Issuance models

Stablecoin issuance models — US, EU & Switzerland

A full inventory of structures used to issue a stablecoin today, mapped to the three anchor regimes — US (GENIUS Act, NYDFS, MTL), EU (MiCA EMT/ART, CRD/CRR for deposit tokens) and Switzerland (FINMA bank-guarantee model, fintech licence, bank licence, FinIA) — plus offshore, JV, white-label, algorithmic and tokenised-MMF designs.

How to read this page
Each model lists the legal vehicle, reserve construction, redemption mechanics, primary regulator, and trade-offs. Use the jurisdiction tag to filter by anchor regime. The same economic outcome (a 1:1 dollar token) can be built under very different legal stacks.
Choosing a model
The right structure is driven by (1) which holders you serve, (2) whether you want to own the float yield, (3) how fast you must reach market, and (4) which distribution rails (banks, exchanges, wallets) you can plug into.

United States

Federal GENIUS Act framework for payment stablecoin issuers complements existing state trust charters (NYDFS) and the legacy money-transmitter mosaic. Issuer choice drives reserve composition, holder rights, and distribution reach.

US
US Federal Payment Stablecoin Issuer (GENIUS Act)
Vehicle
Federally chartered payment stablecoin issuer — bank, OCC-chartered trust, or qualifying non-bank subsidiary.
Reserve
1:1 with US dollars, insured deposits, overnight repos and short-dated Treasuries (≤93 days). Segregated and bankruptcy-remote.
Redemption
At-par, T+1 redemption to holders; monthly attestations, annual audit.
Regulator
OCC / Federal Reserve / FDIC primary; state regulators for non-bank subsidiaries.

Strengths

  • Federal preemption, nationwide payment rail
  • Strongest US institutional acceptance
  • Clear AML/sanctions perimeter (BSA)

Trade-offs

  • High capital and governance bar
  • No interest to holders permitted
  • Yield economics fully retained by issuer / partner bank

Live or pilot examples

USDC (Circle, transitioning) · Anchorage white-label · Bank-issued PSIs

US
US State Trust Charter (NYDFS Limited-Purpose Trust)
Vehicle
NY (or other state) limited-purpose trust company under part 200 / TXVA guidance.
Reserve
Cash and short-dated Treasuries held at qualifying custodians; segregated for the benefit of holders.
Redemption
1:1 to verified holders; monthly reserve attestation; NYDFS supervisory exam.
Regulator
NYDFS (or analogous state regulator).

Strengths

  • Established path with multiple precedents
  • Fast to market vs federal charter
  • Suitable for white-label (e.g. PYUSD)

Trade-offs

  • Patchwork state-by-state distribution outside NY
  • Possible re-papering under federal GENIUS regime

Live or pilot examples

PYUSD (Paxos) · USDP · BUSD (legacy) · RLUSD (Standard Custody)

US
US Money Transmitter Network
Vehicle
Issuer holds 50-state MTL mosaic plus FinCEN MSB registration. Reserves held at partner banks.
Reserve
Cash + Treasuries at FDIC-insured banks; state-specific permissible-investment rules.
Redemption
1:1 via licensed off-ramps; subject to state surety bonds.
Regulator
State money-transmission regulators + FinCEN.

Strengths

  • Lower barrier than trust charter
  • Reuses existing fintech licensing

Trade-offs

  • Fragmented compliance
  • Likely sunset under federal GENIUS framework

Live or pilot examples

Early USDC (pre-trust) · Stablecoin pilots by fintechs

EUUSCH
Bank Consortium / Joint Venture
Vehicle
Multiple banks co-own a dedicated issuer (EMI, trust company, or bank) that mints a shared stablecoin.
Reserve
Pooled and segregated at the JV entity; each owner bank may contribute deposits.
Redemption
At par via any owner bank's rails.
Regulator
Regime of the JV's home jurisdiction (MiCA / NYDFS / FINMA).

Strengths

  • Shared cost, shared distribution
  • Neutral brand for inter-bank settlement

Trade-offs

  • Governance complexity
  • Antitrust / competition scrutiny

Live or pilot examples

Qivalis (EU) · AllUnity / EURAU · Fnality (wholesale) · Partior (SGD/USD)

USEUCHGlobal
White-label / Issuance-as-a-Service
Vehicle
Regulated platform (trust, EMI, or bank) issues a branded token for a third-party (corporate, bank, fintech).
Reserve
Held by the regulated issuer; brand partner has no direct reserve claim.
Redemption
Through the platform issuer; brand partner handles distribution.
Regulator
Regime of the platform issuer.

