{
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  "slug": "fintech/usd-stablecoin-issuer-eight-way-matrix",
  "source_path": "fintech/usd-stablecoin-issuer-eight-way-matrix.md",
  "url": "https://finwiki.zksc.io/ja/fintech/usd-stablecoin-issuer-eight-way-matrix/",
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    "en": "https://finwiki.zksc.io/en/fintech/usd-stablecoin-issuer-eight-way-matrix/"
  },
  "github_url": "https://github.com/jasonhnd/finwiki/blob/main/fintech/usd-stablecoin-issuer-eight-way-matrix.md",
  "raw_markdown_url": "https://finwiki.zksc.io/fintech/usd-stablecoin-issuer-eight-way-matrix.md",
  "domain": "fintech",
  "title": "USD-denominated token products comparison — USDT / USDC / PYUSD / RLUSD / USD1 / FDUSD / USDS / USDe / M / USDB",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "USD-denominated token products comparison — USDT / USDC / PYUSD / RLUSD / USD1 / FDUSD / USDS / USDe / M / USDB",
    "aliases": [
      "usd-stablecoin-issuer-eight-way-matrix",
      "usd-stablecoin-issuer-ten-way-matrix",
      "USD stablecoin matrix",
      "stablecoin issuer comparison ten-way"
    ],
    "domain": "fintech",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-10-30",
    "confidence": "confirmed",
    "tags": [
      "fintech",
      "stablecoin",
      "issuer",
      "matrix",
      "comparison",
      "usdt",
      "usdc",
      "pyusd",
      "rlusd",
      "usd1",
      "fdusd",
      "usds",
      "usde",
      "m0",
      "usdb"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/",
      "https://www.circle.com/transparency",
      "https://www.paxos.com/pyusd-transparency",
      "https://ripple.com/solutions/stablecoin/transparency/",
      "https://docs.worldlibertyfinancial.com/resources/faq",
      "https://www.firstdigitallabs.com/legal/fdd-terms",
      "https://sky.money/blog/what-is-usds",
      "https://docs.ethena.fi/",
      "https://docs.m0.org/protocol/minting-burning",
      "https://apidocs.bridge.xyz/platform/issuance/usdb",
      "https://apidocs.bridge.xyz/platform/issuance/reporting-and-transparency",
      "https://www.govinfo.gov/content/pkg/PLAW-119publ27/pdf/PLAW-119publ27.pdf",
      "https://www.occ.treas.gov/news-issuances/news-releases/2026/nr-occ-2026-9.html"
    ]
  },
  "summary": "This entry sits under fintech index and compares ten often-grouped USD-denominated tokens using only dimensions that their own terms, transparency pages, or protocol documentation can support. It complements the issuer pages for USDT, USDC, PYUSD, RLUSD, USD1, FDUSD, USDS, M, and USDB.",
  "headings": [
    "USD-denominated token products comparison — USDT / USDC / PYUSD / RLUSD / USD1 / FDUSD / USDS / USDe / M / USDB",
    "Wiki route",
    "Comparison boundary",
    "Matrix A · Product form and accountable party",
    "Matrix B · Backing, redemption, and public verification",
    "Matrix C · Legal and access boundaries",
    "GENIUS Act: the current legal checkpoint",
    "Matrix D · Evidence-safe comparison checklist",
    "Reading the matrix",
    "Related"
  ],
  "body_links": {
    "wikilinks_count": 24,
    "wikilinks": [
      "INDEX",
      "fintech/INDEX",
      "fintech/circle-usdc-stablecoin",
      "fintech/circle-usdc-stablecoin\\",
      "fintech/first-digital-fdusd-hk-stablecoin",
      "fintech/first-digital-fdusd-hk-stablecoin\\",
      "fintech/genius-act-501-actual-implementation",
      "fintech/global-stablecoin-regulatory-five-pole-matrix",
      "fintech/m-network-m0-neutral-infrastructure",
      "fintech/m-network-m0-neutral-infrastructure\\",
      "fintech/paypal-pyusd-stablecoin",
      "fintech/paypal-pyusd-stablecoin\\",
      "fintech/ripple-rlusd-stablecoin",
      "fintech/ripple-rlusd-stablecoin\\",
      "fintech/sky-usds-decentralized-stablecoin",
      "fintech/sky-usds-decentralized-stablecoin\\",
      "fintech/stablecoin-issuer-2025-2026-market-consolidation",
      "fintech/stripe-usdb-bridge-stablecoin",
      "fintech/stripe-usdb-bridge-stablecoin\\",
      "fintech/tether-business-model-short-treasury-yield",
      "fintech/tether-business-model-short-treasury-yield\\",
      "fintech/three-circles-stablecoin-mra-framework",
      "fintech/world-liberty-usd1-political-stablecoin",
      "fintech/world-liberty-usd1-political-stablecoin\\"
    ],
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      "https://finwiki.zksc.io/INDEX.md",
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      "https://finwiki.zksc.io/ja/fintech/ripple-rlusd-stablecoin/",
      "https://finwiki.zksc.io/ja/fintech/sky-usds-decentralized-stablecoin/",
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      "https://finwiki.zksc.io/ja/fintech/tether-business-model-short-treasury-yield/",
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      "https://finwiki.zksc.io/ja/fintech/world-liberty-usd1-political-stablecoin/"
    ],
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      "https://apidocs.bridge.xyz/platform/issuance/reporting-and-transparency",
      "https://apidocs.bridge.xyz/platform/issuance/usdb",
      "https://docs.ethena.fi/",
      "https://docs.ethena.fi/solution-overview/usde-overview",
      "https://docs.m0.org/protocol/minting-burning",
      "https://docs.worldlibertyfinancial.com/resources/faq",
      "https://home.treasury.gov/news/press-releases/sb0435",
      "https://ripple.com/legal/stablecoin/",
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      "https://sky.money/blog/what-is-usds",
      "https://tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/",
      "https://tether.io/wp-content/uploads/2025/10/ISAE-3000R-Opinion-Tether-International-Financial-Figure-31-10-2025-RC187322025BD0440-Fascicolo.pdf",
      "https://www.bitgo.com/usd1-terms/",
      "https://www.bitgo.com/usd1/attestations/",
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      "https://www.circle.com/transparency",
      "https://www.circle.com/usdc",
      "https://www.firstdigitallabs.com/legal/fdd-terms",
      "https://www.firstdigitallabs.com/transparency",
      "https://www.govinfo.gov/content/pkg/PLAW-119publ27/pdf/PLAW-119publ27.pdf",
      "https://www.occ.treas.gov/news-issuances/news-releases/2026/nr-occ-2026-9.html",
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