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Matrix · 10 platforms · records as of 2026-03-02

Which stablecoin issuers publish reserves, and who custodies them?

Issuers and the custodians that hold reserves or client stablecoins. It depends on what the holding has to survive: a single point of failure can be excellent at everything else and still lose everything at once, so read that column first, then the fees against your size.

Bitcoin custodians and multi-key providersExchanges and brokeragesBitcoin IRA providersSpot bitcoin ETFsHardware walletsStablecoin issuers and custodiansTokenized treasuries, gold and real-world assetsLending and yield
PlatformScoreCustody modelSingle point of failureIndependenceInsuranceRegulatoryQualified custodianFeesMinimumIncidentsAs of
Circle (USDC)82Multi-Institution Reserves (BlackRock + BNY Mellon)No4/4Not disclosedMoney Transmitter (49 states); UK EMI License; France DASP; Singapore MPINoFree mint/burn (institutional)$0 (exchanges) / $100K (Circle Mint)02026-03-02
Paxos79NY Trust Company (State-Regulated)Yes0/4Not disclosedNY DFS Trust Charter; Singapore MPI LicenseYesCustom institutional pricingInstitutional02026-03-02
BNY Mellon76World's Largest Custodian BankYes0/4Not disclosedNY State Banking Charter; Federal Reserve Member; SEC RegisteredYesCustom institutional pricingInstitutional only02026-03-02
Bridge (by Stripe)75Stablecoin Orchestration (Stripe-Backed)Yes0/4Not disclosedMoney Transmitter (via Stripe)NoAPI-based pricing$0 (developer integration)02026-03-02
BitGo74Qualified Custodian (Multi-Sig)Yes0/4Not disclosedSouth Dakota Trust Charter; NY BitLicenseYesCustom institutional pricing$100K+02026-03-02
PayPal (PYUSD)73Paxos-Issued, PayPal-DistributedYes0/4Not disclosedNY DFS Trust Charter (via Paxos)NoFree PayPal-to-PayPal transfers$002026-03-02
Anchorage Digital71OCC-Chartered Crypto BankYes0/4Not disclosedOCC National Trust Bank Charter; SEC Registered Investment AdvisorYesCustom institutional pricingInstitutional02026-03-02
Ripple (RLUSD)70NY DFS-Approved StablecoinYes0/4Not disclosedNY DFS Limited Purpose Trust CharterNoCompetitive institutional pricing$002026-03-02
Fireblocks66MPC Custody InfrastructureYes0/4Not disclosedSOC 2 Type 2NoCustom SaaS pricingInstitutional02026-03-02
Tether (USDT)62Single Custodian (Cantor Fitzgerald)Yes0/4Not disclosedEl Salvador DASPNo0.1% redemption fee$100K (direct redemption)02026-03-02

Facts are from each provider's own documents and public filings with the date the record was last checked; "n/s" means not stated by the provider. Scores are Proof of Custody's judgement on the published methodology. Coverage is selected, not exhaustive; absence is not evidence of safety. As data: /data/matrix.json. Dispute a cell through corrections.

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