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Best of · Ethereum · Updated

The best Stablecoin Issuers on Ethereum in 2026

We track 15 Stablecoin Issuers that run on Ethereum and have reviewed 8 of them in full. Our top pick is Agora. Each one is scored on security, ease of use, fees and features.

Ranked list

  1. 1
    Agora logo

    Agora

    Stablecoin Issuer · Ethereum

    Agora issues AUSD, a dollar-pegged stablecoin, and offers payment APIs for businesses. Its Bermuda licence and stated reserve model are useful signals, but redemption terms, audits and customer eligibility need checking before you rely on it.

    Read the Agora reviewVisit Agora(opens in a new tab)
    ScoreScore 6.2 out of 10
    TVL —
  2. 2
    M0 logo

    M0

    Stablecoin Issuer · Ethereum

    M0 is infrastructure for businesses that want to design, distribute and issue their own stablecoins, not a retail stablecoin app. Its modular approach offers flexibility, but fees, issuer details and the role of POWER need checking before you commit.

    Read the M0 reviewVisit M0(opens in a new tab)
    ScoreScore 5.8 out of 10
    TVL $247M+39.2%
  3. 3

    Dai

    Stablecoin Issuer · Ethereum

    Dai is a decentralized, Ethereum-based stablecoin designed to track the US dollar. It can be useful for holding or moving dollar-like value on-chain, but its peg is not guaranteed and transaction costs vary.

    Read the Dai review
    ScoreScore 5.8 out of 10
    TVL —
  4. 4
    Ethena USDtb logo

    Ethena USDtb

    Stablecoin Issuer · Ethereum

    Ethena USDtb is an Ethereum dollar stablecoin backed by tokenized Treasury assets, including BlackRock’s BUIDL fund. Check who can redeem it and how reserves are verified before relying on it as cash.

    Read the Ethena USDtb reviewVisit Ethena USDtb(opens in a new tab)
    ScoreScore 5.7 out of 10
    TVL $416M−14.1%
  5. 5
    Usdd logo

    Usdd

    Stablecoin Issuer · Tron, BNB Chain, Ethereum

    USDD is a reserve-backed stablecoin issued by TRON DAO Reserve. Its cross-chain use may suit you, but verify the reserves, redemption terms and network before holding or transferring it.

    Read the Usdd reviewVisit Usdd(opens in a new tab)
    ScoreScore 5.0 out of 10
    TVL —
  6. 6
    Frax USD logo

    Frax USD

    Stablecoin Issuer · Ethereum

    Frax USD (frxUSD) is described as a fully collateralized dollar stablecoin with Ethereum minting and redemption. Reserve, redemption, and fee details are too sparse to treat it as cash-equivalent without checking first.

    Read the Frax USD reviewVisit Frax USD(opens in a new tab)
    ScoreScore 4.5 out of 10
    TVL $95.9M−1.8%
  7. 7
    Beans Palace logo

    Beans Palace

    Stablecoin Issuer · Ethereum

    Beans Palace’s site is branded Beanstalk: an Ethereum protocol that issues a native stablecoin using credit rather than collateral. Its core idea is clear, but fees, audits and practical user protections are not published here.

    Read the Beans Palace reviewVisit Beans Palace(opens in a new tab)
    ScoreScore 4.2 out of 10
    TVL —
  8. 8
    Mountain Protocol logo

    Mountain Protocol

    Stablecoin Issuer · Ethereum, zkSync Era, Arbitrum +3

    Mountain Protocol’s USDM primary market closed on August 22, 2025. The site displays 0.00% APY, so existing holders now need to consider secondary-market liquidity and costs rather than the former direct mint-and-redeem service.

    Read the Mountain Protocol reviewVisit Mountain Protocol(opens in a new tab)
    ScoreScore 3.2 out of 10
    TVL $1.40M−0.1%
  9. 9
    Flying Tulip ftUSD logo

    Flying Tulip ftUSD

    Stablecoin Issuer · Ethereum, Sonic, BNB Chain

    Flying Tulip ftUSD is described as a stablecoin backed by USDC, USDT and wrapped ftUSD, with yield strategies routed through Aave. Redemption terms, fees and the scope of its listed audits need checking before you use it.

    Read the Flying Tulip ftUSD reviewVisit Flying Tulip ftUSD(opens in a new tab)
    ScoreNot rated yet
    TVL $5.79M+4.5%
  10. 10
    Level logo

    Level

    Stablecoin Issuer · Ethereum

    Level is a stablecoin issuer project on Ethereum that appears to be inactive. Check its current status before sending it any funds.

