Tracker·Updated Aug 21, 2026

The Stablecoin Register

Which stablecoins are actually regulated, and by whom?

As of August 21, 2026, 30 issuers hold a stablecoin authorisation under a comprehensive regime, MiCA in the EU, US OCC national trust and national bank charters, NYDFS trusts, Hong Kong, Japan, the UAE, Bahrain, and Nebraska, across 49 live tokens, with 17 more applying or provisional. Regulation is not a single number. Comprehensively regulated coins are about 28% of the $296.61B fiat-pegged stablecoin market; USDT, a registered issuer in El Salvador under a lighter regime, is another 61%; 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
49
live, comprehensively regulated
Comprehensive
30
issuers, comprehensive regime
Lighter regime
13
issuers, lighter register
Applying
17
applying or provisional
Updated August 21, 2026Compiled from primary regulator registers across 28 regimes, one source link per row.

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The market, by regulatory tier

$296.61B 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 62 points apart, and USDT's El Salvador registration is the reason.

Comprehensively regulated 28%
USDT, lighter regime (El Salvador) 61%
Unregulated 10%

Export the register

The regulated issuers, every token and regime, as a .csv. Free.

69 / 69 issuers

  • Paxos
    Crypto-native · Finland, US (federal), Singapore, UAE (ADGM)
    Issued
    Comprehensive7 tokens: USDG, eUSD, EUROe, PAXG
  • Quantoz Payments
    Crypto-native · Netherlands
    Issued
    Comprehensive6 tokens: EURQ, GBPQ, PLNQ, USDQ
  • Anchorage Digital
    Crypto-native · US (federal)
    Issued
    Comprehensive5 tokens: USAT, USDGO, USDPT, USDtb
  • AllUnity
    TradFi · Germany
    Issued
    Comprehensive3 tokens: CHFAU, EURAU, SEKAU
  • Fiat Republic
    Crypto-native · Netherlands
    Issued
    Comprehensive3 tokens: ENEUR, ENGBP, ENUSD
  • Circle
    Crypto-native · France, US (New York), US (federal)
    Issued
    Comprehensive2 tokens: EURC, USDC
  • GMO-Z.com
    TradFi · US (New York)
    Issued
    Comprehensive2 tokens: GYEN, ZUSD
  • GR8 PAY
    unknown · Latvia
    Issuing
    Comprehensive2 tokens: EUR.PA, USD.PA
  • Societe Generale-Forge
    TradFi · France
    Issued
    Comprehensive2 tokens: EURCV, USDCV
  • StablR
    Crypto-native · Malta
    Issued
    Comprehensive2 tokens: EURR, USDR
  • Stablemint
    Crypto-native · Malta
    Issued
    Comprehensive2 tokens: EURSM, USDSM
  • WisdomTree
    TradFi · US (New York)
    Issued
    Comprehensive2 tokens: GOLD, USDW
  • AED Stablecoin
    TradFi · UAE (onshore)
    Issued
    Comprehensive1 token: AECoin
  • AX Coin Bahrain
    Crypto-native · Bahrain
    Issuing
    Comprehensive1 token: AXBHD
  • Agora
    Crypto-native · US (federal)
    Applying
    Comprehensive1 token: AUSD
  • Anchorpoint Financial Limited
    TradFi · Hong Kong
    Issued
    Comprehensive1 token: HKDAP
  • Banking Circle
    TradFi · Luxembourg
    Issued
    Comprehensive1 token: EURI
  • BitGo
    Crypto-native · US (federal)
    Issuing
    Comprehensive1 token: FYUSD
  • Blue EMI
    Crypto-native · Lithuania
    Issued
    Comprehensive1 token: BLUEUR
  • Bridge (Stripe)
    Crypto-native · Luxembourg, US (federal)
    Issuing
    Comprehensive1 token: USDB
  • CACEIS Bank
    TradFi · France
    Issued
    Comprehensive1 token: EURXT
  • Dinaro
    Crypto-native · Slovenia
    Issuing
    Comprehensive1 token: EURGH
  • FAB / IHC / Sirius consortium
    unknown · UAE (onshore; retail via VARA exchanges)
    Issued
    Comprehensive1 token: DDSC
  • Fidelity Digital Assets
    TradFi · US (federal)
    Issued
    Comprehensive1 token: FIDD
  • Gemini
    Crypto-native · US (New York)
    Issued
    Comprehensive1 token: GUSD
  • Heuro
    Crypto-native · France
    Issued
    Comprehensive1 token: HEURO
  • JPYC Inc.
    Crypto-native · Japan
    Issued
    Comprehensive1 token: JPYC
  • Monerium
    Crypto-native · Iceland (EEA)
    Issued
    Comprehensive1 token: EURe
  • Newrails
    Crypto-native · Lithuania
    Issued
    Comprehensive1 token: EURW
  • Oddo BHF
    TradFi · France
    Issuing
    Comprehensive1 token: EUROD
  • Payoneer
    TradFi · US (federal)
    Applying
    Comprehensive1 token: PAYO-USD
  • Ripple
    Crypto-native · Luxembourg, US (New York)
    Issued
    Comprehensive1 token: RLUSD
  • SBI Shinsei Trust Bank, Limited
    TradFi · Japan
    Issued
    Comprehensive1 token: JPYSC
  • Schuman Financial
    Crypto-native · France
    Issued
