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Global Stablecoin Issuer Tracker.

Every stablecoin issuer a regulator has licensed or authorised, taken from the regulators' own registers, with the rules and next dates of each regime.

Research by Buckingham Intelligence, the research unit of Buckingham Capital Consulting · Harry Khan, Founder · Data as at 2 November 2026 · Method
27Licensed issuers on regulators’ registers
25EU issuers under MiCA
48EU e-money token white papers
10Regimes tracked
23 Dec 2026Next date: Canada

The short answer

As at 2 November 2026, regulators' own registers show 27 licensed or authorised stablecoin issuers: 25 in the European Union under MiCA, with 48 e-money token white papers notified, and 2 in Hong Kong. No issuer has yet been licensed under the US GENIUS Act, which takes effect on 18 January 2027, or by the FCA, whose regime starts on 25 October 2027. Singapore, Canada and Kenya have set their rules but not yet licensed anyone.

  • European Union: 25 issuers in 14 countries, 20 of them e-money institutions and 4 banks. No asset-referenced token issuer is on ESMA's register.
  • Hong Kong: the HKMA licensed its first 2 issuers on 10 April 2026.
  • United States: federal licensing starts when the GENIUS Act takes effect on 18 January 2027.
  • United Kingdom: the FCA's application window runs to 28 February 2027; the regime starts on 25 October 2027.
  • Abu Dhabi and Japan publish the stablecoins their supervised firms may use: 9 in ADGM, 3 with Japan's registered intermediaries.

The regimes.

10 stablecoin issuer regimes, with who needs a licence, the rules and the next date. Open a row for the detail and sources.

