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An independent annual ranking of the companies that issue fiat-backed stablecoins, judged on what a business needs before it holds one: what backs it, who checks that, who licenses the issuer and how the business gets its money back. 11 issuers, six criteria, nothing paid for.
Scores out of 100. Each segment weights the criteria differently; the method is below. Facts read on 26 October 2026 from the providers' own pages.
The mean of the 3 segment scores.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Circle (USDC and EURC) | 86 | Dollar and euro stablecoin issuer | Payment firms and exchanges needing the widest licensing and network coverage |
| 2. Paxos (USDG, USDP and PYUSD) | 73 | Dollar stablecoin issuer | Payment firms wanting free redemption and a Big Four attestation |
| 3. Tether (USDT) | 71 | Dollar stablecoin issuer | Exchanges and large traders needing the most widely held dollar stablecoin |
| 4. Agora (AUSD) | 66 | Dollar stablecoin issuer | Fintechs and platforms wanting fee-free minting and a share of reserve income |
| 5. Gemini (GUSD) | 63 | Dollar stablecoin issuer | Firms already on Gemini wanting fee-free conversion and named reserve banks |
| 6. StraitsX (XSGD, XUSD and XIDR) | 56 | Singapore dollar and US dollar stablecoin issuer | Payment firms in Southeast Asia needing a Singapore dollar stablecoin |
| 7. Quantoz (EURQ and USDQ) | 54 | Euro and dollar e-money token issuer | European firms wanting free direct redemption without an existing account |
| 8. Societe Generale-Forge (EURCV and USDCV) | 50 | Euro and dollar stablecoin issuer | European banks and institutions wanting a bank-group issuer with daily reserve disclosure |
| 9. AllUnity (EURAU, CHFAU, SEKAU and USDAU) | 48 | Multi-currency e-money token issuer | European corporates wanting a no-code mint account and several currencies |
| 10. Ripple (RLUSD) | 47 | Dollar stablecoin issuer | Banks and brokers wanting a New York trust issuer |
| 11. Monerium (EURe and GBPe) | 39 | Euro, sterling and dollar e-money token issuer | Fintechs and wallets needing euro tokens linked to a named IBAN |
Weighted to redemption and licences: these firms move client money in and out of coins every day and must show a regulator who stands behind them.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Circle (USDC and EURC) | 83 | Dollar and euro stablecoin issuer | Payment firms and exchanges needing the widest licensing and network coverage |
| 2. Paxos (USDG, USDP and PYUSD) | 75 | Dollar stablecoin issuer | Payment firms wanting free redemption and a Big Four attestation |
| 3. Tether (USDT) | 73 | Dollar stablecoin issuer | Exchanges and large traders needing the most widely held dollar stablecoin |
| 4. Gemini (GUSD) | 65 | Dollar stablecoin issuer | Firms already on Gemini wanting fee-free conversion and named reserve banks |
| 5. Agora (AUSD) | 65 | Dollar stablecoin issuer | Fintechs and platforms wanting fee-free minting and a share of reserve income |
| 6. Quantoz (EURQ and USDQ) | 57 | Euro and dollar e-money token issuer | European firms wanting free direct redemption without an existing account |
| 7. StraitsX (XSGD, XUSD and XIDR) | 53 | Singapore dollar and US dollar stablecoin issuer | Payment firms in Southeast Asia needing a Singapore dollar stablecoin |
| 8. AllUnity (EURAU, CHFAU, SEKAU and USDAU) | 49 | Multi-currency e-money token issuer | European corporates wanting a no-code mint account and several currencies |
| 9. Societe Generale-Forge (EURCV and USDCV) | 48 | Euro and dollar stablecoin issuer | European banks and institutions wanting a bank-group issuer with daily reserve disclosure |
| 10. Ripple (RLUSD) | 46 | Dollar stablecoin issuer | Banks and brokers wanting a New York trust issuer |
