Tracker·Updated Aug 4, 2026
The Stablecoin Register
Which stablecoins are actually regulated, and by whom?
As of August 4, 2026, 29 issuers hold a stablecoin authorisation under a comprehensive regime, MiCA in the EU, US OCC and NYDFS trust charters, Hong Kong, Japan, the UAE, Bahrain, and Nebraska, across 48 live tokens, with 13 more applying or provisional. Regulation is not a single number. Comprehensively regulated coins are about 28% of the $295.71B fiat-pegged stablecoin market; USDT, a registered issuer in El Salvador under a lighter regime, is another 62%; and roughly 10% is unregulated. This page is the regulated register, one row per authorisation with its regulator source; the market layer beside it frames the whole board.
Issued
48
live, comprehensively regulated
Comprehensive
29
issuers, comprehensive regime
Lighter regime
15
issuers, lighter register
Applying
13
applying or provisional
Updated August 4, 2026Compiled from primary regulator registers across 27 regimes, one source link per row.
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The market, by regulatory tier
$295.71B tracked, fiat-pegged coins above $50M
Regulation is not one number. The comprehensively regulated share and the any-registration share are 62 points apart, and USDT's El Salvador registration is the reason.
Comprehensively regulated 28%
USDT, lighter regime (El Salvador) 62%
Unregulated 10%
Export the register
The regulated issuers, every token and regime, as a .csv. Free.
69 / 69 issuers
- IssuedQuantoz PaymentsCrypto-native · NetherlandsComprehensive6 tokens: EURQ, GBPQ, PLNQ, USDQ
- IssuedAnchorage DigitalCrypto-native · US (federal)Comprehensive5 tokens: USAT, USDGO, USDPT, USDtb
- IssuedAllUnityunknown · GermanyComprehensive3 tokens: CHFAU, EURAU, SEKAU
- IssuedFiat RepublicCrypto-native · NetherlandsComprehensive3 tokens: ENEUR, ENGBP, ENUSD
- IssuedPaxosCrypto-native · US (federal)Comprehensive3 tokens: PAXG, PYUSD, USDP
- IssuedPaxos Issuance EuropeCrypto-native · FinlandComprehensive3 tokens: EUROe, USDG, eUSD
- IssuedCircleCrypto-native · France, US (New York), US (federal)Comprehensive2 tokens: EURC, USDC
- IssuedGMO-Z.comunknown · US (New York)Comprehensive2 tokens: GYEN, ZUSD
- IssuingGR8 PAYunknown · LatviaComprehensive2 tokens: EUR.PA, USD.PA
- IssuedSociete Generale-Forgeunknown · FranceComprehensive2 tokens: EURCV, USDCV
- IssuedStablRCrypto-native · MaltaComprehensive2 tokens: EURR, USDR
- IssuedStablemintCrypto-native · MaltaComprehensive2 tokens: EURSM, USDSM
- IssuedWisdomTreeunknown · US (New York)Comprehensive2 tokens: GOLD, USDW
- IssuedAED Stablecoinunknown · UAE (onshore)Comprehensive1 token: AECoin
- IssuingAX Coin BahrainCrypto-native · BahrainComprehensive1 token: AXBHD
- ApplyingAgoraCrypto-native · US (federal)Comprehensive1 token: AUSD
- IssuingAnchorpoint Financial Limitedunknown · Hong KongComprehensive1 token: HKDAP
- IssuedBanking Circleunknown · LuxembourgComprehensive1 token: EURI
- IssuingBitGoCrypto-native · US (federal)Comprehensive1 token: FYUSD
- IssuedBlue EMICrypto-native · LithuaniaComprehensive1 token: BLUEUR
- ApplyingBridge (Stripe)Crypto-native · US (federal)Comprehensive1 token: USDB
- IssuedCACEIS Bankunknown · FranceComprehensive1 token: EURXT
- IssuedFAB / IHC / Sirius consortiumunknown · UAE (onshore; retail via VARA exchanges)Comprehensive1 token: DDSC
- IssuedFidelity Digital Assetsunknown · US (federal)Comprehensive1 token: FIDD
- IssuedGeminiCrypto-native · US (New York)Comprehensive1 token: GUSD