Strengths

  • Fastest path to a branded stablecoin
  • No need to obtain own licence
  • Lower fixed cost

Trade-offs

  • Economics shared with platform
  • Brand partner takes reputational risk without control

Live or pilot examples

Paxos (PYUSD) · Anchorage Digital · Brale · Bridge · Fireblocks Tokenisation

USEUCH
Tokenised MMF / Yield-Bearing Note
Vehicle
Token represents a share in a registered money-market fund or short-duration Treasury note.
Reserve
Underlying fund holdings (T-bills, repos).
Redemption
At NAV via authorised participants; not a payment stablecoin.
Regulator
SEC (US), CSSF/AMF (EU UCITS/AIFMD), FINMA FinIA (CH).

Strengths

  • Passes yield to holders
  • Strong institutional demand

Trade-offs

  • Not at-par 24/7
  • Securities-law distribution restrictions

Live or pilot examples

BUIDL (BlackRock) · USDY (Ondo) · BENJI (Franklin Templeton)

European Union (MiCA)

MiCA splits stablecoins into EMTs (single-currency) and ARTs (asset-referenced), each requiring EMI/credit-institution authorisation. Bank deposit tokens sit outside MiCA but inside CRD/CRR. Significant tokens get EBA-level supervision.

EU
EU E-Money Token (MiCA Title III)
Vehicle
Authorised EMI or credit institution issuing a single-currency EMT under MiCA arts. 48-58.
Reserve
≥30% in segregated bank deposits + remainder in HQLA per Art. 36. Daily redemption at par.
Redemption
At-par, no fee, on demand to any holder.
Regulator
Home NCA (e.g. ACPR, BaFin, CSSF, Bank of Lithuania) + EBA for significant EMTs.

Strengths

  • EU-wide passport
  • Clear consumer-protection regime
  • No yield to holders → simple revenue model on float

Trade-offs

  • 30% bank-deposit floor caps yield
  • Significant EMT thresholds trigger heavier prudential rules
  • Marketing/distribution restrictions

Live or pilot examples

EURC (Circle FR) · EURe (Monerium) · EURCV (SG-FORGE) · EURAU (AllUnity)

EU
EU Asset-Referenced Token (MiCA Title III)
Vehicle
Credit institution or MiCA-authorised ART issuer referencing a basket of currencies, commodities, or assets.
Reserve
Composition mirrors reference basket; custody, liquidity-management and stress-testing per MiCA arts. 36-45.
Redemption
At reference value; redemption rights vary by ART class.
Regulator
Home NCA + EBA oversight; significant ARTs centrally supervised by EBA.

Strengths

  • Supports multi-asset / basket designs
  • Recognised across EEA

Trade-offs

  • Higher capital (Art. 35) and governance burden
  • Limited issuance caps for non-EUR ARTs

Live or pilot examples

Hypothetical multi-currency baskets · Commodity-referenced tokens

EU
EU Bank Deposit Token (CRD/CRR + MiCA carve-out)
Vehicle
Tokenised commercial-bank money issued directly by an EU credit institution. Outside MiCA when structured as a deposit.
Reserve
On bank balance sheet; covered by deposit-guarantee scheme up to €100k.
Redemption
1:1 against the bank; intraday wholesale settlement.
Regulator
ECB/SSM + home NCA under CRD VI / CRR III.

Strengths

  • Full integration with TARGET / instant payments
  • Highest counterparty quality

Trade-offs

  • Limited to bank clients
  • No public, permissionless distribution today

Live or pilot examples

EURCV pilots · Commerzbank tokenised deposit · ECB wholesale CBDC trials

EUUSCH
Bank Consortium / Joint Venture
Vehicle
Multiple banks co-own a dedicated issuer (EMI, trust company, or bank) that mints a shared stablecoin.
Reserve
Pooled and segregated at the JV entity; each owner bank may contribute deposits.
Redemption
At par via any owner bank's rails.
Regulator
Regime of the JV's home jurisdiction (MiCA / NYDFS / FINMA).

Strengths

  • Shared cost, shared distribution
  • Neutral brand for inter-bank settlement

Trade-offs

  • Governance complexity
  • Antitrust / competition scrutiny

Live or pilot examples

Qivalis (EU) · AllUnity / EURAU · Fnality (wholesale) · Partior (SGD/USD)

USEUCHGlobal
White-label / Issuance-as-a-Service
Vehicle
Regulated platform (trust, EMI, or bank) issues a branded token for a third-party (corporate, bank, fintech).
Reserve
Held by the regulated issuer; brand partner has no direct reserve claim.
Redemption
Through the platform issuer; brand partner handles distribution.
Regulator
Regime of the platform issuer.

