DeFi · Category ranking
Best Stablecoin Issuers in 2026
33 Stablecoin Issuers ranked by SkyBitcoins score and total value locked. Open any row for the full review.
- Listed
- 33
- Reviewed
- 33
- Page
- 1/1
Stablecoin Issuers at a glance
- Tracked
- 33
- Reviewed
- 33
- Total TVL
- $814M
- Avg. score
- 4.4/10
There are 33 stablecoin issuers in the SkyBitcoins index. Every one of them has a full review. Across the 12 with TVL data, the combined value locked is $814M. Ethena USDtb dominates, with 51% of that total. The five largest make up 99% of the total; the median is $1.40M.
Ranked by TVL, Ethena USDtb ($416M), M0 ($247M) and Frax USD ($95.9M) lead the field. On SkyBitcoins scores, Agora ranks first at 6.2/10, ahead of M0 (5.8) and Dai (5.8). The 16 rated stablecoin issuers average 4.4/10, and none scores 8 or above yet.
Most stablecoin issuers run on Ethereum (15), BNB Chain (3) and Solana (3). 20% are deployed on more than one chain. Of the 20 with a confirmed status, 18 are active and 2 are inactive or wound down. In the past week, total value locked rose 0.6%. M0 gained the most (+39.2%), while Ethena USDtb dropped the most (−14.1%).
Largest by TVL
- 1
Ethena USDtb$416M
- 2
M0$247M
- 3
Frax USD$95.9M
- 4
JupUSD$44.3M
- 5
Flying Tulip ftUSD$5.79M
Highest rated
- 1
Agora6.2
- 2
- 3Dai5.8
- 4
- 5
Usdd5.0
| Chains | |||||
|---|---|---|---|---|---|
| 1 | AgoraReviewed | Ethereum | — | — | 6.2 |
| 2 | M0Reviewed | Ethereum | $247M | +39.2% | 5.8 |
| 3 | DaiReviewed | Ethereum | — | — | 5.8 |
| 4 | Ethena USDtbReviewed | Ethereum | $416M | −14.1% | 5.7 |
| 5 | UsddReviewed | Tron, BNB Chain +1 | — | — | 5.0 |
| 6 | Frax USDReviewed | Ethereum | $95.9M | −1.8% | 4.5 |
| 7 | JupUSDReviewed | Solana | $44.3M | +14.0% | 4.5 |
| 8 | Bastion ProtocolReviewed | Base, Solana | — | — | 4.5 |
| 9 | Beans PalaceReviewed | Ethereum | — | — | 4.2 |
| 10 | UsdfiReviewed | Abstract | — | — | 4.2 |
| 11 | Saturn NetworkReviewed | — | — | — | 4.0 |
| 12 | Num FinanceReviewed | — | — | — | 4.0 |
| 13 | BabelFishReviewed | Rsk | $316K | −51.7% | 3.5 |
| 14 | Angle ProtocolReviewed | Arbitrum | — | — | 3.5 |
| 15 | Mountain ProtocolReviewed | Ethereum, zkSync Era +4 | $1.40M | −0.1% | 3.2 |
| 16 | UnitasReviewed | — | — | — | 2.5 |
| 17 | Flying Tulip ftUSDReviewed | Ethereum, Sonic +1 | $5.79M | +4.5% | — |
| 18 | International Stable CurrencyReviewed | Solana | $2.41M | +0.0% | — |
| 19 | LevelReviewed | Ethereum | $458K | −0.1% | — |
| 20 | Felix USDhlReviewed | Hyperliquid L1, Ethereum | $356K | +0.0% | — |
| 21 | Usual EUR0Reviewed | Ethereum | $228K | −0.4% | — |
| 22 | MonolithReviewed | Ethereum | $256 | +10.5% | — |
| 23 | DineroReviewed | Ethereum | — | — | — |
| 24 | NuonReviewed | Base | — | — | — |
| 25 | SperaxReviewed | Arbitrum | — | — | — |
| 26 | ResolvReviewed | — | — | — | — |
| 27 | JpycReviewed | Astar | — | — | — |
| 28 | Ethena UsdeReviewed | Ethereum | — | — | — |
| 29 | SamecoinReviewed | BNB Chain | — | — | — |
| 30 | Wemix DollarReviewed | — | — | — | — |
| 31 | Anzen V2Reviewed | — | — | — | — |
| 32 | Falcon Finance ffReviewed | — | — | — | — |
| 33 | KovritaReviewed | — | — | — | — |
Ranked by SkyBitcoins score, then total value locked. Click a column to re-sort this page. TVL data via DefiLlama.
Where they run
Stablecoin Issuers by chain
Frequently asked questions
What is the largest stablecoin issuer by TVL?
Ethena USDtb is the largest stablecoin issuer by total value locked, with $416M. It is followed by M0 ($247M) and Frax USD ($95.9M). TVL figures come from DefiLlama and change daily.
Which stablecoin issuer has the highest SkyBitcoins score?
How many stablecoin issuers does SkyBitcoins track?
SkyBitcoins tracks 33 stablecoin issuers. Of these, 33 have a full review and 12 report value locked, $814M in total.
What chains do most stablecoin issuers run on?
Which stablecoin issuers 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 +0.6% over the same seven days.
What is the average score for stablecoin issuers?
The 16 rated stablecoin issuers average 4.4 out of 10. Of these, 0 score 8 or higher and 11 score below 5.