| 11. Monerium (EURe and GBPe) | 38 | Euro, sterling and dollar e-money token issuer | Fintechs and wallets needing euro tokens linked to a named IBAN |
Weighted to networks and redemption: exchanges need the coin on many networks and a fast route back to cash.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Circle (USDC and EURC) | 87 | Dollar and euro stablecoin issuer | Payment firms and exchanges needing the widest licensing and network coverage |
| 2. Tether (USDT) | 73 | Dollar stablecoin issuer | Exchanges and large traders needing the most widely held dollar stablecoin |
| 3. Paxos (USDG, USDP and PYUSD) | 72 | Dollar stablecoin issuer | Payment firms wanting free redemption and a Big Four attestation |
| 4. Agora (AUSD) | 68 | Dollar stablecoin issuer | Fintechs and platforms wanting fee-free minting and a share of reserve income |
| 5. StraitsX (XSGD, XUSD and XIDR) | 59 | Singapore dollar and US dollar stablecoin issuer | Payment firms in Southeast Asia needing a Singapore dollar stablecoin |
| 6. Gemini (GUSD) | 58 | Dollar stablecoin issuer | Firms already on Gemini wanting fee-free conversion and named reserve banks |
| 7. Quantoz (EURQ and USDQ) | 53 | Euro and dollar e-money token issuer | European firms wanting free direct redemption without an existing account |
| 8. AllUnity (EURAU, CHFAU, SEKAU and USDAU) | 53 | Multi-currency e-money token issuer | European corporates wanting a no-code mint account and several currencies |
| 9. Societe Generale-Forge (EURCV and USDCV) | 51 | Euro and dollar stablecoin issuer | European banks and institutions wanting a bank-group issuer with daily reserve disclosure |
| 10. Monerium (EURe and GBPe) | 44 | Euro, sterling and dollar e-money token issuer | Fintechs and wallets needing euro tokens linked to a named IBAN |
| 11. Ripple (RLUSD) | 43 | Dollar stablecoin issuer | Banks and brokers wanting a New York trust issuer |
Weighted to reserves, assurance and licences: a treasury holding cash in coins needs to know what backs them and who checks it.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Circle (USDC and EURC) | 87 | Dollar and euro stablecoin issuer | Payment firms and exchanges needing the widest licensing and network coverage |
| 2. Paxos (USDG, USDP and PYUSD) | 73 | Dollar stablecoin issuer | Payment firms wanting free redemption and a Big Four attestation |
| 3. Tether (USDT) | 68 | Dollar stablecoin issuer | Exchanges and large traders needing the most widely held dollar stablecoin |
| 4. Gemini (GUSD) | 67 | Dollar stablecoin issuer | Firms already on Gemini wanting fee-free conversion and named reserve banks |
| 5. Agora (AUSD) | 66 | Dollar stablecoin issuer | Fintechs and platforms wanting fee-free minting and a share of reserve income |
| 6. StraitsX (XSGD, XUSD and XIDR) | 56 | Singapore dollar and US dollar stablecoin issuer | Payment firms in Southeast Asia needing a Singapore dollar stablecoin |
| 7. Quantoz (EURQ and USDQ) | 53 | Euro and dollar e-money token issuer | European firms wanting free direct redemption without an existing account |
| 8. Ripple (RLUSD) | 51 | Dollar stablecoin issuer | Banks and brokers wanting a New York trust issuer |
| 9. Societe Generale-Forge (EURCV and USDCV) | 51 | Euro and dollar stablecoin issuer | European banks and institutions wanting a bank-group issuer with daily reserve disclosure |
| 10. AllUnity (EURAU, CHFAU, SEKAU and USDAU) | 43 | Multi-currency e-money token issuer | European corporates wanting a no-code mint account and several currencies |
| 11. Monerium (EURe and GBPe) | 34 | Euro, sterling and dollar e-money token issuer | Fintechs and wallets needing euro tokens linked to a named IBAN |
Each criterion is scored 0 to 5 against the best published offer in this edition. 0 means not offered or not published.