  1. European UnionMiCA e-money tokens and asset-referenced tokensNational regulator of the issuer's home member state; the EBA for significant tokensIn force, since 30 June 202425 on the register
    Who needs it
    An e-money token may be issued only by an e-money institution or a credit institution, after notifying a white paper to its regulator.
    Reserves
    At least 30% of funds received held in separate accounts at credit institutions; the rest in highly liquid, low-risk instruments in the same currency.
    Capital
    Own funds rules of the issuer's e-money or bank licence; asset-referenced token issuers hold at least the highest of €350,000, 2% of average reserve assets and a quarter of fixed overheads.
    Redemption
    At any time, at par, with no fee.
    Interest
    Not allowed, by the issuer or by crypto-asset service providers.
    Next date
    8 January 2027: ESMA's deadline for authorised firms to stop services in non-compliant stablecoins
  2. Hong KongStablecoins Ordinance (Cap. 656)Hong Kong Monetary Authority (HKMA)In force, since 1 August 20252 on the register
    Who needs it
    Anyone issuing a fiat-referenced stablecoin in Hong Kong, or one referencing the Hong Kong dollar anywhere, needs an HKMA licence.
    Reserves
    Reserve management arrangements are examined by the HKMA before it grants a licence.
    Capital
    Paid-up share capital of at least HK$25 million, or other financial resources the HKMA approves.
    Redemption
    Redemption arrangements are examined by the HKMA before it grants a licence.
    Interest
    Licensed stablecoins are non-interest bearing.
  3. JapanElectronic payment instruments under the Payment Services ActFinancial Services Agency (FSA) and local finance bureausIn forceNo issuer register; 3 tokens accepted
    Who needs it
    Stablecoins that meet the Payment Services Act definition of an electronic payment instrument are dealt in only through intermediaries registered with the FSA.
    Licensed issuers
    The FSA does not publish a list of stablecoin issuers. It does publish the registered intermediaries and the stablecoins each one handles, shown under accepted tokens.
  4. UAE: Abu Dhabi Global MarketFiat-referenced tokensFinancial Services Regulatory Authority (FSRA)In forceNo issuer register; 9 tokens accepted
    Who needs it
    Firms authorised in ADGM may use only fiat-referenced tokens on the FSRA's accepted list, on the networks listed.
    Licensed issuers
    The FSRA list names tokens accepted for use by authorised firms, not issuers licensed in ADGM.
  5. UAE: Central BankPayment Token Services RegulationCentral Bank of the UAE (CBUAE)In forceNo issuer register published
    Who needs it
    Payment token issuers licensed by the CBUAE; foreign payment tokens registered with it.
    Reserves
    Set in the regulation.
    Capital
    Set in Article 13 of the regulation.
    Redemption
    Set in the regulation.
    Licensed issuers
    The CBUAE does not publish a register of payment token issuers. Approvals announced by issuers are not counted here.
  6. United KingdomIssuing a qualifying stablecoin in the UKFinancial Conduct Authority (FCA)Applications open, regime starts 25 October 2027None yet
    Who needs it
    A UK issuer of a qualifying stablecoin needs FCA authorisation for the new regulated activity.
    Reserves
    Backing assets on statutory trust in the coin's own currency: short-term deposits and short-term government debt, with at least 5% in on-demand deposits; longer-dated government debt and some money market funds after notifying the FCA.
    Capital
    The highest of a £350,000 permanent minimum, the fixed overheads requirement and 1% of coins in issue.
    Redemption
    At par; the issuer places the payment order by the end of the next business day.
    Interest
    Interest or income from the backing pool may not be passed to holders.
    Next date
    28 February 2027: FCA application window for the cryptoasset regime closes
    Licensed issuers
    No issuer can be authorised until the regime starts on 25 October 2027.
  7. United States (federal)GENIUS Act: permitted payment stablecoin issuersOCC for federal qualified issuers; the bank regulators for bank subsidiaries; state regulators for state qualified issuersRules final, in force from 18 January 2027None yet
    Who needs it
    Only a permitted payment stablecoin issuer: a subsidiary of an insured bank, a federal qualified issuer licensed by the OCC, or a state qualified issuer.
    Reserves
    Reserve assets backing every coin one for one, with rules in the OCC's new 12 CFR 15.
    Capital
    A capital and operational backstop set by the OCC's final rule.
    Redemption
    Redemption rules in 12 CFR 15.
    Interest
    Issuers may not pay interest or yield to holders.
    Next date
    18 January 2027: GENIUS Act and the OCC final rule take effect
    Licensed issuers
    No federal approvals have been published: the law takes effect on 18 January 2027.
  8. CanadaStablecoin Act and proposed Stablecoin RegulationsBank of CanadaDraft regulations publishedNone yet
    Who needs it
    Non-financial issuers of stablecoins to people in Canada register with the Bank of Canada.
    Reserves
    Backing one for one.
    Capital
    Set in the regulations; a C$25,000 annual fee is proposed.
    Redemption
    Within three business days, with redemption charges capped at 1%.
    Interest
    No interest.
    Next date
    23 December 2026: Comments on the draft Stablecoin Regulations close
    Licensed issuers
    Registration opens when the regulations come into force, planned for autumn 2027.
  9. KenyaVirtual Asset Service Providers Act 2025: stablecoin issuanceCentral Bank of KenyaLaw in force, rules for issuers to comeNone yet
    Who needs it
    Stablecoin issuance is a licensed activity under the Act, supervised by the Central Bank of Kenya.
    Reserves
    To be set in regulations under section 49(2)(q).
    Capital
    To be set in regulations.
    Redemption
    To be set in regulations.
    Licensed issuers
    No stablecoin issuer licences have been published.
  10. SingaporeMAS-regulated single-currency stablecoinsMonetary Authority of Singapore (MAS)Framework set, law being amendedNone yet
    Who needs it
    Issuers in Singapore of stablecoins pegged to the Singapore dollar or a G10 currency.
    Reserves
    Value stability requirements under consultation.
    Capital
    Minimum base capital and liquid assets.
    Redemption
    At par within five business days of a request, under the 2023 framework.
    Interest
    Interest would be prohibited on MAS-regulated stablecoins.
    Licensed issuers
    MAS has not named any issuer under the framework. The consultation on the law closed on 16 October 2026 and no start date is set.

Being checked against the regulator’s own publications before they are added: Australia: stablecoins in the payments licensing reforms; Brazil: central bank rules treating stablecoin payments as foreign exchange; Bermuda: digital asset business licences; Dubai: VARA rules on fiat-referenced virtual assets; New York: trust companies issuing US dollar stablecoins under DFS guidance.

Licensed issuers.

27 issuers on regulators’ own registers as at 2 November 2026. Search by issuer, token or country.

27 issuers.