    Read the Level reviewVisit Level(opens in a new tab)
    ScoreNot rated yet
    TVL $458K−0.1%
  11. 11
    Felix USDhl logo

    Felix USDhl

    Stablecoin Issuer · Hyperliquid L1, Ethereum

    Felix USDhl is a fiat-backed stablecoin designed for the Hyperliquid ecosystem. Key details about its backing, costs and safeguards remain unclear.

    Read the Felix USDhl reviewVisit Felix USDhl(opens in a new tab)
    ScoreNot rated yet
    TVL $356K+0.0%
  12. 12
    Usual EUR0 logo

    Usual EUR0

    Stablecoin Issuer · Ethereum

    Usual is a stablecoin protocol, but EUR0’s backing and the products described on Usual’s site do not match. The details are too unclear to recommend using EUR0.

    Read the Usual EUR0 reviewVisit Usual EUR0(opens in a new tab)
    ScoreNot rated yet
    TVL $228K−0.4%
  13. 13
    Monolith logo

    Monolith

    Stablecoin Issuer · Ethereum

    Monolith is a stablecoin issuer project on Ethereum. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.

    Read the Monolith reviewVisit Monolith(opens in a new tab)
    ScoreNot rated yet
    TVL $256+10.5%
  14. 14

    Dinero

    Stablecoin Issuer · Ethereum

    Dinero is a stablecoin issuer project on Ethereum. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.

    Read the Dinero review
    ScoreNot rated yet
    TVL —
  15. 15

    Ethena Usde

    Stablecoin Issuer · Ethereum

    Ethena USDe is a crypto-backed synthetic dollar designed to track $1 using a delta-hedging strategy. Key details about fees, redemptions, audits and custody are not established, so it is difficult to assess before you use it.

    Read the Ethena Usde review
    ScoreNot rated yet
    TVL —

Stablecoin Issuers on Ethereum: the numbers

Tracked
15
Reviewed
15
Total TVL
$767M
Avg. score
5.1/10

SkyBitcoins tracks 15 stablecoin issuers on Ethereum. Every one of them has a full review. The 9 that report TVL hold $767M between them, counting value on every chain they support. Ethena USDtb dominates, with 54% of that total. The five largest make up 100% of the total; the median is $1.40M.

By value locked, the largest stablecoin issuers on Ethereum are Ethena USDtb ($416M), M0 ($247M) and Frax USD ($95.9M). On SkyBitcoins scores, Agora ranks first at 6.2/10, ahead of M0 (5.8) and Dai (5.8). The 8 rated stablecoin issuers average 5.1/10, and none scores 8 or above yet.

Beyond Ethereum, these stablecoin issuers most often also run on BNB Chain (2), Tron (1) and zkSync Era (1). Of the 13 with a confirmed status, 11 are active and 2 are inactive or wound down. In the past week, total value locked was roughly flat (−0.0%). M0 gained the most (+39.2%), while Ethena USDtb dropped the most (−14.1%).

Largest by TVL

  1. 1Ethena USDtb logoEthena USDtb$416M
  2. 2M0 logoM0$247M
  3. 3Frax USD logoFrax USD$95.9M
  4. 4Flying Tulip ftUSD logoFlying Tulip ftUSD$5.79M
  5. 5Mountain Protocol logoMountain Protocol$1.40M

Highest rated

  1. 1Agora logoAgora6.2
  2. 2M0 logoM05.8
  3. 3Dai5.8
  4. 4Ethena USDtb logoEthena USDtb5.7
  5. 5Usdd logoUsdd5.0

Method

How we ranked them

Reviewed dApps come first. Each SkyBitcoins review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.

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Frequently asked questions

What is the largest stablecoin issuer on Ethereum by TVL?

Ethena USDtb is the largest stablecoin issuer on Ethereum by total value locked, with $416M across all the chains it supports. It is followed by M0 ($247M) and Frax USD ($95.9M). TVL figures come from DefiLlama and change daily.

Which stablecoin issuer on Ethereum has the highest SkyBitcoins score?

Agora has the highest score at 6.2/10, ahead of M0 (5.8) and Dai (5.8). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many stablecoin issuers on Ethereum has SkyBitcoins reviewed?

SkyBitcoins tracks 15 stablecoin issuers on Ethereum. Of these, 15 have a full review and 9 report value locked, $767M in total, counting value on every chain they support.

Which stablecoin issuers on Ethereum grew the most this week?

Among stablecoin issuers with at least $1M locked, M0 had the biggest 7-day TVL gain (+39.2%) and Ethena USDtb the biggest drop (−14.1%). Combined TVL moved −0.0% over the same seven days.

What is the average score for stablecoin issuers on Ethereum?

The 8 rated stablecoin issuers on Ethereum average 5.1 out of 10. Of these, 0 score 8 or higher and 3 score below 5.