- IssuedHeuroCrypto-native · FranceComprehensive1 token: HEURO
- IssuedJPYC Inc.Crypto-native · JapanComprehensive1 token: JPYC
- IssuedMoneriumCrypto-native · Iceland (EEA)Comprehensive1 token: EURe
- IssuedNewrailsCrypto-native · LithuaniaComprehensive1 token: EURW
- IssuingOddo BHFunknown · FranceComprehensive1 token: EUROD
- ExitedPaxos InternationalCrypto-native · UAE (ADGM)Comprehensive1 token: USDL
- ApplyingRippleCrypto-native · LuxembourgComprehensive1 token: RLUSD
- IssuedRipple (via Standard Custody)Crypto-native · US (New York)Comprehensive1 token: RLUSD
- IssuedSBI Shinsei Trust Bank, Limitedunknown · JapanComprehensive1 token: JPYSC
- IssuedSchuman FinancialCrypto-native · FranceComprehensive1 token: EUROP
- IssuedStable Labs (Payment Corporation)Crypto-native · Czech RepublicComprehensive1 token: CZKI
- IssuedTelcoin Digital Asset BankCrypto-native · US (Nebraska)Comprehensive1 token: eUSD
- IssuedUniversal DigitalCrypto-native · UAE (Foreign Payment Token), UAE (ADGM)Comprehensive1 token: USDU
- ApplyingWorld Liberty FinancialCrypto-native · US (federal)Comprehensive1 token: USD1
- IssuingZand Bankunknown · UAE (onshore)Comprehensive1 token: Zand AED
- IssuingAIEU Servicesunknown · LuxembourgComprehensive0 tokens:
- IssuingEurodollarunknown · DenmarkComprehensive0 tokens:
- IssuingHSBCunknown · Hong KongComprehensive0 tokens:
- ApplyingProject Pax consortium (MUFG, SMBC, Mizuho)unknown · JapanComprehensive0 tokens:
- ApplyingRAKBANKunknown · UAE (onshore)Comprehensive0 tokens:
- IssuingStaBillonunknown · PolandComprehensive0 tokens:
- IssuedTetherCrypto-native · El SalvadorLighter regime3 tokens: CNHT, MXNT, USDT
- IssuedAUDC Pty LtdCrypto-native · AustraliaLighter regime1 token: AUDD
- IssuedAnchorXCrypto-native · Kazakhstan (AIFC)Lighter regime1 token: AxCNH
- IssuedCoins.phCrypto-native · PhilippinesLighter regime1 token: PHPC
- ApplyingJewel BankCrypto-native · BermudaLighter regime1 token: JUSD
- IssuedJuno (Bitso)Crypto-native · El SalvadorLighter regime1 token: MXNB
- IssuedMoon Gold (Alloy by Tether)Crypto-native · El SalvadorLighter regime1 token: aUSDT
- IssuedOJSC Virtual Asset Issuerunknown · KyrgyzstanLighter regime1 token: USDKG
- IssuedPaxos Digital Singapore Pte. Ltd.Crypto-native · SingaporeLighter regime1 token: USDG
- IssuedStablecorpCrypto-native · CanadaLighter regime1 token: QCAD
- IssuedStraitsXCrypto-native · IndonesiaLighter regime1 token: XIDR
- IssuedStraitsX SGD Issuance Pte. Ltd.Crypto-native · SingaporeLighter regime1 token: XSGD
- IssuedStraitsX USD Issuance Pte. Ltd.Crypto-native · SingaporeLighter regime1 token: XUSD
- IssuedTG CommoditiesCrypto-native · El SalvadorLighter regime1 token: XAUt
- IssuedWeniaunknown · Bermuda (serving Colombia)Lighter regime1 token: COPW
- IssuedWyoming Stable Token Commissionunknown · US (Wyoming)Lighter regime1 token: FRNT
- ApplyingAgantCrypto-native · United KingdomPipeline1 token: GBPA
- ApplyingBCP TechnologiesCrypto-native · United KingdomPipeline1 token: tGBP
- ApplyingRD InnoTech Limitedunknown · Hong KongPipeline1 token: HKDR
- IssuedWrapped CBDC (cNGN consortium)Crypto-native · NigeriaPipeline1 token: cNGN
- ApplyingJINGDONG Coinlink Technology Hong Kong Limitedunknown · Hong KongPipeline0 tokens:
- IssuedCustodia BankCrypto-native · US (Wyoming)Special1 token: Avit
- IssuedSygnum Bankunknown · SwitzerlandSpecial1 token: DCHF
Issuers and tokens are counted separately, and regime tier separately from issuance status: a coin can be Issued under a lighter register without being comprehensively regulated.
