Stablecoin Issuer
Crypto · Active
· Financials
Latest report
2026-05-01 14:13
Issuers or operators of fiat-pegged stablecoins (USDC, USDT, etc.).
Pool
81
Industries
5
Cohort
4
Cohort MCap
74.6B
Layers
5
Topology Rationale
The stablecoin issuer theme is organized around the economics of issuing fiat-backed digital dollars, distributing them through wallets, exchanges, and payment interfaces, and supporting them with reserve custody, banking, and settlement infrastructure. The layers therefore separate core issuers/distributors from upstream reserve and custody partners, adjacent software/payment enablers that expand usage, and downstream venues and institutions that consume stablecoins for trading, collateral, and on-chain settlement.
Value-Chain Layers
1
Stablecoin Issuance, Wallet, Exchange & Token Distribution
Companies in this layer directly issue fiat-pegged tokens, custody digital assets, or provide the primary wallet and exchange rails through which stablecoins are minted, redeemed, held, and circulated.
14 companies
| Company | Role | Market Cap | Revenue ($M) | Net Income ($M) | Operating Cash Flow ($M) | Capex ($M) | Cash & Equivalents ($M) |
|---|---|---|---|---|---|---|---|
|
Circle Internet Group, Inc.
CRCL
FY2025
|
Core USDC issuer and reserve-backed stablecoin operator
Financial Services
|
25.4B | 2,747 | -70 | — | — | 1,526 |
|
Coinbase Global Inc
COIN
FY2025
|
Major exchange and wallet channel for stablecoin distribution
Financial Services
|
48.0B | 7,181 | 1,260 | 2,426 | — | 11,286 |
|
BitGo Holdings, Inc.
BTGO
FY2025
|
Institutional custody and stablecoin-as-a-service platform
Financial Services
|
1.1B | 16,152 | -15 | 30 | 12 | 106 |
|
Visa Inc. Class A
V
Q2-2026
|
Global payment network integrating stablecoin settlement rails
Financial Services
|
637.0B | 11,230 | 6,021 | 9,788 | 761 | 12,404 |
|
Mastercard Inc
MA
Q1-2026
|
Card network extending stablecoin-linked payment acceptance
Financial Services
|
464.5B | 8,398 | 3,882 | 2,999 | 335 | 7,906 |
|
PayPal Holdings Inc
PYPL
FY2025
|
Consumer wallet and payments platform with stablecoin activity
Financial Services
|
45.8B | 33,172 | 5,233 | 6,416 | 852 | 8,049 |
|
Block, Inc
XYZ
FY2025
|
Cash App and bitcoin ecosystem support crypto-dollar usage
Technology
|
41.4B | 24,194 | 1,306 | 2,580 | 155 | 6,564 |
|
Fiserv, Inc.
|
Merchant and financial processing rails can distribute stablecoin payments
Technology
|
34.3B | — | — | — | — | — |
|
Fiserv, Inc. Common Stock
FISV
FY2025
|
Merchant and banking processing stack enables token payment connectivity
Technology
|
33.2B | 21,193 | 3,480 | 6,062 | 1,763 | — |
|
Fidelity National Information Services Inc
FIS
FY2025
|
Banking and capital-markets software can connect fiat and token rails
Technology
|
23.9B | 10,677 | 382 | 2,608 | 989 | — |
|
Global Payments Inc
GPN
FY2025
|
Merchant acquiring platform can support stablecoin payment acceptance
Industrials
|
19.5B | 7,706 | 1,400 | 2,657 | 618 | 8,336 |
|
Corpay Inc
CPAY
FY2025
|
Corporate payments infrastructure is relevant to tokenized dollar flows
Technology
|
20.3B | 4,528 | 1,070 | 1,500 | 201 | — |
|
Joint Stock Company Kaspi.kz
|
Super-app payments ecosystem fits digital wallet distribution role
Technology
|
16.3B | — | — | — | — | — |
|
PayPay Corporation American Depository Shares
|
Digital payments wallet exposure aligns with token distribution
Technology
|
13.6B | — | — | — | — | — |
2
Reserve Asset Custody, Treasury Management & Institutional Safekeeping
These firms provide the custody, cash management, asset servicing, and reserve-management capabilities that support fiat backing, segregation, and institutional confidence in stablecoins.