| Provider | Reserves | Independent assurance | Regulatory standing | Redemption | Published fees | Currencies and networks |
|---|---|---|---|---|---|---|
| Circle (USDC and EURC) | 5 | 4 | 5 | 4 | 2 | 5 |
| Paxos (USDG, USDP and PYUSD) | 3 | 4 | 4 | 4 | 4 | 3 |
| Tether (USDT) | 2 | 4 | 3 | 4 | 5 | 4 |
| Agora (AUSD) | 3 | 4 | 3 | 3 | 3 | 4 |
| Gemini (GUSD) | 4 | 4 | 3 | 3 | 4 | 1 |
| StraitsX (XSGD, XUSD and XIDR) | 3 | 3 | 3 | 3 | 0 | 4 |
| Quantoz (EURQ and USDQ) | 3 | 1 | 3 | 4 | 3 | 2 |
| Societe Generale-Forge (EURCV and USDCV) | 4 | 1 | 3 | 3 | 0 | 3 |
| AllUnity (EURAU, CHFAU, SEKAU and USDAU) | 1 | 1 | 3 | 4 | 1 | 4 |
| Ripple (RLUSD) | 3 | 3 | 4 | 2 | 0 | 1 |
| Monerium (EURe and GBPe) | 1 | 0 | 3 | 3 | 0 | 4 |
6 criteria, scored only from what each provider publishes.
What the issuer publishes about the assets that back each coin (the reserves): what they are, how often the breakdown is published, and which banks or funds hold them.
Checks by an outside accounting firm. An attestation is a report by an accountant confirming that reserves matched or exceeded the coins in circulation on a given date; an audit is a full review of the issuer's financial statements. The firm's name and how often it reports count.
Licences held by the issuing company itself, such as a US trust charter, an EU e-money licence under MiCA (the EU's crypto-asset law) or a Singapore payment licence, with licence numbers published.
How a business swaps coins back for money with the issuer directly (redemption): who can do it, the minimum amount and the stated time to pay out.
Minting and redemption fees, minimums and account charges on a fee page or in published terms. Marketing lines without amounts do not count.
The fiat currencies issued and the number of blockchain networks the coins are issued on.
| Criterion | Payment and e-money firms | Exchanges and brokers | Corporate treasuries |
|---|---|---|---|
| Reserves | 15 | 15 | 25 |
| Independent assurance | 15 | 15 | 20 |
| Regulatory standing | 20 | 15 | 20 |
| Redemption | 25 | 20 | 15 |
| Published fees | 15 | 10 | 10 |
| Currencies and networks | 10 | 25 | 10 |
| Criterion | 5 | 3 | 0 |
|---|---|---|---|
| Reserves | Reserve breakdown published daily or weekly, with the banks or funds holding it named | Monthly breakdown, or breakdown without named holders | Not published |
| Independent assurance | Monthly attestation by a named accounting firm and an audit of financial statements | Monthly attestation by an unnamed firm, or quarterly by a named firm | Not published |
| Regulatory standing | Issuer licences in two or more jurisdictions with numbers published | One licence or one regulator named | Not published |
| Redemption | Direct redemption for businesses with a stated minimum and stated payout time | Direct redemption stated without minimum or timing | Not published |
| Published fees | Minting fees, redemption fees and minimums all published | Some fees published, such as free redemption only | Not published, or no amounts |
| Currencies and networks | Two or more currencies on 20 or more networks | Five to nine networks, or two currencies on fewer networks | Not published |
Score out of 100 is the sum of each criterion score divided by five and multiplied by its weight. The overall ranking is the mean of the segment scores. Ties are broken by independent assurance, then regulatory standing. A provider that does not publish a price is scored as though the price were high, because a business cannot plan on an unpublished price. Prices are scored on the standard published rate, never an introductory, promotional or "from" rate, and a figure counts only when it appears on a pricing, fee or terms page rather than in a marketing line. A provider that serves one country only is scored on access for that country, and the limitation is printed in its profile.