Strengths

  • Fastest path to a branded stablecoin
  • No need to obtain own licence
  • Lower fixed cost

Trade-offs

  • Economics shared with platform
  • Brand partner takes reputational risk without control

Live or pilot examples

Paxos (PYUSD) · Anchorage Digital · Brale · Bridge · Fireblocks Tokenisation

USEUCH
Tokenised MMF / Yield-Bearing Note
Vehicle
Token represents a share in a registered money-market fund or short-duration Treasury note.
Reserve
Underlying fund holdings (T-bills, repos).
Redemption
At NAV via authorised participants; not a payment stablecoin.
Regulator
SEC (US), CSSF/AMF (EU UCITS/AIFMD), FINMA FinIA (CH).

Strengths

  • Passes yield to holders
  • Strong institutional demand

Trade-offs

  • Not at-par 24/7
  • Securities-law distribution restrictions

Live or pilot examples

BUIDL (BlackRock) · USDY (Ondo) · BENJI (Franklin Templeton)

Switzerland (FINMA)

Swiss issuers pick between the bank-guarantee model under FINMA's 2024 stablecoin guidance, the fintech licence (BankG art. 1b), a full bank licence with DLT Act features, or FinIA structures for yield-bearing tokens. AMLA always applies.

CH
Swiss Bank-Guarantee Stablecoin (FINMA Stablecoin Guidance 2024)
Vehicle
Token issuer relies on an irrevocable default guarantee from a FINMA-supervised bank; legal claim runs to the bank.
Reserve
Held at the guaranteeing bank; segregated under art. 16 BankG. Bank covers shortfall up to guarantee cap.
Redemption
At-par against the guaranteeing bank; KYC at on/off-ramp.
Regulator
FINMA (issuer) + FINMA-supervised bank as guarantor; AMLA via VQF/SRO.

Strengths

  • No banking licence required for the issuer
  • Strong consumer protection
  • Compatible with Swiss DLT Act

Trade-offs

  • Bank guarantee is capped and re-priceable
  • FINMA July 2024 guidance tightened KYC on every transfer
  • Limited scalability for retail

Live or pilot examples

CCHF (Centi, Hypothekarbank Lenzburg) · DCHF concepts

CH
Swiss Fintech Licence (BankG art. 1b)
Vehicle
Issuer holds the fintech licence — accepts up to CHF 100m public deposits, no maturity transformation, no interest.
Reserve
Held at FINMA-defined safe assets; cannot be invested in lending.
Redemption
At par; deposits NOT covered by esisuisse.
Regulator
FINMA + AMLA supervision.

Strengths

  • Lower capital than full bank
  • Suitable for payment-stablecoin issuers

Trade-offs

  • CHF 100m cap on aggregate deposits
  • No depositor-protection scheme
  • FINMA still applies stablecoin guidance on KYC

Live or pilot examples

Smaller Swiss CHF stablecoin pilots

CH
Swiss Bank Licence (BankG + DLT Act)
Vehicle
Full bank licence; tokens are ledger-based securities or deposits under DLT Act amendments.
Reserve
On balance sheet, segregated as bankruptcy-remote crypto-based assets where applicable.
Redemption
1:1 against the bank; esisuisse protection up to CHF 100k.
Regulator
FINMA prudential + Circ. 2023/1 operational risk.

Strengths

  • Strongest investor protection
  • Eligible for SIC / SNB settlement

Trade-offs

  • High capital and ICS requirements
  • Slow time-to-market

Live or pilot examples

Sygnum DCHF (concept) · AMINA / SEBA tokenised deposits

CH
Swiss FinIA Securities Firm / Asset Manager
Vehicle
FinIA-licensed securities firm or asset manager issuing tokenised MMF shares / yield-bearing instruments under FinSA prospectus rules.
Reserve
Underlying fund holdings (T-bills, CHF money market).
Redemption
At NAV; subject to FinIO organisational and capital requirements.
Regulator
FINMA under FinIA / FinIO + audit firm oversight.

