{"@context":"https://schema.org","@type":"Dataset","name":"Stablecoin issuers and custodians matrix","description":"Which stablecoin issuers publish reserves, and who custodies them? Issuers and the custodians that hold reserves or client stablecoins.","url":"https://proofofcustody.io/data/matrix.json?category=stablecoins","creator":{"@type":"Organization","name":"Proof of Custody","url":"https://proofofcustody.io"},"publisher":{"@type":"Organization","name":"Proof of Custody","url":"https://proofofcustody.io"},"license":"https://creativecommons.org/licenses/by/4.0/","isAccessibleForFree":true,"inLanguage":"en","dateModified":"2026-03-02","asOf":"2026-03-02","status":"fresh","cadence":"Records monthly; corrections as verified","upstream":null,"method":null,"citation":"Proof of Custody, \"Stablecoin issuers and custodians matrix\", https://proofofcustody.io/data/matrix.json?category=stablecoins, as of 2026-03-02","publisherDisclosure":"Proof of Custody is published by Onramp Bitcoin, which is scored by the same methodology as every other platform and does not control rankings or coverage.","readMe":{"staleness":"Check `status` and `asOf`. A `stale` status means the last pull failed and this is the previous snapshot. The change feed at /data/changes.json lists corrections and methodology changes.","coverage":"Coverage is selected, not exhaustive. Absence from a dataset is not evidence about the thing absent.","upstream":"Where `upstream` names another publisher, the numbers are theirs, credited; Proof of Custody adds the envelope, the as-of discipline and the daily check.","columns":"score (editorial), custodyModel, spof (single point of failure), independence (pillars met of 4), insurance and insuranceBasis (provider statement), regulatory, qualifiedCustodian (per provider), fees, minimum, incidents (registry count), asOf (record date)."},"category":"stablecoins","page":"https://proofofcustody.io/compare/matrix/stablecoins","count":10,"rows":[{"slug":"circle-usdc","name":"Circle (USDC)","score":82,"custodyModel":"Multi-Institution Reserves (BlackRock + BNY Mellon)","spof":false,"independence":"4/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"Money Transmitter (49 states); UK EMI License; France DASP; Singapore MPI","qualifiedCustodian":"No","fees":"Free mint/burn (institutional)","minimum":"$0 (exchanges) / $100K (Circle Mint)","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/circle-usdc"},{"slug":"paxos","name":"Paxos","score":79,"custodyModel":"NY Trust Company (State-Regulated)","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"NY DFS Trust Charter; Singapore MPI License","qualifiedCustodian":"Yes","fees":"Custom institutional pricing","minimum":"Institutional","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/paxos"},{"slug":"bny-mellon","name":"BNY Mellon","score":76,"custodyModel":"World's Largest Custodian Bank","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"NY State Banking Charter; Federal Reserve Member; SEC Registered","qualifiedCustodian":"Yes","fees":"Custom institutional pricing","minimum":"Institutional only","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/bny-mellon"},{"slug":"bridge-stripe","name":"Bridge (by Stripe)","score":75,"custodyModel":"Stablecoin Orchestration (Stripe-Backed)","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"Money Transmitter (via Stripe)","qualifiedCustodian":"No","fees":"API-based pricing","minimum":"$0 (developer integration)","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/bridge-stripe"},{"slug":"bitgo-stablecoin","name":"BitGo","score":74,"custodyModel":"Qualified Custodian (Multi-Sig)","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"South Dakota Trust Charter; NY BitLicense","qualifiedCustodian":"Yes","fees":"Custom institutional pricing","minimum":"$100K+","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/bitgo-stablecoin"},{"slug":"paypal-pyusd","name":"PayPal (PYUSD)","score":73,"custodyModel":"Paxos-Issued, PayPal-Distributed","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"NY DFS Trust Charter (via Paxos)","qualifiedCustodian":"No","fees":"Free PayPal-to-PayPal transfers","minimum":"$0","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/paypal-pyusd"},{"slug":"anchorage-digital","name":"Anchorage Digital","score":71,"custodyModel":"OCC-Chartered Crypto Bank","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"OCC National Trust Bank Charter; SEC Registered Investment Advisor","qualifiedCustodian":"Yes","fees":"Custom institutional pricing","minimum":"Institutional","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/anchorage-digital"},{"slug":"ripple-rlusd","name":"Ripple (RLUSD)","score":70,"custodyModel":"NY DFS-Approved Stablecoin","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"NY DFS Limited Purpose Trust Charter","qualifiedCustodian":"No","fees":"Competitive institutional pricing","minimum":"$0","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/ripple-rlusd"},{"slug":"fireblocks-stablecoin","name":"Fireblocks","score":66,"custodyModel":"MPC Custody Infrastructure","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"SOC 2 Type 2","qualifiedCustodian":"No","fees":"Custom SaaS pricing","minimum":"Institutional","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/fireblocks-stablecoin"},{"slug":"tether-usdt","name":"Tether (USDT)","score":62,"custodyModel":"Single Custodian (Cantor Fitzgerald)","spof":true,"independence":"0/4","insurance":"Not disclosed","insuranceBasis":"","regulatory":"El Salvador DASP","qualifiedCustodian":"No","fees":"0.1% redemption fee","minimum":"$100K (direct redemption)","incidents":0,"asOf":"2026-03-02","isPublisher":false,"url":"https://proofofcustody.io/platform/tether-usdt"}]}