Global segment ranking · Fintech › Crypto & digital assets

The world’s most valuable stablecoins

Companies that issue fiat-backed or synthetic stablecoins, or whose main activity is stablecoin issuance and infrastructure. Ranked worldwide by AI-estimated valuation. The market sets the value; our AI estimates it.

Edition 0 (beta) · Published September 29, 2026 Twice a yearNext edition: January 1, 2027· Claude · multi-AI consensus in a future edition· Published method· Order never changed by a human

Key metrics for this segment: stablecoins in circulation, volume, profit. Figures as published by each company or the press, dated, not recalculated. The AIs weigh them alongside funding history and comparables.

Not in this segment. Crypto exchanges, institutional custody, general blockchain infrastructure, cross-border remittances and consumer stablecoin apps each have their own segment. A company appears in one segment only. Method

The segment at a glance

7companies ranked

5companies on the radar

5countries in the ranking

1listed benchmarks

Sources: Financial Times (via The Block), CoinDesk, The Block, Fortune, FinTech Futures, Tech Funding News, PYMNTS, PR Newswire, DefiLlama, company announcements. Intention counters will be shown above a threshold of amount and number of Backers.

Rankings by region

Filter the ranking and the Radar. Ranks stay worldwide.

Global ranking · Stablecoins

Top 7 Radar Challengers

First edition: no movements yet.

World · 7 ranked companies

#	Company	Last round · Key metrics	Estimated valuation (AI, order of magnitude)	Confidence	Invest
1	TetherEl Salvador · Latin AmericaSources: 1 · 2 · 3 · 4Is this your company? Report an error	Minority stake sale · up to USD 600M for ~5% (reported) · Nov 2024USDT $183B (2026 (KPMG audit, Aug 2026)) · Volume: n/d · Net profit $10B+ (FY2025)	Last known equity round: Minority stake sale · up to USD 600M for ~5% (reported) · Nov 2024 (Cantor Fitzgerald) No confirmed published valuation Confidence index: LowMethod	Weak sources	Declare an intent
2	PaxosUnited States · North AmericaSources: 1 · 2Is this your company? Report an error	Series D · USD 300M · Apr 2021Key metrics not disclosed	Last known equity round: Series D · USD 300M · Apr 2021 (Oak HC/FT, Declaration Partners, PayPal Ventures) Published valuation: USD 2.4bn (Apr 2021) Confidence index: MediumMethod	Partial sources	Declare an intent
3	RainUnited States · North AmericaSources: 1 · 2Is this your company? Report an error	Series C · USD 250M · Jan 2026Stablecoins in circulation: n/d · Annual transaction volume above $3B · Profit: n/d · early 2026	Last known equity round: Series C · USD 250M · Jan 2026 (ICONIQ (Sapphire, Dragonfly, Bessemer, Lightspeed)) Published valuation: USD 1.9bn (Jan 2026) Confidence index: HighMethod	Solid sources	Declare an intent
4	Ethena LabsPortugal · EuropeSources: 1 · 2 · 3Is this your company? Report an error	Strategic round (SAFE with token warrants) · USD 14M · Feb 2024USDe TVL $5.34B · Volume: n/d · Profit: n/d · Sep 2026	Last known equity round: Strategic round (SAFE with token warrants) · USD 14M · Feb 2024 (Dragonfly, Maelstrom) Published valuation: USD 300M (Feb 2024) Confidence index: LowMethod	Weak sources	Declare an intent
5	Yellow CardNigeria · Sub-Saharan AfricaSources: 1Is this your company? Report an error	Strategic equity round · USD 40M · Aug 2026Stablecoins in circulation: n/d · $10B+ cumulative transactions · Profit: n/d · since 2016 (Aug 2026)	Last known equity round: Strategic equity round · USD 40M · Aug 2026 (SC Ventures, Sony Innovation Fund, Polychain, Blockchain Capital) No confirmed published valuation Confidence index: MediumMethod	Partial sources	Declare an intent
6	AgoraUnited States · North AmericaSources: 1 · 2Is this your company? Report an error	Series A · USD 50M · Jul 2025Stablecoins in circulation: n/d · Tens of billions cumulative · Profit: n/d · Oct 2024 – Jul 2025	Last known equity round: Series A · USD 50M · Jul 2025 (Paradigm, Dragonfly) No confirmed published valuation Confidence index: MediumMethod	Partial sources	Declare an intent
7	M0Switzerland · EuropeSources: 1 · 2Is this your company? Report an error	Series B · USD 40M · Aug 2025$300M+ supply across M0-powered stablecoins · Volume: n/d · Profit: n/d · Aug 2025	Last known equity round: Series B · USD 40M · Aug 2025 (Polychain, Ribbit Capital, Endeavor Catalyst) No confirmed published valuation Confidence index: MediumMethod	Partial sources	Declare an intent