The whole market, by regulatory tier
Every fiat-pegged coin at or above $50M in circulating supply, regulated or not. USDT alone is about 62% of the $295.71B tracked, on a lighter El Salvador registration; comprehensively regulated coins are about 28%. Supply is issuer-attested for the largest coins and on-chain-observed for the rest.
65 / 65 coins
- Regulated (lighter)USDTTether USDTether International, S.A. de C.V.$183.00B
- RegulatedUSDCUSD CoinCircle Internet Financial$72.00B
- UnregulatedUSDSSky DollarSky Protocol (formerly MakerDAO)$6.50B
- UnregulatedDAIDaiSky Protocol (MakerDAO legacy)$4.80B
- UnregulatedUSD1World Liberty Financial USDWorld Liberty Financial (reserves/custody via BitGo)$4.00B
- UnregulatedUSDeEthena USDeEthena Labs / Ethena Foundation$3.87B
- RegulatedUSDGGlobal DollarPaxos (Global Dollar Network)$3.40B
- RegulatedPYUSDPayPal USDPaxos Trust Company (for PayPal)$2.70B
- RegulatedRLUSDRipple USDRipple (via Standard Custody & Trust Company)$1.55B
- UnregulatedUSDDUSDDTRON DAO Reserve$1.47B
- UnregulatedUSDfFalcon USDFalcon Finance (Falcon Digital Limited)$1.25B
- RegulatedUSDGOUSDGOAnchorage Digital Bank N.A. (OSL brand operator)$1.09B
- UnregulatedUUnited StablesUnited Stables (u.tech)$1.07B
- UnregulatedUSDXUSDX MoneyStables Labs$683M
- UnregulatedGHOAave GHOAave DAO / Aave Labs$640M
- UnregulatedUSD0Usual USDUsual (Usual Labs)$553M
- RegulatedEURCEURCCircle$508M
- UnregulatedTUSDTrueUSDTechteryx (TrueUSD)$495M
- UnregulatedpUSDPolymarket USDPolymarket$487M
- RegulatedUSDTBEthena USDtbEthena (issued via Anchorage Digital Bank N.A.)$404M
- UnregulatedFDUSDFirst Digital USDFirst Digital (FD121 Limited)$350M
- UnregulatedMM by M0M0 Foundation / M^0 Labs$294M
- UnregulatedapxUSDapxUSDApyx$257M
- UnregulatedcrvUSDCurve crvUSDCurve DAO$226M
- UnregulatedAUSDAgora DollarAgora (Agora Finance)$220M
- RegulatedUSATUSATAnchorage Digital Bank N.A. (with Tether)$185M
- UnregulatedreUSDRe Protocol reUSDRe Protocol (re.xyz)$182M
- RegulatedEURCVEUR CoinVertibleSG-FORGE (Societe Generale-FORGE)$173M
- UnregulatedsatUSDRiver satUSDRiver / Satoshi Protocol$157M
- UnregulatedUSDaiUSDai (USD.AI)Permian Labs$157M
- UnregulatedFRAXFrax (legacy FRAX)Frax Finance / Frax Inc.$156M
- UnregulatedMUSTMustang (MUST)Mustang$154M
- UnregulatedUSDAAvalon USDaAvalon Labs$148M
- RegulatedJPYSCJPYSC (SBI Shinsei Trust)SBI Shinsei Trust & Banking$128M
- UnregulatedCASHPhantom CASHPhantom (issued via Bridge / Stripe)$118M
- UnregulatedavUSDAvant USDAvant Protocol$118M
- UnregulatedMOVEUSDMoveUSDCFX Inc. (Chicago fintech)$115M
- UnregulatedUSDVValtorum USDValtorum$113M
- UnregulatedUSDFAstherus USDF (Aster USDF)Astherus / Aster$112M
- UnregulatedUSDATSaturn Dollar (USDAT)Saturn$108M
- UnregulatedFRXUSDFrax USDFrax Inc. (formerly FinresPBC)$104M
- UnregulatedDOLADola (Inverse Finance)Inverse Finance DAO$100M
- UnregulatedUUSDUnity USDUnity$100M
- UnregulatedUSPDUS Permissionless DollarUnknown (permissionless protocol)$99M
- UnregulatedDUSDStandX DUSDStandX$79M
- UnregulatedMNEEMNEE USDMNEE Limited$79M
- UnregulatedLISUSDLista USDLista DAO$75M
- UnregulatedfeUSDFelix feUSDFelix Protocol$75M
- UnregulatedUSDAAP USDAAP (AP Web3 ecosystem)$74M
- UnregulatedBRLVCrown BRLVCrown$73M
- UnregulatedUSDSUISui Dollar (USDsui)Bridge (a Stripe company), for Sui$73M
- UnregulatedUSDonOndo U.S. Dollar TokenOndo Finance (Ondo Global Markets)$72M
- UnregulatedsUSDSynthetix sUSDSynthetix$70M