What each provider publishes, criterion by criterion, with the date read and the source.
Circle issues USDC and EURC through regulated affiliates. It publishes reserve holdings weekly, monthly assurance from a Big Four firm, and licence numbers across the US, EU, UK, Singapore, Bermuda and Abu Dhabi. Businesses mint and redeem through Circle Mint. Its fee schedule could not be read, so redemption fees are not confirmed.
| Reserves | Transparency page: "USDC reserve holdings are fully disclosed on a weekly basis, along with associated mint/burn flows." Reserves split into bank deposits, deposits at systemically important institutions, overnight reverse Treasury repo and Treasuries under three months; Treasuries may be held in "the Circle Reserve Fund, a 2a-7 money market fund managed by BlackRock". |
| Independent assurance | "A Big Four accounting firm provides monthly third-party assurance that the value of USDC reserves are greater than the amount of USDC in circulation", prepared under AICPA attestation standards. USDC page: "Deloitte & Touche LLP is Circle's independent auditor and has audited Circle's financials since fiscal year 2022." |
| Regulatory standing | Licences page: OCC national trust bank charter number 25361 (Circle National Trust); NYDFS limited purpose trust company; ACPR electronic money institution No. 17788 and AMF MiCA crypto-asset service provider authorisation No. E2026-005 (Circle Internet Financial Europe SAS); MAS Major Payment Institution No. PS20200630; FCA e-money No. 900480; Bermuda DAB licence No. 54786; ADGM FSRA permission 250035. Circle Internet Financial, LLC NMLS 1201441. |
| Redemption | USDC terms: Circle Mint account holders can "issue USDC for USD" and "redeem USDC for USD from Circle"; "Circle Mint is currently available only to institutions". MiCA redemption policy: EEA holders other than retail open a Circle Mint account; retail payout "should not take more than 5 business days". |
| Published fees | USDC terms: "Circle will not charge you any fees for tokenizing USD for USDC, or receiving USDC"; fees apply to sending USDC on chain from Circle Mint per the Circle Product Fee Schedule. Redemption is at $1 "less fees where applicable". The fee schedule page did not load when read. |
| Currencies and networks | "USDC is natively supported on 38 blockchain networks as of September 16, 2026." Two currencies: USDC (US dollar) and EURC (euro). |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.circle.com, www.circle.com, www.circle.com, www.circle.com, www.circle.com, www.circle.com.
Paxos issues Global Dollar (USDG) from Singapore and the EU, and Pax Dollar (USDP) and PayPal's PYUSD from its US trust company. It publishes monthly reserve reports and monthly attestations by KPMG, states that it does not charge for redemption, and is authorised in the US, Singapore, the EU and the UAE. Licence numbers and redemption times are not on the pages read.
| Reserves | USDG page: "Monthly reserve reports". USDP page: "Paxos self-reports its portfolio composition 5 business days after month's end; these reports have not been subjected to independent review." Stablecoin terms: reserves held as cash at financial institutions licensed in Singapore by MAS or overseas, or short-term US dollar debt instruments. |
| Independent assurance | USDG: "Attestation reports posted on or after February 27, 2026 are issued by KPMG LLP" under ISCA standards; earlier reports by Enrome LLP. USDP: KPMG LLP from 28 February 2025 under AICPA standards; earlier reports by WithumSmith+Brown. |
| Regulatory standing | USDG "is issued by Paxos Digital Singapore, which is a Major Payments Institution supervised by the Monetary Authority of Singapore" and "also issued by Paxos Issuance Europe under the supervision of FIN FSA and in compliance with MiCA". NYDFS trust charter granted 2015, converted in 2025 to an OCC charter as Paxos Trust Company, N.A. "Paxos is authorized to issue stablecoins in the US, UAE, Singapore and EU." |
| Redemption | Stablecoin terms: redemption needs a Paxos account; requests are processed "according to the redemption schedule" after compliance checks; Paxos "may require a minimum amount for redemption ... equal to the minimum wire fee charged by your bank". |
| Published fees | Stablecoin terms: "Paxos will not charge you fees for redeeming USD Stablecoins." Purchase shows "the commission or fee (if any)"; a monthly charge of "US $2.00" applies to dormant accounts with a balance and no activity for twelve months. |
| Currencies and networks | USDG "is issued on Arbitrum, Ethereum, Ink, Mantle, Robinhood Chain, Solana, X Layer". One currency: US dollar (USDG, USDP, PYUSD). |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.paxos.com, www.paxos.com, paxos.com, paxos.com, docs.paxos.com.
