Ledgerline Research
Stablecoin Issuer MonitorNo. 7 · October 2026
Stablecoin Issuer Monitor · USD issuersData to 30 September 2026
Issuers that have filed for US approval now hold 86 percent of supply
One more mid sized issuer filed for US approval in September, and two issuers changed their redemption terms. Supply is still moving toward issuers that publish monthly reserve reports
1Where the top 30 stand
Supply remains concentrated. The five largest issuers hold $302.4 billion, 88 percent of the tracked total, and four of them have filed for US approval and publish monthly attestations. Below the top 15, fewer than half of issuers publish a monthly reserve report and only three have filed.1
| Supply rank | Issuers | Supply | Monthly attestation | US filing | MiCA authorized |
|---|---|---|---|---|---|
| 1 to 5 | 5 | 302.4 | 4 | 4 | 3 |
| 6 to 15 | 10 | 34.1 | 8 | 6 | 2 |
| 16 to 30 | 15 | 7.3 | 6 | 3 | 1 |
| Top 30 | 30 | 343.8 | 18 | 13 | 6 |
Source: issuer reserve attestations and terms, OCC and state banking department records, ESMA MiCA register, onchain supply data, Ledgerline Research estimates
Source: issuer reserve attestations and terms, OCC and state banking department records, ESMA MiCA register, onchain supply data, Ledgerline Research estimates
2Changes recorded in September
We recorded five changes to issuer standing in September. The filing by the payments company issuer moved $9.6 billion into the filed group. The redemption changes matter most for firms that settle directly with issuers rather than on exchanges.2
| Issuer | Change | Date | Counted as |
|---|---|---|---|
| Payments company issuer, rank 7 | Filed for US approval | 4 Sep | Filed |
| Trust company issuer, rank 3 | Redemption minimum cut to $1,000 | 11 Sep | Terms |
| Exchange affiliated issuer, rank 9 | Redemption fee raised to 0.15 percent | 16 Sep | Terms |
| Euro area e money issuer, rank 12 | MiCA authorization granted | 22 Sep | Authorized |
| Offshore issuer, rank 2 | Second quarter reserve report published | 29 Sep | Quarterly report |
Source: issuer announcements and terms, regulator registers, September 2026
Source: issuer reserve attestations and terms, OCC and state banking department records, ESMA MiCA register, onchain supply data, Ledgerline Research estimates
3Redemption terms
Direct redemption terms vary more than reserves do. Larger issuers set lower minimums and settle faster, but two of the top five still charge a fee on direct redemption. We record the terms each issuer publishes, not terms negotiated with individual customers.
| Supply rank | Free redemption | Median minimum | Typical settlement |
|---|---|---|---|
| 1 to 5 | 3 of 5 | $1,000 | Same day |
| 6 to 15 | 6 of 10 | $10,000 | Next day |
| 16 to 30 | 5 of 15 | $25,000 | Two days |
| Top 30 | 14 of 30 | $10,000 | Next day |
Source: issuer reserve attestations and terms, OCC and state banking department records, ESMA MiCA register, onchain supply data, Ledgerline Research estimates
4Against our Flow Index
5What to watch in October
Final implementing rules for the US federal regime, which will fix the date from which unapproved issuers can no longer be offered to US customers. We will also watch whether the offshore top five issuer files, and whether more euro area authorizations follow this month's.
How this monitor is built
- The top 30 are USD stablecoins ranked by circulating supply at month end, summed across chains
- Filed means an application accepted for review by a federal regulator or a qualifying state regime, taken from the regulator's own record
- Every status and term traces to a regulator record, attestation or published terms page held on file for subscribers who ask
Approved for subscribersOwen CastellanoHead of Stablecoin Research · 7 October 2026
1 Supply excludes tokens held in issuer treasury wallets and not yet issued to customers.
2 Issuers are described by type and supply rank. Subscribers receive the named issuer list with each edition.