- UnregulatedcUSDCap cUSDCap (Cap Labs)$70M
- UnregulatedUSPUSPUnknown$65M
- UnregulatedfxUSDfxUSD (f(x) Protocol)f(x) Protocol (Aladdin DAO)$64M
- RegulatedCHFAUAllUnity Swiss FrancAllUnity GmbH$60M
- UnregulatedNUSDNeutrl (NUSD)Neutrl Labs$59M
- UnregulatedIUSDinfiniFi iUSDinfiniFi$57M
- RegulatedJPYCJPY CoinJPYC Inc.$56M
- UnregulatedtrUSDTori trUSDTori$55M
- UnregulatedUSDUUnitas USDUUnitas Foundation$53M
- UnregulatedJUPUSDJupiter USD (JupUSD)Jupiter (reserves managed by Ethena Labs)$53M
- UnregulatedBRZBrazilian Digital TokenTransfero$52M
- UnregulatedZCHFFrankencoinnone (smart-contract protocol)$52M
Reading the register
- 29 issuers hold a stablecoin authorisation under a comprehensive regime (MiCA, US OCC and NYDFS trusts, Hong Kong, Japan, the UAE, Bahrain, Nebraska), across 48 live tokens.
- Regulated under a comprehensive regime is about 27.8% of the fiat-pegged stablecoin market. USDT is another 61.9%, but under El Salvador's lighter registration regime, not MiCA or a US charter.
- USDT is a registered stablecoin issuer in El Salvador (CNAD), yet it is not MiCA-authorised and remains delisted from EU-regulated venues, so it sits in a lighter tier, never the comprehensive count.
- 13 issuers are applying or provisional, including the US GENIUS applicants and Nigeria's cNGN, a live token on an approval-in-principle.
- The regulated register is compiled from primary regulator sources, one source link per row; the market-context layer frames the whole board by regime tier and backing type.
Questions
Is USDT a regulated stablecoin?
USDT is a registered issuer in El Salvador under the CNAD, a lighter regime with quarterly attestation and looser reserve rules. It is not authorised under MiCA or a US charter, and it is delisted from EU-regulated venues. So it counts here as a lighter-regime registration, never a comprehensively regulated stablecoin. That distinction is exactly why this register separates regime tier from issuance status.
What counts as comprehensively regulated here?
A full stablecoin or e-money authorisation from a comprehensive regime: a MiCA EMT authorisation, a US OCC national trust or NYDFS trust or greenlist approval, an HKMA stablecoin licence, a Japan JFSA registration, a UAE or Bahrain authorisation, or a US state bank charter such as Nebraska's. Lighter registrations and approvals-in-principle are real, but they are tracked in their own tier, not counted in the comprehensive figure.
What is the difference between the register and the market layer?
The register is regulated issuers only: one row per authorisation, each linking to its regulator's record. The market layer is every fiat-pegged coin at or above $50M in circulating supply, regulated or not, framed by regime tier and backing type, so the regulated share is visible against the whole market.
How current is this, and where does it come from?
Compiled from primary regulator registers and refreshed weekly; every register row links to its regulator source. Market-layer supply is issuer-attested for the largest coins and on-chain-observed for the rest. DeFiLlama and CoinGecko are used for discovery and ranking only.
Issuers and tokens are counted separately, and regime tier separately from issuance status: a coin can be Issued under a lighter register (USDT in El Salvador) without being comprehensively regulated. Exits stay on record. Full methodology.