Tracker·Updated Oct 12, 2026
The Stablecoin Register
Which stablecoins are actually regulated, and by whom?
As of October 12, 2026, 28 issuers have a stablecoin circulating under a comprehensive regime (MiCA in the EU, US OCC national trust charters, US OCC national bank charters, NYDFS, Hong Kong, Japan, the UAE and Nebraska), across 42 live tokens, with 18 more issuers applying or provisional. Regulation is not a single number. Comprehensively regulated coins are about 30% of the $301.27B fiat-pegged stablecoin market; USDT, a registered issuer in El Salvador under a lighter regime, is another 61%; and roughly 9% is unregulated. This page is the regulated register, one row per authorisation with its source; the market layer beside it frames the whole board.
Issued
42
live, comprehensively regulated
Comprehensive
28
issuers, comprehensive regime
Lighter regime
11
issuers, lighter register
Applying
18
applying or provisional
Updated October 12, 2026Compiled from primary regulator registers across 27 regimes, one source link per row.
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The market, by regulatory tier
$301.27B tracked, fiat-pegged coins above $50M plus regulated coins below it
Regulation is not one number. The comprehensively regulated share and the any-registration share are 61 points apart, and USDT's El Salvador registration is the reason.
Comprehensively regulated 30%
USDT, lighter regime (El Salvador) 61%
Unregulated 9%
Export the register
The regulated issuers, every token and regime, as a .csv. Free.
72 / 72 issuers
- IssuedPaxosCrypto-native · Finland, US (federal), Singapore, UAE (ADGM)Comprehensive7 tokens: USDG, eUSD, EUROe, PAXG
- IssuedQuantoz PaymentsCrypto-native · NetherlandsComprehensive6 tokens: EURQ, USDQ, EURD, GBPQ
- IssuedAnchorage DigitalCrypto-native · US (federal)Comprehensive5 tokens: USAT, USDGO, USDPT, USDtb
- IssuedAllUnityTradFi · GermanyComprehensive4 tokens: CHFAU, EURAU, SEKAU, USDAU
- IssuingAIEU ServicesCrypto-native · LuxembourgComprehensive3 tokens: BREUR, BRGBP, BRUSD
- IssuingFiat RepublicCrypto-native · NetherlandsComprehensive3 tokens: ENEUR, ENGBP, ENUSD
- IssuingBison BankTradFi · PortugalComprehensive2 tokens: EUB, USB
- IssuedBitGoCrypto-native · US (federal)Comprehensive2 tokens: USD1, FYUSD
- IssuedBridge (Stripe)Crypto-native · Luxembourg, US (federal)Comprehensive2 tokens: EURR, USDB
- IssuedCircleCrypto-native · France, US (federal)Comprehensive2 tokens: EURC, USDC
- ExitedGMO-Z.comTradFi · US (New York)Comprehensive2 tokens: GYEN, ZUSD
- IssuingGR8 PAYunknown · LatviaComprehensive2 tokens: EUR.PA, USD.PA
- IssuedSociete Generale-ForgeTradFi · FranceComprehensive2 tokens: EURCV, USDCV
- IssuedStablRCrypto-native · MaltaComprehensive2 tokens: EURR, USDR
- IssuedStablemintCrypto-native · MaltaComprehensive2 tokens: EURSM, USDSM
- IssuedWisdomTreeTradFi · US (New York)Comprehensive2 tokens: GOLD, USDW
- IssuedAED StablecoinTradFi · UAE (onshore)Comprehensive1 token: AECoin
- IssuingAX Coin BahrainCrypto-native · BahrainComprehensive1 token: AXBHD
- ApplyingAgoraCrypto-native · US (federal)Comprehensive1 token: AUSD