Tether issues USDT from El Salvador under that country's stablecoin issuer rules. It publishes the only full mint and redemption fee table in this edition, quarterly reserve attestations by BDO and a KPMG audit of its 2025 financial statements. Its minimum of $100,000 per transaction and its reserve mix, which includes gold and secured loans, set it apart from bank and Treasury-backed issuers.
| Reserves | Transparency page: tokens "backed 100% by Tether's Reserves"; circulation "typically published daily". Q2 2026 report: reserves "centered on short-duration, high-quality liquid assets", reserves exceeded liabilities by about $4.11 billion, secured lending exposure reduced by about $2.38 billion, gold holdings above 146 tons. |
| Independent assurance | Q2 2026 attestation "prepared by BDO, a top-five global independent accounting firm" (published 31 July 2026). 13 August 2026: "KPMG U.S. issues unqualified audit opinion on Tether's 2025 financial statements." |
| Regulatory standing | Terms: "Tether has obtained authorisation as a Stablecoin Issuer and Digital Assets Service Provider under the El Salvador Regulations for Issuance of Stablecoin Public Offerings", supervised by the National Commission of Digital Assets. Issuer: Tether International, S.A. de C.V. |
| Redemption | Fees page: "Minimum Tether Token acquisition or redemption amount 100,000 USD". Verified accounts only; Tether "maintains the sole discretion to approve or not approve accounts". "Withdrawal requests for digital tokens held by Tether are evaluated per request and can take several days to process." |
| Published fees | Fees page: redemption fee "The greater of $1,000 or 0.1%"; acquisition fee "0.1%"; verification fee "150 USD in Tether Tokens", non-refundable. |
| Currencies and networks | Supported protocols page lists Ethereum, Avalanche, BNB Smart Chain, Cosmos (via Kava), Celo, Kaia, Tron, Liquid, Solana, Polkadot AssetHub, Tezos, Near, Ton and Aptos. Redemption of CNH₮ ends 20 February 2027; EUR₮ wound down. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: tether.to, tether.to, tether.to, tether.to, tether.io, tether.io.
Agora issues AUSD from Bermuda and shares reserve income with partners. It publishes monthly attestations by Grant Thornton and monthly management reports, lists ten networks and states no minting or redemption fees. Its US national trust charter has preliminary conditional approval only.
| Reserves | Agora publishes "monthly management reports on AUSD reserves" on dollar and reserve asset holdings, from July 2024. Custodians not named on the pages read. |
| Independent assurance | "Monthly reports of Agora's reserves provided by third-party accounting firm, Grant Thornton LLP and prepared according to attestation standards established by the American Institute of Certified Public Accountants"; reports listed January to August 2026. |
| Regulatory standing | "AUSD is issued by Agora Bermuda Limited which is regulated and licensed by the Bermuda Monetary Authority", holding "a Class F license to issue, sell or redeem virtual coins". Homepage: "Agora received preliminary conditional approval from the OCC." |
| Redemption | "Programmatically mint, redeem, and transfer stablecoins" through Agora's API. No redemption time or minimum published. |
| Published fees | Homepage: "Move between AUSD and currencies with no minting or redemption fees." No fee page. |
| Currencies and networks | Mainnet deployments: Arbitrum, Avalanche C-chain, Base, Ethereum, Immutable, Katana, Mantle, Monad, Polygon PoS and Solana. One currency: US dollar. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.agora.finance, docs.agora.finance, docs.agora.finance.