9 companies
| Company | Role | Market Cap | Revenue ($M) | AUM ($M) | Operating Margin (%) | Net Income ($M) | Investment Mgmt Fees ($M) |
|---|---|---|---|---|---|---|---|
|
BlackRock Inc
BLK
Q1-2026
|
Cash management and digital assets expertise support reserve portfolios
Financial Services
|
161.5B | 6,698 | 13,894,600 | 44.5% | 2,212 | — |
|
The Bank of New York Mellon Corporation
BK
Q1-2026
|
Asset servicing and custody infrastructure for reserve assets
Financial Services
|
90.8B | 5,409 | 2,100 | 38.0% | 1,630 | — |
|
State Street Corp
STT
Q1-2026
|
Custody, cash, and fund servicing map to reserve support
Financial Services
|
42.0B | 3,796 | 5,620,000 | — | 764 | — |
|
Northern Trust Corporation
NTRS
Q1-2026
|
Asset servicing and private-bank custody capabilities
Financial Services
|
30.5B | 2,206 | 1,785 | — | 526 | 169 |
|
Franklin Resources Inc
BEN
Q2-FY2026
|
Cash management platform relevant to short-duration reserve assets
Financial Services
|
15.3B | 2,295 | 1,682 | 27.1% | 268 | 1,819 |
|
Invesco Plc
IVZ
Q1-2026
|
ETF and fixed-income management relevant to treasury reserves
Financial Services
|
11.4B | 1,744 | 2,159,500 | — | 230 | 1,382 |
|
SEI Investments Company
SEIC
Q1-2026
|
Institutional investment processing can support reserve administration
Financial Services
|
10.9B | 622 | 554 | 32.0% | 174 | — |
|
T. Rowe Price Group Inc
TROW
Q1-2026
|
Fixed-income asset manager tied to reserve portfolio demand
Financial Services
|
21.9B | 1,857 | 1,709,700 | — | 498 | — |
|
Broadridge Financial Solutions Inc
BR
Q3-FY2026
|
Financial operations infrastructure supports recordkeeping and processing
Technology
|
18.8B | 1,954 | — | 21.5% | 276 | — |
3
Banking Rails, Cash Deposits & Fiat On/Off-Ramp Infrastructure
Banks in this layer supply deposit accounts, payment rails, treasury access, and compliance infrastructure that connect stablecoins to the traditional dollar banking system.
30 companies
| Company | Role | Market Cap | |
|---|---|---|---|
|
JPMorgan Chase & Co
JPM
Q1-2026
|
Large transaction bank for fiat custody and settlement rails
Financial Services
|
828.6B | — |
|
Bank of America Corp
BAC
Q1-2026
|
Global banking franchise supports cash and payments connectivity
Financial Services
|
377.0B | — |
|
HSBC Holdings PLC ADR
|
Cross-border banking network fits fiat on-off ramp role
Financial Services
|
309.3B | — |
|
Wells Fargo & Company
WFC
Q1-2026
|
Commercial and consumer banking rails connect to cash balances
Financial Services
|
249.8B | — |
|
Royal Bank of Canada
|
Large bank with custody and transaction-banking relevance
Financial Services
|
243.6B | — |
|
Citigroup Inc.
C
Q1-2026
|
Global corporate banking and payments franchise supports issuers
Financial Services
|
223.2B | — |
|
Mitsubishi UFJ Financial Group Inc ADR
|
International bank useful for reserve deposits and transfers
Financial Services
|
196.9B | — |
|
Toronto Dominion Bank
|
Banking and payments infrastructure supports fiat rails
Financial Services
|
174.9B | — |
|
Banco Santander SA ADR
|
Retail and commercial banking network relevant to on-off ramps
Financial Services
|
172.5B | — |
|
UBS Group AG
|
Wealth and banking platform supports institutional fiat access
Financial Services
|
135.7B | — |
|
Sumitomo Mitsui Financial Group Inc
|
Large banking group for reserve and settlement relationships
Financial Services
|
132.2B | — |
|
HDFC Bank Limited ADR
|
Bank deposit and payments capabilities support fiat connectivity
Financial Services
|
129.6B | — |
|
Capital One Financial Corporation
COF
Q1-2026
|
Consumer banking and card rails support redemption channels
Financial Services
|
121.0B | — |
|
Banco Bilbao Viscaya Argentaria SA ADR
|
International bank with digital banking relevance to crypto rails
Financial Services
|
118.8B | — |
|
Bank of Montreal
|
Commercial banking and treasury services support fiat reserves
Financial Services
|
104.5B | — |
|
Mizuho Financial Group Inc.
