disclosed |
| Frax Finance | Hybrid algorithmic and collateralized DeFi stablecoin | Delaware, USA | frxUSD and FRAX live with LayerZero cross-chain composabilityModular smart-contract infrastructure | DeFi protocolNo centralized charter | Sonic Labs deployed Frax framework to launch USSD backed by tokenized TreasuriesGENIUS-compatible white-label infrastructure positioned for partner issuance |
| M0 Foundation | Decentralized white-label stablecoin platform | Zug, Switzerland | About $180M issued through the platformMulti-chain deployments across Ethereum, Solana, and Cosmos | Decentralized federated issuance modelPermissioned Minter set | Closed $40M Series B in Aug 2025M0 underpins MetaMask USD, Noble, Usual Labs, and Playtron Game Dollar |
| Mastercard | TradFi payment network with stablecoin infrastructure | Purchase, New York, USA | NYSE: MACrypto Partner Program ecosystem of 85+ firms; operates in 200+ countries and territories | Regulated global card networkWorks with regulated banking partners across major jurisdictions | Agreed to acquire BVNK for up to $1.8B in Mar 2026SoFiUSD settlement integration, Multi-Token Network, and Mastercard Move expansion |
| Ondo Finance | Yield-bearing stablecoin and tokenized treasury | New York, USA | USDY about $2.1BOUSG tokenized Treasury fund live | Oasis Pro Markets acquisition added SEC broker-dealer, ATS, and transfer-agent registration | Oasis Pro Markets acquisition closed during the award windowDTCC consortium member; SEC investigation closed without charges in Dec 2025 |
| OSL Group | Hong Kong regulated digital asset platform | Hong Kong | HKEX: 863.HK50+ licences across 10+ countries; FY2025 core operating income up 150% year-on-year | First SFC Type 1 and Type 7 licensed VATPHKMA stablecoin licence second-wave applicant; MAS Singapore licensed | USDGO regulated USD stablecoin launched in 2025OSL BizPay B2B stablecoin payments live; Banxa acquisition added onramp and offramp distribution |
| Paxos | Multi-stablecoin US trust company issuer | New York, USA | PYUSD about $3.4B; USDG above $1B; USDP $40.5MMore than $180B cumulative tokenization activity since 2018 | Paxos Trust Company N.A. under OCC national trust charterMAS MPI, FIN-FSA Finland, and FSRA Abu Dhabi coverage | Global Dollar Network includes Anchorage, Bullish, Galaxy, Kraken, Robinhood, Nuvei, and WorldpayWithum and KPMG attest reserves across product lines |
| Ripple | US-regulated dollar stablecoin issuer | San Francisco, USA | RLUSD market cap about $1.5B to $1.8B as of May 2026Multi-chain on XRP Ledger and Ethereum | Standard Custody and Trust Company under NYDFS trust charterFCA EMI, CSSF Luxembourg EMI, MiCA passport, ADGM accepted token, OCC conditional charter | BlackRock and VanEck selected RLUSD as redemption rail for tokenized Treasury fundsDeutsche 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.
Methodology
This 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.
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