Gemini dollar is issued by Gemini under NYDFS regulation. It names its reserve banks, publishes monthly attestations by BPM LLP with an extra check on a random day each month, and lists zero trading fees for GUSD and US dollar conversion. It runs on Ethereum only and does not publish redemption times or limits.
| Reserves | Reserves held as deposits in FDIC-insured banks and money market funds "invested only in U.S. Treasury obligations"; cash portion "may be held at State Street Bank and Trust Company, Goldman Sachs, or Fidelity" and may be eligible for FDIC pass-through insurance. |
| Independent assurance | "Attestations of GUSD's reserves are published monthly by an independent registered accounting firm, BPM LLP. In addition to these monthly attestations, BPM LLP conducts attestation examinations on one randomly-selected business day each month." |
| Regulatory standing | "GUSD has been fully regulated by the New York State Department of Financial Services (NYDFS) since 2018." No licence number on the page. |
| Redemption | "Gemini customers can always redeem 1 GUSD for $1 on Gemini at any time." Redemption time and minimum not published. |
| Published fees | API fee schedule: GUSD/USD and USDC/GUSD pairs at 0.00% maker and taker fees in the lowest tier. GUSD page: convert USD to GUSD "fee-free" in the app. |
| Currencies and networks | "GUSD is an Ethereum-based ERC-20 token." One currency: US dollar. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.gemini.com, www.gemini.com.
StraitsX issues XSGD, XUSD and XIDR and holds Major Payment Institution licences from the Monetary Authority of Singapore, with numbers published. It publishes monthly reserve attestations by a Singapore accounting firm across nine networks. The firm is not named, and fees and redemption terms are not published.
| Reserves | "XSGD is fully backed by reserve assets and is always redeemable on a 1:1 basis with the Singapore Dollar." December 2025 attestation "outline[s] all the Singapore Dollar denominated reserve" assets. |
| Independent assurance | "We publish reserve attestation reports from an ISCA-listed auditing firm on a monthly basis"; reports "issued by a certified public accountant in Singapore". Firm not named. |
| Regulatory standing | "StraitsX is licensed & regulated by the Monetary Authority of Singapore MPI License PS20200475, PS20200656, PS20200657, PS20200658." |
| Redemption | 1:1 redemption to the Singapore dollar stated; redemption to an attached bank account under the terms. No timing or minimum published. |
| Published fees | Not published on the pages read. |
| Currencies and networks | XSGD contracts listed for Ethereum, Polygon, Solana, Avalanche, Arbitrum, XRPL, Hedera, Base and Zilliqa. Three currencies: Singapore dollar, US dollar and Indonesian rupiah. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.straitsx.com, www.straitsx.com, www.straitsx.com, www.straitsx.com.
Quantoz Payments is a Dutch electronic money institution supervised by De Nederlandsche Bank, issuing EURQ and USDQ. It holds reserves through a bankruptcy-remote foundation, publishes reserve composition, offers free direct redemption to holders without an account and holds ISO 27001 and ISAE 3402 Type 2. No reserve attestation firm or minting price is published.
| Reserves | "Stichting Quantoz holds reserves in a bankruptcy-remote structure"; reserves in "Multiple Tier 1 European banks" and "Dutch & German government bonds"; transparency page shows reported reserve composition and reserve ratios. Banks not named. |
| Independent assurance | Transparency page lists ISO 27001 ("Certified information-security management since 2020") and ISAE 3402 Type 2 over controls. No reserve attestation by a named firm on the pages read. |
| Regulatory standing | "Quantoz Payments B.V., an Electronic Money Institution (EMI) licensed in the EEA and supervised by De Nederlandsche Bank (DNB)"; "DNB supervision also covers Stichting Quantoz." |
| Redemption | "A pre-existing registered token account is not required"; payout to a verified bank account in the holder's name in the EEA, UK or Switzerland; "On-chain compliance checks may take up to one week after receipt is confirmed." |
| Published fees | "Standard redemption with Quantoz is free of charge." Minting price agreed per client: "We agree the pricing model and enabled functions before production access." |
| Currencies and networks | Two currencies: euro and US dollar; "EURQ & USDQ connected across chains by LayerZero". No network count on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.quantoz.com, www.quantoz.com, www.quantoz.com, www.quantoz.com.