|
Banking group relevant to reserve cash and payments flows
Financial Services
|
102.7B | — |
|
Canadian Imperial Bank Of Commerce
|
Banking franchise can intermediate cash custody and transfers
Financial Services
|
99.1B | — |
|
ICICI Bank Limited
|
Large deposit bank relevant to fiat movement infrastructure
Financial Services
|
95.2B | — |
|
Itau Unibanco Banco Holding SA
|
Banking rails support local fiat conversion and payments
Financial Services
|
94.0B | — |
|
Bank of Nova Scotia
|
Transaction banking capabilities support dollar-linked flows
Financial Services
|
93.2B | — |
|
U.S. Bancorp
USB
Q1-2026
|
Commercial and payments banking supports issuer cash operations
Financial Services
|
87.3B | — |
|
ING Group NV ADR
|
European banking platform relevant to fiat access and settlement
Financial Services
|
79.4B | — |
|
Barclays PLC ADR
|
Corporate banking and markets operations support issuers
Financial Services
|
78.4B | — |
|
Lloyds Banking Group PLC ADR
|
Retail and commercial bank exposure to fiat connectivity
Financial Services
|
76.7B | — |
|
Natwest Group PLC
|
Banking deposit and payment rails fit on-off ramp function
Financial Services
|
61.1B | — |
|
Deutsche Bank AG
|
Global bank supports institutional settlement and treasury access
Financial Services
|
58.7B | — |
|
Banco Santander Brasil SA ADR
|
Banking network can support local fiat conversion channels
Financial Services
|
43.1B | — |
|
Banco Bradesco SA ADR
|
Commercial banking system relevance to fiat rails
Financial Services
|
39.9B | — |
|
KB Financial Group Inc
|
Deposit and payment banking capabilities support access rails
Financial Services
|
37.9B | — |
|
Banco Bradesco S/A ADR
|
Banking operations support fiat custody and transfers
Financial Services
|
35.7B | — |
4
Digital Infrastructure, API Connectivity & Internet-Native Payment Enablement
These technology platforms provide cloud, security, edge, and internet application infrastructure that enables wallets, payment apps, and tokenized finance services to scale reliably.
7 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Cash & Equivalents ($M) | Stock-Based Comp ($M) |
|---|---|---|---|---|---|---|---|
|
Cloudflare Inc
NET
FY2025
|
Edge security and developer infrastructure support internet-native payments
Technology
|
74.6B | 2,168 | 316 | 603 | 944 | — |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
Cloud infrastructure can host stablecoin applications and services
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | 3,127 | 630 |
|
Nebius Group N.V.
|
Internet infrastructure exposure supports digital financial workloads
Communication Services
|
35.7B | — | — | — | — | — |
|
VeriSign Inc
VRSN
Q1-2026
|
Core internet registry infrastructure underpins online financial services
Technology
|
24.8B | 429 | 7 | 272 | 477 | 19 |
|
Akamai Technologies Inc
AKAM
FY2025
|
Cloud and API security infrastructure supports payment application uptime
Technology
|
14.7B | 4,208 | 818 | 1,519 | 930 | 459 |
|
Godaddy Inc
GDDY
Q1-2026
|
Commerce and web platform tools help internet businesses adopt payments
Technology
|
11.4B | 1,267 | 5 | 472 | 1,262 | — |
|
DigitalOcean Holdings Inc
DOCN
FY2025
|
Cloud hosting platform enables fintech and wallet application deployment
Technology
|
10.1B | 901 | 140 | 310 | 254 | — |
5
Trading Venues, Market Structure & Institutional Demand for Stablecoin Liquidity
This layer consists of exchanges, trading venues, and financial market operators that consume stablecoins for collateral, settlement, liquidity transfer, and institutional market access.
9 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Margin (%) | Net Income ($M) | Cash & Equivalents ($M) | Capex ($M) |
|---|---|---|---|---|---|---|---|
|
American Express Company
AXP
Q1-2026
|
Closed-loop payments network is a user of digital-dollar settlement innovation
Financial Services
|
215.4B | 18,907 | — | 2,971 | — | — |
|
S&P Global Inc
SPGI
Q1-2026
|
Market intelligence and ratings support tokenized treasury market infrastructure
Financial Services
|
128.2B | 4,171 | 51.8% | 1,395 | 1,810 | 27 |
|
CME Group Inc
CME
Q1-2026
|
Clearing and transaction ecosystem benefits from digital collateral flows
Financial Services
|
104.1B | 1,880 | — | 1,154 | 2,391 | — |
|
Intercontinental Exchange Inc
ICE
FY2025
|
Exchange and fixed-income data platform tied to settlement infrastructure
Financial Services
|
88.5B | 9,931 | 60.0% | 3,315 | 837 | 373 |
|
Moodys Corporation
MCO
Q1-2026
|
Ratings and analytics support reserve transparency and market adoption
Financial Services
|
80.4B | 2,079 | 53.2% | 661 | — | 95 |
|
Nasdaq Inc
NDAQ
Q1-2026
|
Capital markets technology and exchange stack consume settlement innovation
Financial Services
|
52.0B | 1,407 | 57.0% | 519 | 515 | — |
|
MSCI Inc
MSCI
Q1-2026
|
Index and analytics franchise supports institutional digital asset adoption
Financial Services
|
43.5B | 851 | — | 406 | 385 | 29 |
|
Cboe Global Markets Inc
CBOE
FY2025
|
Exchange operator benefits from token-linked trading and clearing demand
Financial Services
|
31.4B | 2,429 | 65.6% | 1,095 | 2,216 | — |
|
Tradeweb Markets Inc
TW
Q1-2026
|
Electronic trading venue relevant to digital collateral and settlement evolution
Financial Services
|
25.8B | 618 | — | 233 | 1,900 | 27 |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:13 | 81 | 5 |