  1. Payment Corporation SEE-money institution, Czech Republic, authorised 26 April 2017
    Regulator
    Czech National Bank (CNB)
    Licence
    E-money institution
    Trading name
    Stable Labs
    LEI
    315700IJDQF91J9C8B68
    White papers notified
    • Token not named in the entry, notified 17 May 2025: white paper
    • Token not named in the entry, notified 20 September 2025: white paper
    • Token not named in the entry, notified 16 October 2025: white paper
    Note
    The register notes the token is issued under the limited network exception and is not offered to the general public.
    Check the official record
    ESMA interim MiCA register
  2. Eurodollar ApSE-money institution, Denmark, authorised 17 February 2025
    Regulator
    Finanstilsynet
    Licence
    E-money institution
    LEI
    8945001XWFMRUTCAK575
    White papers notified
    • Token not named in the entry, notified 10 April 2025: exempt from publishing a white paper
    Check the official record
    ESMA interim MiCA register
  3. Paxos Issuance Europe OyE-money institution, Finland, authorised 23 November 2022EUROe, eUSD, USDG
    Regulator
    Finanssivalvonta (FIN-FSA)
    Licence
    E-money institution
    Tokens named
    EUROe, eUSD, USDG
    Trading name
    Paxos EU
    LEI
    743700KYSSTKZYGEUF50
    White papers notified
    Check the official record
    ESMA interim MiCA register
  4. CACEIS BANK SACredit institution, France, authorised 19 May 1979
    Regulator
    Autorité de Contrôle Prudentiel et de Resolution (ACPR)
    Licence
    Credit institution
    LEI
    96950023SCR9X9F3L662
    White papers notified
    • Token not named in the entry, notified 30 June 2026: white paper
    Check the official record
    ESMA interim MiCA register
  5. Circle Internet Financial Europe SASE-money institution, France, authorised 1 July 2024EURC, USDC
    Regulator
    Autorité de Contrôle Prudentiel et de Resolution (ACPR)
    Licence
    E-money institution
    Tokens named
    EURC, USDC
    LEI
    969500OYUDADGZKCR583
    White papers notified
    Check the official record
    ESMA interim MiCA register
  6. HEURO SASE-money institution, France, authorised 2 December 2021
    Regulator
    Autorité de Contrôle Prudentiel et de Resolution (ACPR)
    Licence
    E-money institution
    Trading name
    OuiTrust
    LEI
    984500DB91E5A48E7F26
    White papers notified
    • Token not named in the entry, notified 26 February 2026: white paper
    Check the official record
    ESMA interim MiCA register
  7. Oddo BHF SCACredit institution, France, authorised 26 June 2007EUROD
    Regulator
    Autorité de Contrôle Prudentiel et de Resolution (ACPR)
    Licence
    Credit institution
    Tokens named
    EUROD
    LEI
    9695002I9DJHZ3449O66
    White papers notified
    Check the official record
    ESMA interim MiCA register
  8. SALVUSE-money institution, France, authorised 22 November 2024EUROP
    Regulator
    Autorité de Contrôle Prudentiel et de Resolution (ACPR)
    Licence
    E-money institution
    Tokens named
    EUROP
    LEI
    969500SGAEBRXYUAJ739
    White papers notified
    Check the official record
    ESMA interim MiCA register
  9. Société Générale - ForgeE-money institution, France, authorised 1 July 2024EURCV, USDCV
    Regulator
    Autorité de Contrôle Prudentiel et de Resolution (ACPR)
    Licence
    E-money institution
    Tokens named
    EURCV, USDCV
    LEI
    969500FX8K40ZDW4F377
    White papers notified
    Check the official record
    ESMA interim MiCA register
  10. AllUnity GmbHE-money institution, Germany, authorised 20 June 2026EURAU, CHFAU, SEKAU, USDAU
    Regulator
    Federal Financial Supervisory Authority (BaFin)
    Licence
    E-money institution
    Tokens named
    EURAU, CHFAU, SEKAU, USDAU
    LEI
    3912007G8L8CD3HFIV26
    White papers notified
    Check the official record
    ESMA interim MiCA register
  11. Monerium ehfE-money institution, Iceland, authorised 25 September 2019EURe
    Regulator
    Central Bank of Iceland
    Licence
    E-money institution
    Tokens named
    EURe
    LEI
    2549003QDNZWASSSCY31
    White papers notified
    Check the official record
    ESMA interim MiCA register
  12. SIA GR8 PAYE-money institution, Latvia, authorised 10 December 2025
    Regulator
    Latvijas Banka
    Licence
    E-money institution
    Trading name
    GR8.money
    LEI
    6488GKH17O8XT1326F66
    White papers notified
    • Token not named in the entry, notified 21 April 2026: white paper
    • Token not named in the entry, notified 21 April 2026: white paper
    Check the official record
    ESMA interim MiCA register
  13. Newrails, UABE-money institution, Lithuania, authorised 4 June 2020EURW
    Regulator
    Bank of Lithuania
    Licence
    E-money institution
    Tokens named
    EURW
    LEI
    875500AX7AO0XVYSQD64
    White papers notified
    Check the official record
    ESMA interim MiCA register
  14. UAB BLUE EMI LTE-money institution, Lithuania, authorised 11 October 2022