Societe Generale-Forge, the digital asset subsidiary of Societe Generale, issues EUR CoinVertible and USD CoinVertible as MiCA e-money tokens. It discloses collateral composition daily and holds collateral in segregated, bankruptcy-remote accounts. It publishes no reserve attestation and no fees, and redemption is open to onboarded institutional investors.
| Reserves | "Fully backed by 100% segregated collateral assets", "with collateral composition and valuation publicly disclosed on a daily basis"; "funds are bankruptcy remote in the event of an insolvency of Societe Generale-Forge." |
| Independent assurance | Smart contracts audited by Hacken (Ethereum October 2025, Solana December 2024, Stellar September 2025). No independent reserve attestation on the pages read. |
| Regulatory standing | "A MiCA-compliant e-money institution licensed by the ACPR"; white paper: also a French investment firm supervised by the ACPR and regulated by the AMF, and licensed as a crypto-asset service provider with the ACPR and AMF. |
| Redemption | "Institutional investors can subscribe to USD CoinVertible or EUR CoinVertible after successful onboarding"; tokens "can be redeemed 1:1 against fiat". No redemption time or minimum published. |
| Published fees | Not published on the pages read. |
| Currencies and networks | White paper: EURCV registered on "the Ethereum, Solana, XRPL, Stellar and Canton network". Two currencies: euro and US dollar. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.sgforge.com, www.sgforge.com.
AllUnity, founded by DWS, Flow Traders and Galaxy, is a BaFin-licensed electronic money institution issuing euro, Swiss franc, Swedish krona and US dollar tokens. Its business mint account converts bank transfers to tokens without an API. Its reserve audit report is marked "coming soon", and fees are not published.
| Reserves | "Fully backed by reserves, securely held at CRR credit institutions within the European Union and entirely segregated from AllUnity's operational funds", under "a multi-bank reserve model". No reserve composition report on the pages read. |
| Independent assurance | Trust centre: "Reserve audit report (coming soon)"; smart contract audits by Softstack listed. |
| Regulatory standing | "MiCAR-compliant stablecoin and BaFin-licensed e-money institute". No licence number on the pages read. |
| Redemption | "You can always redeem the stablecoins directly via our dashboard at par value"; business mint account: one-time KYB and a whitelisted corporate IBAN; "Straight-through processing in under 5 minutes, without a single line of code." |
| Published fees | Redemptions page: "no hidden fees". No fee amounts published. |
| Currencies and networks | EURAU listed on Arbitrum, Arc, Base, BNB Chain, Ethereum, Optimism, Polygon, Solana, Stellar and Tempo. Four currencies: euro, Swiss franc, Swedish krona and US dollar. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: allunity.com, allunity.com, allunity.com, allunity.com, allunity.com.
RLUSD is issued by Standard Custody & Trust Company, a New York limited purpose trust company. Ripple publishes monthly attestations by a US CPA firm and live circulation and reserve totals, and names cash, Treasuries and government money market funds as backing. It does not publish fees, redemption terms or the accounting firm's name.
| Reserves | "Backed 1:1 by cash, U.S. Treasuries, and government money market funds", "reserves held in segregated accounts". Transparency page as of 22 October 2026: circulating RLUSD $2,382.8M, reserve funds $2,528.0M. |
| Independent assurance | "Attestations are performed by an independent Certified Public Accountant (CPA) licensed in the United States" each month, under AICPA standards; "Reports will be available monthly no more than 30 days after the month end." Firm not named. |
| Regulatory standing | "Standard Custody & Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services." RLUSD has "approval from the New York Department of Financial Services (NYDFS) and the Dubai Financial Services Authority". |
| Redemption | NYDFS supervision includes "redemptions with strict SLAs"; no redemption time, minimum or eligibility published on the pages read. |
| Published fees | Not published on the pages read. |
| Currencies and networks | "Integrate RLUSD on the XRPL or Ethereum." One currency: US dollar. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: ripple.com, ripple.com.