Ranking in descending order of AI-estimated valuation, based on public information, following a published method, with no human intervention on the order. Valuation ranges are indicative editorial estimates: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Edition 0: produced by Claude (Anthropic); a consensus of several AI models will apply in a future edition. Eligibility: at least $1M raised including one equity round, non-listed company, main activity in this segment (stablecoin issuance and infrastructure). Country shown is the country of main operations. Request a correction

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How to read this ranking

Rank

Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.

Range

An order of magnitude, never a figure.

Hundreds of k$
Millions $
Tens of M$
Hundreds of M$
Unicorn
Decacorn

Confidence

High: recent published valuation or round (under 24 months).
Medium: older data.
Low: single or unconfirmed source.

Full method →

Invest in stablecoins, together

Uback aggregates investment intentions from business angels, family offices, corporates and sector specialists worldwide. Every ranked company already has professional investors on its cap table, who have negotiated a shareholders’ agreement: you don’t start from a blank page.

Strength in numbers

Alone, a small ticket opens no doors. Together, Backers carry weight.

Declare an intention

On a company or a sector, with a ticket range. Paid, to show you are serious; transferable as long as it has not been converted.

Critical mass is reached

When the number of Backers and the total of their intentions cross a threshold, the licensed partner contacts the company and presents this demand.

The licensed partner structures

If the company’s expectations and the Backers’ converge, the partner builds a transaction and presents it directly to the Backers concerned.

Closing

Capital raise or sale of existing shares: small tickets are pooled in a common vehicle set up by the licensed partner. Each Backer decides whether to take part.

Uback does not advise, does not negotiate, collects nothing. Each transaction is run by the licensed partner of the company’s country, under the law that governs its shares.

Get notified when intentions open What happens after my declaration? Intention declarations open once the licensed partner signs · price per ticket band · valid 12 months · transferable credit

Challengers

A registered company raising funds that is not in the ranking will be able, for a fee, to appear in a separate list labelled “Challengers”, for a set period, with a memo available to verified Backers. The listing has no effect on the ranking. Not open yet.

Sponsored space · no Challenger listed yet

Radar · known eligible companies, not ranked

Sorted by date of last round, with no judgement and no AI call.

Latitude · United States · North AmericaSep 2026 · USD 35M
Velocity · United Kingdom · EuropeJul 2026 · USD 38M
Cyclops · United States · North AmericaJul 2026 · USD 20M
XFX · United States · North AmericaMar 2026 · USD 17M
Stable · United States · North AmericaJul 2025 · USD 28M

Listed benchmarks

Not ranked: no intention is possible on a listed company.

Circle · United StatesNYSE · CRCL

Sources and method for this segment

Calendar. Global segment rankings are published twice a year. Next edition: January 1, 2027.

Eligibility. At least $1M raised including one equity round, non-listed company, main activity in this segment (stablecoin issuance and infrastructure). A company appears in one segment only.

Sources. Financial Times (via The Block), CoinDesk, The Block, Fortune, FinTech Futures, Tech Funding News, PYMNTS, PR Newswire, DefiLlama, company announcements.

Method and rules, common to all rankings →