    Regulator
    Bank of Lithuania
    Licence
    E-money institution
    LEI
    254900XFMACGD0L7AI73
    White papers notified
    • Token not named in the entry, notified 1 August 2025: white paper
    Check the official record
    ESMA interim MiCA register
  15. AIEU Services Limited S.A.E-money institution, Luxembourg, authorised 21 December 2018
    Regulator
    Commission de Surveillance du Secteur Financier (CSSF)
    Licence
    E-money institution
    LEI
    254900VUR90QF0G3T387
    White papers notified
    • Token not named in the entry, notified 22 October 2025: white paper
    • Token not named in the entry, notified 22 September 2026: white paper
    Check the official record
    ESMA interim MiCA register
  16. Banking Circle S.A.Credit institution, Luxembourg, authorised 29 October 2019
    Regulator
    Commission de Surveillance du Secteur Financier (CSSF)
    Licence
    Credit institution
    LEI
    213800W1NGBLERUS6M39
    White papers notified
    • Token not named in the entry, notified 28 August 2024: white paper
    Check the official record
    ESMA interim MiCA register
  17. Bridge Building S.A.Not stated in the register, Luxembourg, authorised 23 July 2026EURR
    Regulator
    Commission de Surveillance du Secteur Financier (CSSF)
    Licence
    Not stated in the register
    Tokens named
    EURR
    LEI
    254900MVWQXMF77YZP65
    White papers notified
    Check the official record
    ESMA interim MiCA register
  18. Stable mint LtdE-money institution, Malta, authorised 5 August 2024
    Regulator
    Malta Financial Services Authority
    Licence
    E-money institution
    LEI
    984500A64C0EA64BC554
    White papers notified
    • Token not named in the entry, notified 8 August 2024: white paper
    • Token not named in the entry, notified 27 November 2024: white paper
    Check the official record
    ESMA interim MiCA register
  19. StablR LtdE-money institution, Malta, authorised 21 June 2024
    Regulator
    Malta Financial Services Authority
    Licence
    E-money institution
    LEI
    984500AA0OCA9CE0D796
    White papers notified
    • Token not named in the entry, notified 14 November 2025: white paper
    Check the official record
    ESMA interim MiCA register
  20. Aplauz NL B.V.E-money institution, NetherlandsWEUR
    Regulator
    De Nederlandsche Bank (DNB)
    Licence
    E-money institution
    Tokens named
    WEUR
    LEI
    72450039GAIN4MNI4V12
    White papers notified
    Check the official record
    ESMA interim MiCA register
  21. Fiat Republic NetherlandsE-money institution, Netherlands, authorised 29 November 2021ENEUR, ENGBP, ENUSD
    Regulator
    De Nederlandsche Bank (DNB)
    Licence
    E-money institution
    Tokens named
    ENEUR, ENGBP, ENUSD
    LEI
    724500GVWT7QULV8CR59
    White papers notified
    Check the official record
    ESMA interim MiCA register
  22. Quantoz Payments B.VE-money institution, Netherlands, authorised 13 October 2023EURQ, USDQ, EURD, PLNQ, GBPQ, RONQ
    Regulator
    De Nederlandsche Bank (DNB)
    Licence
    E-money institution
    Tokens named
    EURQ, USDQ, EURD, PLNQ, GBPQ, RONQ
    LEI
    7245008P1HPUPVM7XL94
    White papers notified
    Check the official record
    ESMA interim MiCA register
  23. StaBillon sp. z o.o.E-money institution, Poland, authorised 23 April 2019
    Regulator
    Polish Financial Supervision Authority (KNF)
    Licence
    E-money institution
    LEI
    2594008EL5UN8RIA8P23
    White papers notified
    • Token not named in the entry, notified 30 October 2025: exempt from publishing a white paper
    Check the official record
    ESMA interim MiCA register
  24. BISON BANK, S.A.Credit institution, Portugal, authorised 11 February 2014
    Regulator
    Banco de Portugal (BdP)
    Licence
    Credit institution
    LEI
    549300V4H4USWZUCE073
    White papers notified
    • Token not named in the entry, notified 12 March 2026: white paper
    • Token not named in the entry, notified 12 March 2026: white paper
    Check the official record
    ESMA interim MiCA register
  25. DINARO company for electronic money issuing and payment services Ltd.E-money institution, Slovenia, authorised 2 November 2021
    Regulator
    Bank of Slovenia
    Licence
    E-money institution
    LEI
    48510062OP64BYKPNO22
    White papers notified
    • Token not named in the entry, notified 1 September 2026: white paper
    Check the official record
    ESMA interim MiCA register
  26. Anchorpoint Financial LimitedStablecoin issuer licence FRS01, Hong Kong, authorised 10 April 2026
    Regulator
    HKMA
    Licence
    Stablecoin issuer licence FRS01
    Check the official record
    Hong Kong Monetary Authority (HKMA)
  27. The Hongkong and Shanghai Banking Corporation LimitedStablecoin issuer licence FRS02, Hong Kong, authorised 10 April 2026
    Regulator
    HKMA
    Licence
    Stablecoin issuer licence FRS02
    Check the official record
    Hong Kong Monetary Authority (HKMA)