Monerium is an electronic money institution authorised by the Central Bank of Iceland since 2019, issuing EURe, GBPe and USDe. Each customer gets an IBAN in its own name, and euros sent by SEPA are minted as EURe automatically. It does not publish reserve reports, attestations or a working fee page.
| Reserves | White paper: each EURe "represents a claim on the underlying funds Monerium receives in exchange for the EURe and safeguards". No reserve composition report on the pages read. |
| Independent assurance | Smart contract audit by Ackee Blockchain linked from the homepage. No reserve attestation on the pages read. |
| Regulatory standing | "Monerium is an authorised electronic money institution under Directive 2009/110/EC, supervised by the Financial Supervisory Authority of the Central Bank of Iceland", authorised "from June 14, 2019"; also registered as a Virtual Asset Service Provider with the Central Bank of Iceland. |
| Redemption | "Redemptions are conditioned on the holder establishing a customer relationship with Monerium", paid by SEPA "at any time and at par value". Homepage: euros sent to the customer's IBAN "are automatically minted as EURe into the wallet". |
| Published fees | White paper refers to "Monerium's own pricing for issuance, redemption and cross-chain services"; the pricing page returned not found when read. |
| Currencies and networks | Docs: tokens live on "Ethereum, Gnosis, Polygon, Arbitrum, Base, Linea, Scroll, Noble, and Camino". Three currencies: euro, sterling and US dollar. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: monerium.com, docs.monerium.com, monerium.com.
The index is paid for by nobody.
No provider pays to be assessed, listed or ranked, and there are no sponsored places. Providers do not apply: BCC selects the providers a business is likely to consider and scores them from their own pages. Any provider may ask to be assessed; the request changes nothing about the score.
Every figure is read from the provider's own pricing, product, legal or help page on the date shown. Providers may send corrections to [email protected]; a correction changes the page only where the provider's own page supports it. Every provider is re-read monthly and a new edition is published each October.
Only issuers of coins backed one for one by fiat money are ranked. Coins backed by other crypto-assets or by trading strategies, such as Ethena's synthetic dollar, gold-backed tokens and tokenised money market funds are left out, as are platforms that settle or convert stablecoins without issuing their own, which are ranked in the Stablecoin Settlement Index. First Digital (FDUSD) and JPYC are not assessed in this edition because their own pages could not be read in full. Banking Circle's EURI is not assessed because its pages did not publish enough to score. Issuers that sell white-label coins for other brands are ranked on the coins they issue in their own name.
Ranked providers may show the index badge on their own site.
The badge is free. The one condition is that it links to this page, so that a reader can check the score and the method behind it. It is withdrawn if the link is removed or the provider leaves the index.
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Nobody. No issuer pays to be assessed, listed or ranked.
The Stablecoin Settlement Index ranks the platforms a business uses to send, receive and convert stablecoins. This index ranks the companies that create the coins and hold the reserves behind them, which is where the risk of not getting money back sits.
An attestation is an accountant's report that, on a stated date, the reserves were at least equal to the coins in circulation. An audit is a full review of the issuer's whole financial statements over a year. An attestation checks the reserves; an audit checks the company that owes the money.
Because a coin is only as good as the holder's ability to swap it back for money with the issuer. Selling on an exchange depends on market prices; redeeming with the issuer is the legal claim. A published minimum and payout time let a business plan its cash.
Not on its own. A payment or e-money firm stays responsible for safeguarding client money under its regulator's rules. Whether a stablecoin can be used, and how, depends on those rules and the firm's own risk assessment.
No. The index compares published facts and is not a recommendation to hold or use a particular stablecoin.
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