Strengths

  • Clear path for yield-bearing CHF/USD tokens
  • Reuses Swiss fund infrastructure

Trade-offs

  • Not a payment instrument
  • Distribution restricted to qualified investors in some setups

Live or pilot examples

Tokenised Swiss MMFs (emerging) · 21Shares tokenised products

EUUSCH
Bank Consortium / Joint Venture
Vehicle
Multiple banks co-own a dedicated issuer (EMI, trust company, or bank) that mints a shared stablecoin.
Reserve
Pooled and segregated at the JV entity; each owner bank may contribute deposits.
Redemption
At par via any owner bank's rails.
Regulator
Regime of the JV's home jurisdiction (MiCA / NYDFS / FINMA).

Strengths

  • Shared cost, shared distribution
  • Neutral brand for inter-bank settlement

Trade-offs

  • Governance complexity
  • Antitrust / competition scrutiny

Live or pilot examples

Qivalis (EU) · AllUnity / EURAU · Fnality (wholesale) · Partior (SGD/USD)

USEUCHGlobal
White-label / Issuance-as-a-Service
Vehicle
Regulated platform (trust, EMI, or bank) issues a branded token for a third-party (corporate, bank, fintech).
Reserve
Held by the regulated issuer; brand partner has no direct reserve claim.
Redemption
Through the platform issuer; brand partner handles distribution.
Regulator
Regime of the platform issuer.

Strengths

  • Fastest path to a branded stablecoin
  • No need to obtain own licence
  • Lower fixed cost

Trade-offs

  • Economics shared with platform
  • Brand partner takes reputational risk without control

Live or pilot examples

Paxos (PYUSD) · Anchorage Digital · Brale · Bridge · Fireblocks Tokenisation

USEUCH
Tokenised MMF / Yield-Bearing Note
Vehicle
Token represents a share in a registered money-market fund or short-duration Treasury note.
Reserve
Underlying fund holdings (T-bills, repos).
Redemption
At NAV via authorised participants; not a payment stablecoin.
Regulator
SEC (US), CSSF/AMF (EU UCITS/AIFMD), FINMA FinIA (CH).

Strengths

  • Passes yield to holders
  • Strong institutional demand

Trade-offs

  • Not at-par 24/7
  • Securities-law distribution restrictions

Live or pilot examples

BUIDL (BlackRock) · USDY (Ondo) · BENJI (Franklin Templeton)

Global / Cross-jurisdictional

Offshore single-issuer reserves, decentralised protocols and tokenised MMFs operate alongside the regulated regimes. Their access to regulated US/EU/CH distribution depends on local recognition.

USEUCHGlobal
White-label / Issuance-as-a-Service
Vehicle
Regulated platform (trust, EMI, or bank) issues a branded token for a third-party (corporate, bank, fintech).
Reserve
Held by the regulated issuer; brand partner has no direct reserve claim.
Redemption
Through the platform issuer; brand partner handles distribution.
Regulator
Regime of the platform issuer.

Strengths

  • Fastest path to a branded stablecoin
  • No need to obtain own licence
  • Lower fixed cost

Trade-offs

  • Economics shared with platform
  • Brand partner takes reputational risk without control

Live or pilot examples

Paxos (PYUSD) · Anchorage Digital · Brale · Bridge · Fireblocks Tokenisation

Global
Offshore Single-Issuer Reserve Model
Vehicle
Issuer incorporated in a light-touch jurisdiction (e.g. BVI, El Salvador DASP, Bahamas DARE).
Reserve
Cash, T-bills, sometimes BTC / gold / secured loans. Attestations vary.
Redemption
1:1 to verified institutional holders; retail typically via secondary markets.
Regulator
Local DASP/VASP regulator only; no onshore passport into US/EU/CH.

Strengths

  • Flexibility on reserve composition
  • Speed of launch

Trade-offs

  • Excluded from MiCA distribution
  • Restricted in regulated US/EU venues
  • Higher counterparty and disclosure risk

Live or pilot examples

USDT (Tether) · USDe (Ethena) · FDUSD (First Digital)

Global
Algorithmic / Crypto-Collateralised
Vehicle
Decentralised protocol with on-chain collateral (ETH, RWAs) and governance token. No licensed issuer.
Reserve
Over-collateralised crypto + RWAs; on-chain transparent.
Redemption
Algorithmic peg via CDPs, PSMs and arbitrage.
Regulator
Currently outside MiCA/GENIUS; future treatment uncertain.

Strengths

  • Censorship-resistant
  • Composable across DeFi

Trade-offs

  • Excluded from regulated distribution
  • Peg risk under stress
  • MiCA bans algorithmic stablecoins from EU offering

Live or pilot examples

DAI / USDS (Sky) · frxUSD (Frax) · crvUSD