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Directory › Stablecoins & payment rails
Stablecoins and payment rails
Stablecoins are tokens designed to hold a steady value against a currency, most often the US dollar or the euro. Fiat-backed stablecoins are issued by companies that hold reserves in cash and short-term government debt and redeem tokens for money. Tokenized bank deposits and bank-run payment networks do a similar job inside the regulated banking system.
They are the cash leg of tokenized markets: investors use them to subscribe to tokenized funds, receive income and settle trades without leaving the blockchain. Without a reliable on-chain form of money, delivery-versus-payment for tokenized assets would still depend on slow bank transfers.
The listings differ in issuer, reserve composition, reporting and regulatory status, which is changing quickly as new stablecoin laws take effect in several jurisdictions. Each project page cites official sources; none of the listings is a recommendation.
Projects in this category (5)
| Name | Organisation | Type | Chains | Last verified |
|---|---|---|---|---|
| EURC | Circle | Token | Ethereum, Solana, Avalanche, Base, Stellar | 23 Oct 2026 |
| Kinexys by J.P. Morgan | J.P. Morgan | Platform | – | 23 Oct 2026 |
| PayPal USD (PYUSD) | PayPal | Token | Ethereum, Solana | 23 Oct 2026 |
| Tether USDt | Tether | Token | Ethereum, Tron, Solana, BNB Chain, Avalanche, TON, Aptos, Near, Celo, Tezos | 23 Oct 2026 |
| USDC | Circle | Token | Ethereum, Solana, Base, Arbitrum, Avalanche, Polygon, Stellar, Sui, Aptos, Noble, XRP Ledger | 23 Oct 2026 |
- EURC: Circle's euro-backed stablecoin.
- Kinexys by J.P. Morgan: J.P. Morgan's bank-led blockchain unit (formerly Onyx): JPM Coin deposit tokens, programmable payments, on-chain FX and a tokenized collateral network.
- PayPal USD (PYUSD): PayPal's US-dollar stablecoin, usable inside PayPal and transferable to external wallets.
- Tether USDt: The largest US-dollar stablecoin by supply, issued by Tether across many networks.
- USDC: Fully reserved US-dollar stablecoin issued by Circle.
Every listing was checked against the official sources linked on its page. Information only, not investment advice. Eligibility, availability and supported chains change; confirm on the official site before acting. Spotted an error? Reply to any edition of the newsletter.
How to compare stablecoins and payment rails
For tokenized markets, a stablecoin is infrastructure, so judge it like one. Compare:
- Issuer and licence: bank, regulated non-bank or unregulated issuer.
- Reserves: composition, custodians and how often independent reports are published.
- Redemption: who can redeem directly, minimum sizes and timing.
- Chains supported and how the token moves between them.
- Controls: whether the issuer can freeze addresses, and in what circumstances.
Who uses stablecoins in tokenized markets
Investors use stablecoins to subscribe to and redeem from tokenized funds; issuers use them to pay income; trading venues use them as the quote currency; and businesses use them for cross-border payments and treasury movements. Banks are exploring tokenized deposits for the same jobs within the regulated banking system, which may matter for institutions that cannot hold non-bank stablecoins.
Risks and limits
Stablecoins can lose their peg if reserves are impaired, redemptions are suspended or confidence falls. Holders who cannot redeem directly depend on secondary markets. Issuers can freeze tokens to comply with law enforcement or sanctions. Rules are tightening in several jurisdictions, which may change which stablecoins are available where. Tokenized deposits shift these risks to the issuing bank, under banking regulation.
Guides
Frequently asked questions
- What is a stablecoin?
- A token designed to keep a stable value against a reference currency, usually by holding reserves of cash and short-term government debt that back redemptions.
- How is a tokenized deposit different from a stablecoin?
- A tokenized deposit is a bank deposit recorded on a blockchain and remains a liability of a regulated bank. A stablecoin is usually issued by a non-bank company against a reserve of assets.
- Why do tokenized assets need stablecoins?
- They provide on-chain money for subscriptions, redemptions, income payments and settlement, so the asset and the payment can move on the same ledger.