- IssuedAnchorpoint Financial LimitedTradFi · Hong KongComprehensive1 token: HKDAP
- IssuingAplauz NLCrypto-native · NetherlandsComprehensive1 token: WEUR
- IssuedBanking CircleTradFi · LuxembourgComprehensive1 token: EURI
- IssuingBlue EMICrypto-native · LithuaniaComprehensive1 token: BLUEUR
- IssuedCACEIS BankTradFi · FranceComprehensive1 token: EURXT
- IssuingDinaroTradFi · SloveniaComprehensive1 token: EURGH
- IssuedFAB / IHC / Sirius consortiumunknown · UAE (onshore; retail via VARA exchanges)Comprehensive1 token: DDSC
- IssuedFidelity Digital AssetsTradFi · US (federal)Comprehensive1 token: FIDD
- IssuedGeminiCrypto-native · US (New York)Comprehensive1 token: GUSD
- IssuingHeuroCrypto-native · FranceComprehensive1 token: HEURO
- IssuedJPYC Inc.Crypto-native · JapanComprehensive1 token: JPYC
- IssuedMoneriumCrypto-native · Iceland (EEA)Comprehensive1 token: EURe
- IssuedNewrailsCrypto-native · LithuaniaComprehensive1 token: EURW
- IssuedOddo BHFTradFi · FranceComprehensive1 token: EUROD
- ApplyingPayoneerTradFi · US (federal)Comprehensive1 token: PAYO-USD
- IssuedRippleCrypto-native · Luxembourg, US (New York)Comprehensive1 token: RLUSD
- IssuedSBI Shinsei Trust Bank, LimitedTradFi · JapanComprehensive1 token: JPYSC
- IssuedSchuman FinancialCrypto-native · FranceComprehensive1 token: EUROP
- IssuedSoFiTradFi · US (federal)Comprehensive1 token: SOFID
- IssuingStable 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 BankTradFi · UAE (onshore)Comprehensive1 token: Zand AED
- ApplyingBastionCrypto-native · US (federal)Comprehensive0 tokens:
- ApplyingDakotaCrypto-native · US (federal)Comprehensive0 tokens:
- IssuingEurodollarunknown · DenmarkComprehensive0 tokens:
- IssuingHSBCTradFi · Hong KongComprehensive0 tokens:
- ApplyingProject Pax consortium (MUFG, SMBC, Mizuho)TradFi · JapanComprehensive0 tokens:
- ApplyingRAKBANKTradFi · UAE (onshore)Comprehensive0 tokens:
- ApplyingRainCrypto-native · US (federal)Comprehensive0 tokens:
- ApplyingSonyTradFi · US (federal)Comprehensive0 tokens:
- IssuingStaBillonunknown · PolandComprehensive0 tokens:
- IssuedStraitsXCrypto-native · Singapore, IndonesiaLighter regime3 tokens: XSGD, XUSD, XIDR
- IssuedTetherCrypto-native · El SalvadorLighter regime3 tokens: MXNT, USDT, CNHT
- 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
- ExitedMoon Gold (Alloy by Tether)Crypto-native · El SalvadorLighter regime1 token: aUSDT
- ExitedOJSC Virtual Asset Issuerunknown · KyrgyzstanLighter regime1 token: USDKG
- IssuedStablecorpCrypto-native · CanadaLighter regime1 token: QCAD
- IssuedTG CommoditiesCrypto-native · El SalvadorLighter regime1 token: XAUt
- IssuedWeniaTradFi · 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 BankTradFi · 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, plus regulated coins below the floor that publish a verifiable figure. USDT alone is about 61% of the $301.27B tracked, on a lighter El Salvador registration; comprehensively regulated coins are about 30%. Each row states what its supply figure rests on: the issuer's own figure, a direct contract read, or an on-chain aggregate.
