Operating models for stablecoins, worldwide.
A living catalogue of how stablecoins are issued, reserved, distributed and regulated — from shared-liquidity protocols to bank joint ventures, white-label platforms and tokenized money-market funds.
Categories of stablecoins
Seven operating archetypes, grouped into four families based on who issues the token and how value is backed.
Fiat-Reserve Issuers
11A regulated company issues the token 1:1 against fiat and invests the reserves in safe assets.
Bank-Native Money
4Tokens are claims on commercial-bank balance sheets, issued by a single bank or a consortium.
Platform & Multi-Issuer
3Shared infrastructure that lets multiple institutions issue interoperable or white-labelled stablecoins.
Crypto-Native & Yield
5On-chain collateral, algorithmic mechanisms, or tokenized money-market funds that pass yield to holders.
Swiss consultation draft of 22 October 2025 — what is allowed
The Federal Council's consultation draft on stablecoins (opened 22 October 2025) sets out which issuance archetypes can be offered from Switzerland. Badges above show the status per category; the detail is below.
- Allowed with conditionsShared Infrastructure / Shared Liquidity— Shared rails are accepted, but pooled or commingled reserves across issuers are not — each issuer must hold and be able to prove its own segregated cover.
- Allowed with conditionsWhite-labelled Stablecoins— Possible only if the licensed issuer of record keeps full responsibility for reserves, redemption and AML; the brand partner may not act as issuer.
- AllowedJoint Ventures— Permitted where the joint issuing entity itself holds the required licence and each participating bank's exposure is ring-fenced.
- AllowedSingle-Issuer Reserve Model— Core case of the draft: fiat-referenced payment tokens issued by a licensed issuer with fully segregated HQLA reserves, par redemption and no yield to holders.
- AllowedBank Deposit Token— Remains inside the Banking Act: tokenised sight deposits of a licensed bank, covered by depositor protection rather than the new stablecoin regime.
- Not permittedAlgorithmic / Crypto-backed— Tokens whose stability depends on algorithms or crypto over-collateralisation fall outside the permitted payment-token category and may not be publicly issued from Switzerland.
- Allowed with conditionsTokenized MMF / Yield-bearing— Not a payment stablecoin under the draft: treated as a collective investment scheme / security, so it needs a CISA-based structure instead.
Indicative reading of the consultation draft, not legal advice. Final rules may change before entry into force.
Regulatory regimes
Blockchain protocols
Shared Infrastructure / Shared Liquidity
1 modelWhite-labelled Stablecoins
2 modelsAnchorage Digital — Stablecoin Solutions for Banks
Anchorage Digital Bank · United States · Peg USD (extensible)
Federally chartered crypto bank offering a turnkey stack for banks to issue their own branded, fully-reserved stablecoin.
PYUSD — PayPal
Paxos (for PayPal) · United States · Peg USD
PayPal-branded USD stablecoin issued by Paxos Trust under NYDFS oversight.
Joint Ventures
2 modelsQivalis
Bank-led JV · Europe (EU) · Peg EUR
European bank consortium building a jointly-owned issuer for a regulated euro stablecoin / deposit-token rail.
AllUnity (EURAU)
DWS, Flow Traders, Galaxy JV · Germany / EU · Peg EUR
Joint venture between DWS, Flow Traders and Galaxy to issue a regulated euro stablecoin.
Single-Issuer Reserve Model
11 modelsUSDC — Circle
Circle · United States / Global · Peg USD
Fully-reserved USD stablecoin backed by cash and short-dated US Treasuries, redeemable 1:1.
USDT — Tether
Tether Holdings · Global (offshore) · Peg USD
Largest USD stablecoin by market cap, backed by a mix of T-bills, cash, secured loans, BTC and gold.
RLUSD — Ripple
Ripple (Standard Custody) · United States / Global · Peg USD
Enterprise-grade USD stablecoin built for cross-border payments on XRPL and Ethereum.
EURC — Circle
Circle France SAS · Europe · Peg EUR
MiCA-compliant euro stablecoin issued by Circle's French EMI.
EURe — Monerium
Monerium EMI · Europe (EEA) · Peg EUR
First MiCA-licensed e-money token, redeemable via SEPA directly from on-chain wallets.
Sygnum DCHF (concept)
Sygnum Bank · Switzerland · Peg CHF
Swiss regulated bank exploring a CHF-pegged stablecoin under the forthcoming FinIA payment-institution license.
XCHF — Bitcoin Suisse / Swiss Stablecoin
Bitcoin Suisse · Switzerland · Peg CHF
Early CHF-pegged stablecoin used in Swiss DeFi and tokenization pilots.
Centi Franc (CCHF)
Centi AG · Switzerland · Peg CHF
Swiss micro-payments CHF stablecoin backed by a bank guarantee from Hypothekarbank Lenzburg.
FDUSD — First Digital
First Digital Labs · Hong Kong · Peg USD
Hong Kong-issued USD stablecoin focused on Asian exchange liquidity.
XSGD — StraitsX
StraitsX (Xfers) · Singapore · Peg SGD
MAS-regulated Singapore-dollar stablecoin used across Asian payment rails.
BRLA — Transfero
BRLA Digital · Brazil · Peg BRL
Brazilian-real stablecoin enabling PIX-to-crypto on-/off-ramps across LatAm.
Bank Deposit Token
2 modelsJPM Coin / Kinexys
JPMorgan · United States / Global · Peg USD / EUR
Permissioned deposit token used for intra-day wholesale settlement between JPMorgan clients.
EURCV — Societe Generale-FORGE
SG-FORGE · France / EU · Peg EUR
Public-blockchain euro stablecoin issued by a regulated subsidiary of Societe Generale.
Algorithmic / Crypto-backed
3 modelsDAI / USDS — Sky (MakerDAO)
Sky Protocol · Global / DeFi · Peg USD
Decentralized USD stablecoin over-collateralized by crypto and tokenized real-world assets.
frxUSD — Frax Finance
Frax Finance · Global / DeFi · Peg USD
Hybrid fractional-algorithmic stablecoin transitioning toward full RWA backing.
USDe — Ethena
Ethena Labs · Global · Peg USD (synthetic)
Synthetic dollar backed by delta-neutral hedged crypto positions; sUSDe distributes yield.
Tokenized MMF / Yield-bearing
2 modelsBUIDL — BlackRock
BlackRock / Securitize · United States · Peg USD ($1 share)
Tokenized money-market fund — passes T-bill yield directly to qualified token holders.
USDY — Ondo Finance
Ondo Finance · Global (ex-US) · Peg USD (yield-bearing)
Tokenized note backed by short-term US Treasuries, passing ~5% yield to non-US holders.