    Comprehensive1 token: EUROP
  • SoFi
    TradFi · US (federal)
    Issued
    Comprehensive1 token: SOFID
  • Stable Labs (Payment Corporation)
    Crypto-native · Czech Republic
    Issued
    Comprehensive1 token: CZKI
  • Telcoin Digital Asset Bank
    Crypto-native · US (Nebraska)
    Issued
    Comprehensive1 token: eUSD
  • Universal Digital
    Crypto-native · UAE (Foreign Payment Token), UAE (ADGM)
    Issued
    Comprehensive1 token: USDU
  • World Liberty Financial
    Crypto-native · US (federal)
    Applying
    Comprehensive1 token: USD1
  • Zand Bank
    TradFi · UAE (onshore)
    Issuing
    Comprehensive1 token: Zand AED
  • AIEU Services
    unknown · Luxembourg
    Issuing
    Comprehensive0 tokens:
  • Bastion
    Crypto-native · US (federal)
    Applying
    Comprehensive0 tokens:
  • Dakota
    Crypto-native · US (federal)
    Applying
    Comprehensive0 tokens:
  • Eurodollar
    unknown · Denmark
    Issuing
    Comprehensive0 tokens:
  • HSBC
    TradFi · Hong Kong
    Issuing
    Comprehensive0 tokens:
  • Project Pax consortium (MUFG, SMBC, Mizuho)
    TradFi · Japan
    Applying
    Comprehensive0 tokens:
  • RAKBANK
    TradFi · UAE (onshore)
    Applying
    Comprehensive0 tokens:
  • Sony
    TradFi · US (federal)
    Applying
    Comprehensive0 tokens:
  • StaBillon
    unknown · Poland
    Issuing
    Comprehensive0 tokens:
  • StraitsX
    Crypto-native · Singapore, Indonesia
    Issued
    Lighter regime3 tokens: XSGD, XUSD, XIDR
  • Tether
    Crypto-native · El Salvador
    Issued
    Lighter regime3 tokens: CNHT, MXNT, USDT
  • AUDC Pty Ltd
    Crypto-native · Australia
    Issued
    Lighter regime1 token: AUDD
  • AnchorX
    Crypto-native · Kazakhstan (AIFC)
    Issued
    Lighter regime1 token: AxCNH
  • Coins.ph
    Crypto-native · Philippines
    Issued
    Lighter regime1 token: PHPC
  • Jewel Bank
    Crypto-native · Bermuda
    Applying
    Lighter regime1 token: JUSD
  • Juno (Bitso)
    Crypto-native · El Salvador
    Issued
    Lighter regime1 token: MXNB
  • Moon Gold (Alloy by Tether)
    Crypto-native · El Salvador
    Issued
    Lighter regime1 token: aUSDT
  • OJSC Virtual Asset Issuer
    unknown · Kyrgyzstan
    Issued
    Lighter regime1 token: USDKG
  • Stablecorp
    Crypto-native · Canada
    Issued
    Lighter regime1 token: QCAD
  • TG Commodities
    Crypto-native · El Salvador
    Issued
    Lighter regime1 token: XAUt
  • Wenia
    TradFi · Bermuda (serving Colombia)
    Issued
    Lighter regime1 token: COPW
  • Wyoming Stable Token Commission
    unknown · US (Wyoming)
    Issued
    Lighter regime1 token: FRNT
  • Agant
    Crypto-native · United Kingdom
    Applying
    Pipeline1 token: GBPA
  • BCP Technologies
    Crypto-native · United Kingdom
    Applying
    Pipeline1 token: tGBP
  • RD InnoTech Limited
    unknown · Hong Kong
    Applying
    Pipeline1 token: HKDR
  • Wrapped CBDC (cNGN consortium)
    Crypto-native · Nigeria
    Issued
    Pipeline1 token: cNGN
  • JINGDONG Coinlink Technology Hong Kong Limited
    unknown · Hong Kong
    Applying
    Pipeline0 tokens:
  • Custodia Bank
    Crypto-native · US (Wyoming)
    Issued
    Special1 token: Avit
  • Sygnum Bank
    TradFi · Switzerland
    Issued
    Special1 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.

Reading the register

  • 30 issuers hold a stablecoin authorisation under a comprehensive regime (MiCA, US OCC national trusts and national banks, NYDFS trusts, Hong Kong, Japan, the UAE, Bahrain, Nebraska), across 49 live tokens.
  • Hong Kong's first regulated stablecoin started circulating on 2026-08-12: Anchorpoint's HKDAP, licensed under the Stablecoins Ordinance, went live on Ethereum in a limited institutional beta with reserves held on trust by Standard Chartered Trustee (Hong Kong).
  • Regulated under a comprehensive regime is about 28.4% of the fiat-pegged stablecoin market. USDT is another 61.4%, 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.
  • 17 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 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 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. 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 primary regulator registers and refreshed weekly; every register row links to its regulator source. The EU and Hong Kong lanes read the same dated register snapshots the Global Crypto Licence Map fetches, so the two trackers cannot disagree. 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, 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.