75 / 75 coins
- Regulated (lighter)USDTTether USDTether International, S.A. de C.V.$184.25B
- RegulatedUSDCUSD CoinCircle Internet Financial$72.91B
- UnregulatedUSDSSky DollarSky Protocol (formerly MakerDAO)$7.15B
- UnregulatedUSDeEthena USDeEthena Labs / Ethena Foundation$4.75B
- UnregulatedDAIDaiSky Protocol (MakerDAO legacy)$4.75B
- RegulatedUSD1World Liberty Financial USDBitGo Bank & Trust, N.A. (issuer of record for World Liberty Financial)$4.27B
- RegulatedUSDGGlobal DollarPaxos (Global Dollar Network)$3.02B
- RegulatedPYUSDPayPal USDPaxos Trust Company (for PayPal)$2.89B
- RegulatedRLUSDRipple USDRipple (via Standard Custody & Trust Company)$2.45B
- UnregulatedUSDDUSDDTRON DAO Reserve$1.78B
- UnregulatedUSDfFalcon USDFalcon Finance (Falcon Digital Limited)$1.65B
- UnregulatedUUnited StablesUnited Stables (u.tech)$1.56B
- RegulatedUSDGOUSDGOAnchorage Digital Bank N.A. (OSL brand operator)$1.29B
- UnregulatedGHOAave GHOAave DAO / Aave Labs$698M
- UnregulatedUSD0Usual USDUsual (Usual Labs)$542M
- RegulatedUSDTBEthena USDtbEthena (issued via Anchorage Digital Bank N.A.)$515M
- UnregulatedpUSDPolymarket USDPolymarket$503M
- RegulatedEURCEURCCircle$491M
- UnregulatedTUSDTrueUSDTechteryx (TrueUSD)$484M
- UnregulatedUSDaiUSDai (USD.AI)Permian Labs$345M
- RegulatedSOFIDSoFiUSDSoFi Bank, N.A.$337M
- UnregulatedFDUSDFirst Digital USDFirst Digital (FD121 Limited)$324M
- UnregulatedapxUSDapxUSDApyx$307M
- UnregulatedreUSDRe Protocol reUSDRe Protocol (re.xyz)$302M
- UnregulatedcrvUSDCurve crvUSDCurve DAO$221M
- UnregulatedMM by M0M0 Foundation / M^0 Labs$202M
- UnregulatedAUSDAgora DollarAgora (Agora Finance)$201M
- RegulatedEURCVEUR CoinVertibleSG-FORGE (Societe Generale-FORGE)$186M
- RegulatedUSATUSATAnchorage Digital Bank N.A. (with Tether)$183M
- UnregulatedFRAXFrax (legacy FRAX)Frax Finance / Frax Inc.$152M
- UnregulatedUSDAAvalon USDaAvalon Labs$146M
- UnregulatedsatUSDRiver satUSDRiver / Satoshi Protocol$127M
- RegulatedJPYSCJPYSC (SBI Shinsei Trust)SBI Shinsei Trust & Banking$126M
- UnregulatedCASHPhantom CASHPhantom (issued via Bridge / Stripe)$126M
- UnregulatedavUSDAvant USDAvant Protocol$124M
- UnregulatedMOVEUSDMoveUSDCFX Inc. (Chicago fintech)$116M
- UnregulatedUSDFAstherus USDF (Aster USDF)Astherus / Aster$111M
- UnregulatedDOLADola (Inverse Finance)Inverse Finance DAO$109M
- UnregulatedFRXUSDFrax USDFrax Inc. (formerly FinresPBC)$102M
- UnregulatedUSDATSaturn Dollar (USDAT)Saturn$100M
- UnregulatedUSDVValtorum USDValtorum$99M
- UnregulatedfxUSDfxUSD (f(x) Protocol)f(x) Protocol (Aladdin DAO)$91M
- UnregulatedUSDBUSDB (Bridge)Bridge Ventures LLC (Stripe)$89M
- UnregulatedUSDAAP USDAAP (AP Web3 ecosystem)$86M
- UnregulatedUSDSUISui Dollar (USDsui)Bridge (a Stripe company), for Sui$80M
- UnregulatedLISUSDLista USDLista DAO$76M
- UnregulatedpathUSDPathUSDBridge Ventures LLC (Stripe)$73M
- UnregulatedcUSDCap cUSDCap (Cap Labs)$73M
- UnregulatedtrUSDTori trUSDTori$71M
- UnregulatedUSDonOndo U.S. Dollar TokenOndo Finance (Ondo Global Markets)$68M
- RegulatedEURXTEURXTCACEIS Bank SA (Credit Agricole)$61M
- UnregulatedYZUSDYuzu USDYuzu$59M
- RegulatedFIDDFidelity Digital DollarFidelity Digital Assets, N.A.$52M
- Regulated (lighter)XUSDStraitsX XUSDStraitsX USD Issuance Pte. Ltd.$46M
- RegulatedEURIEuriteBanking Circle S.A.$37M
- RegulatedGUSDGemini DollarGemini Trust Company, LLC$36M
- RegulatedEUReMonerium EUR emoneyMonerium ehf$33M