Tokens accepted for use.

Lists of stablecoins that supervised firms may use. These are not issuer licences.

FSRA accepted fiat-referenced tokens

  • EURCCircle Internet Financial Europe SAS
  • PYUSDPaxos Trust Company, N.A.
  • RLUSDStandard Custody & Trust Company
  • USD1World Liberty Financial
  • USDCCircle Internet Financial
  • USDGPaxos Digital Singapore
  • USDPPaxos Trust Company
  • USDTTether International
  • USDUUniversal Digital Intl Limited

As at 1 September 2026. Source: FSRA

Stablecoins handled by Japan's registered electronic payment instrument intermediaries

  • USDCHandled by SBI VC Trade and Coincheck
  • RLUSDHandled by SBI VC Trade
  • JPYSCHandled by SBI VC Trade

As at 27 August 2026. Source: Kanto Local Finance Bureau register

The dates ahead.

DateMarketWhat happens
23 Dec 2026CanadaComments on the draft Stablecoin Regulations close
8 Jan 2027European UnionESMA's deadline for authorised firms to stop services in non-compliant stablecoins
18 Jan 2027United States (federal)GENIUS Act and the OCC final rule take effect
28 Feb 2027United KingdomFCA application window for the cryptoasset regime closes

Stablecoin licensing guideFind your licence

How the tracker works.

Regulators’ own registers and publications only.

What counts as a licensed issuer

A firm on a register or list that a regulator publishes of stablecoin issuers it has licensed, authorised or accepted a white paper from. Approvals that only the issuer has announced, and in-principle approvals, are not counted.

European Union

Read from ESMA's interim MiCA register of e-money token white papers (EMTWP.csv) and asset-referenced token issuers (ARTZZ.csv), downloaded on 2 November 2026. One issuer can notify several white papers, one per token or version. Token names are shown only where the register entry or its white paper link names the token.

Other regimes

Each regime's status, rules and dates come from the regulator's own publications, linked under each regime. Where a regulator publishes no register of issuers, the tracker says so instead of counting announcements.

Accepted tokens

Some regulators publish the tokens their supervised firms may use, rather than issuers they license. These are shown separately and are not issuer licences.

Who keeps the record

The registers are kept by the regulators, not by Buckingham Capital Consulting. Before relying on an entry, check the regulator's own register, linked under each issuer.

Updates

The ESMA files are read again every month, and a regime is updated when its regulator publishes a new licence, rule or date.

Register entries published for information. They are not legal advice, and a listing is not an endorsement of any firm or token.

Questions.

Which stablecoin issuers are licensed?

As at 2 November 2026, 27 issuers appear on regulators' own registers: 25 in the EU under MiCA and 2 in Hong Kong, Anchorpoint Financial and HSBC. The full list, with regulator, date and tokens, is above.

How many stablecoin issuers are authorised in the EU?

25 firms have notified e-money token white papers on ESMA's register, 20 as e-money institutions and 4 as banks, with 48 white papers in all. No asset-referenced token issuer has been authorised.

Is USDC licensed in the EU?

Yes. USDC and EURC are issued in the EU by Circle Internet Financial Europe SAS, an e-money institution supervised in France by the Autorité de Contrôle Prudentiel et de Resolution (ACPR).

Has the UK licensed any stablecoin issuers?

Not yet. Issuing a qualifying stablecoin becomes an FCA regulated activity on 25 October 2027. Applications are open from 30 September 2026 to 28 February 2027.

When can a US firm get a stablecoin licence?

The GENIUS Act takes effect on 18 January 2027, when the OCC's final rule for federal issuers also takes effect. Federal regulators decide a complete application within 120 days.

How often is the tracker updated?

The ESMA register files are read every month, and each regime is updated when its regulator publishes a new licence, rule or date.

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