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  "domain": "fintech",
  "title": "Stablecoin issuers 2025-2026 — evidence-led market map",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Stablecoin issuers 2025-2026 — evidence-led market map",
    "aliases": [
      "stablecoin-issuer-2025-2026-market-consolidation",
      "stablecoin-market-consolidation-2025",
      "stablecoin-issuer-landscape-2026",
      "sc-issuer-consolidation"
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    "domain": "fintech",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-11-25",
    "confidence": "likely",
    "tags": [
      "fintech",
      "stablecoin",
      "market-structure",
      "usdt",
      "usdc",
      "pyusd",
      "rlusd",
      "usde",
      "usdg",
      "frxusd",
      "usds",
      "usd1",
      "2025-2026"
    ],
    "status": "active",
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    "note": null,
    "sources": [
      "https://tether.to/en/transparency/",
      "https://tether.to/en/legal/",
      "https://www.circle.com/transparency",
      "https://www.circle.com/legal/usdc-terms",
      "https://www.circle.com/legal/mica-usdc-whitepaper",
      "https://docs.paxos.com/guides/stablecoin/pyusd",
      "https://www.paxos.com/pyusd",
      "https://apps.occ.gov/CAS/home/details?FilingID=342828&FilingSubtypeID=1117&FilingTypeID=23",
      "https://docs.paxos.com/guides/stablecoin/usdg",
      "https://ripple.com/solutions/stablecoin/",
      "https://ripple.com/legal/stablecoin/",
      "https://www.firstdigitallabs.com/",
      "https://www.firstdigitallabs.com/legal",
      "https://www.firstdigitallabs.com/legal/fd121-account-user-agreement",
      "https://docs.ethena.fi/",
      "https://sky.money/",
      "https://docs.frax.finance/frax-v3-100-cr-and-more/frax-v3-overview",
      "https://www.worldlibertyfinancial.com/usd1",
      "https://www.bitgo.com/legal/bitgo-additional-terms/",
      "https://docs.worldlibertyfinancial.com/resources/faq",
      "https://www.congress.gov/bill/119th-congress/senate-bill/1582"
    ]
  },
  "summary": "Stablecoin market structure must be measured from a dated supply dataset and then explained with issuer-level primary sources. The earlier version of this page mixed an undated market-cap ranking, legal labels, reserve claims, geographic narratives and forecasts, including values dated in the future",
  "headings": [
    "Stablecoin issuers 2025-2026 — evidence-led market map",
    "TL;DR",
    "Wiki route",
    "Product and issuer map",
    "Category boundaries",
    "What can and cannot establish consolidation",
    "Issuer / distributor economics",
    "Network deployment",
    "Regulatory checkpoint",
    "Dated market-snapshot template"
  ],
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      "fintech/m0-network-infrastructure-update-2026",
      "fintech/paxos-paxg-post-binance-pivot",
      "fintech/paypal-pyusd-stablecoin",
      "fintech/ripple-rlusd-stablecoin",
      "fintech/sky-usds-decentralized-stablecoin",
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