- RegulatedUSDUUniversal USDUniversal Digital$31M
- RegulatedUSDPPax DollarPaxos Trust Company$25M
- RegulatedJPYCJPY CoinJPYC Inc.$22M
- RegulatedUSDRStablR USDStablR Ltd$21M
- RegulatedEURRStablR EuroStablR Ltd$19M
- RegulatedUSDPTWestern Union USDPTAnchorage Digital Bank, N.A. (for Western Union)$18M
- RegulatedEUROPSchuman EUROPSALVUS (Schuman Financial)$16M
- Regulated (lighter)XSGDStraitsX SGDStraitsX SGD Issuance Pte. Ltd.$13M
- RegulatedUSDSMStable Mint USDStable mint Ltd$12M
- RegulatedUSDCVUSD CoinVertibleSociete Generale-Forge$11M
- RegulatedeUSDTelcoin eUSDTelcoin Digital Asset Bank$10M
- RegulatedEURQQuantoz EURQQuantoz Payments B.V.$9M
- RegulatedUSDQQuantoz USDQQuantoz Payments B.V.$8M
- Regulated (lighter)AUDDAUDDAUDC Pty Ltd$7M
- RegulatedEURODEURODOddo BHF SCA$6M
- RegulatedEURREURR (Bridge / Revolut euro)Bridge Building S.A. (Stripe)$2M
- Regulated (lighter)QCADStablecorp QCADStablecorp$2M
- Regulated (lighter)MXNTMexican Peso TetherTether$1M
Reading the register
- 28 issuers have a stablecoin circulating under a comprehensive regime (MiCA, US OCC national trusts, US OCC national banks, NYDFS, Hong Kong, Japan, the UAE, Nebraska), across 42 live tokens.
- Two separately authorised euro stablecoins circulate under the same ticker, EURR: Bridge Building's under a Luxembourg CSSF authorisation and StablR's under a Malta MFSA authorisation. MiCA authorises issuers, not tickers.
- Regulated under a comprehensive regime is about 29.6% of the fiat-pegged stablecoin market. USDT is another 61.2%, but under El Salvador's lighter registration regime, not MiCA or a US charter.
- USDT is a registered stablecoin issuer in El Salvador (CNAD) but holds no MiCA authorisation, so it sits in a lighter tier, never the comprehensive count.
- 18 issuers are applying or provisional, including the US GENIUS applicants and Nigeria's cNGN, a live token on an approval-in-principle.
- Every row of the regulated register carries a source link; the market-context layer frames the whole board by regime tier and backing type, and states what each supply figure rests on.
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 holds no MiCA authorisation and no US charter. 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 charter, an OCC national bank issuing directly off its charter under a specific supervisory no-objection (SoFi Bank is the first), an 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 source, the regulator's own record wherever the regulator publishes one. 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. Regulated coins are exempt from that floor and still appear when they publish a verifiable figure of at least $1M, which is why Gemini's GUSD and Paxos's USDP are listed well below $50M.
How current is this, and where does it come from?
Compiled from the regulators' own registers and decisions and refreshed weekly; every register row links to its source, and every row is reconciled against the regulator's list each week. Market-layer supply states its basis on every row: the issuer's own figure for USDT and USDC, a direct contract read wherever a data feed looks stale or wrong, and an on-chain aggregate for the rest after a weekly freshness test. An aggregator is never cited as a row's source, and a coin whose supply sources conflict irreconcilably is held back rather than published.
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.