# About achivx.org Who runs achivx.org, where its numbers and rules come from, how figures are dated and how the data is licensed. Canonical: https://achivx.org/about/ Updated: 2026-11-02 achivx.org is an open reference on stablecoins, run by the ACHIVX team. It publishes two things: dated on-chain figures from the Stablecoin Scanner (ACHIVX), and a regulation tracker that quotes regulators, legislatures and official gazettes. ## Where the data comes from - **Numbers** come from the public [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/). They are read when the site is built, not in your browser. Each figure shows its window (for example, 30 days to a stated date), the date the scanner built it, and a link to the scanner page it comes from. - **Organic figures, not raw ones.** Raw settlement volume includes round trips and bot churn. Where the scanner separates the two, the site shows the organic figure and says so. - **Coverage.** The scanner indexes seven networks. Assets, networks and exchanges it does not cover have no figures here, and exchange figures are on-chain measurements of the wallets the scanner can attribute, not reserve or solvency claims. - **Regulation lines** quote the regulator, the legislature or the official gazette, with the date of the source. A status is published only after it has been checked against that source. Media reports are not used as sources. ## What this site is not It is not legal, tax or investment advice, and it does not rate or recommend stablecoins, exchanges or other services. It has no affiliate or offer links. Reviews of individual services are on [revain.org](https://revain.org/). ## Corrections To report an error, write to [support@achivx.com](mailto:support@achivx.com) and name the page and the line. Every figure and every regulation line links the primary source it comes from: the scanner page, the regulator, the legislature or the official gazette, so you can also check a line against that source. Lines are re-checked against their sources, and each page shows the date its content last changed. ## Dates Every page shows the date its visible content last changed. A page is not re-dated when nothing on it changed. ## Licence The text and data on achivx.org are published under [Creative Commons Attribution 4.0 (CC BY 4.0)](/licence/). Please credit "achivx.org" and link the page you used. ## Sources - https://stablescan.achivx.com/ - https://stablescan.achivx.com/arbitrum - https://stablescan.achivx.com/arbitrum/freezes - https://stablescan.achivx.com/base - https://stablescan.achivx.com/base/freezes - https://stablescan.achivx.com/bnb-chain - https://stablescan.achivx.com/bnb-chain/freezes - https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd - https://stablescan.achivx.com/bnb-chain/stablecoin/tusd - https://stablescan.achivx.com/dai-explorer - https://stablescan.achivx.com/ethereum - https://stablescan.achivx.com/ethereum/freezes - https://stablescan.achivx.com/optimism - https://stablescan.achivx.com/optimism/freezes - https://stablescan.achivx.com/optimism/stablecoin/usdc-e - https://stablescan.achivx.com/optimism/stablecoin/usdt0 - https://stablescan.achivx.com/pyusd-explorer - https://stablescan.achivx.com/tron - https://stablescan.achivx.com/tron/freezes - https://stablescan.achivx.com/usd1-explorer - https://stablescan.achivx.com/usdc-explorer - https://stablescan.achivx.com/usde-explorer - https://stablescan.achivx.com/usds-explorer - https://stablescan.achivx.com/usdt-explorer # Bridge stablecoin holdings and flows Stablecoins locked in the contracts of 4 bridges (Across, deBridge, Mayan, Stargate) on 31 October 2026, with 7-day and 30-day flows, from the Stablecoin Scanner (ACHIVX). Canonical: https://achivx.org/data/bridges/ Updated: 2026-11-01 As of: 2026-10-31 This page shows the stablecoins held in the bridges' own contracts and the stablecoins locked into and released from them. A lock counts as inflow and a release as outflow. ## Stablecoins held | Name | Stablecoins held | Contracts read | Day | Scanner build | Source | |---|---|---|---|---|---| | Stargate | US$54.9 m | 24 of 24 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/stargate](https://stablescan.achivx.com/entity/stargate) | | Across | US$2.20 m | 7 of 7 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/across](https://stablescan.achivx.com/entity/across) | | deBridge | US$1.90 m | 18 of 18 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/debridge](https://stablescan.achivx.com/entity/debridge) | | Mayan | US$180,500 | 23 of 23 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/mayan](https://stablescan.achivx.com/entity/mayan) | ## Flows, 30 days | Name | Inflow | Outflow | Netflow | Window | Scanner build | Source | |---|---|---|---|---|---|---| | Stargate | US$209 m | US$278 m | -US$68.4 m | 30 days to 31 October 2026 (27 of 30 days measured) | 1 November 2026 | [stablescan.achivx.com/entity/stargate](https://stablescan.achivx.com/entity/stargate) | | Across | US$415 m | US$415 m | -US$310,278 | 30 days to 31 October 2026 (27 of 30 days measured) | 1 November 2026 | [stablescan.achivx.com/entity/across](https://stablescan.achivx.com/entity/across) | | deBridge | US$531 m | US$531 m | -US$165,438 | 30 days to 31 October 2026 (27 of 30 days measured) | 1 November 2026 | [stablescan.achivx.com/entity/debridge](https://stablescan.achivx.com/entity/debridge) | | Mayan | US$362 m | US$426 m | -US$63.7 m | 30 days to 31 October 2026 (27 of 30 days measured) | 1 November 2026 | [stablescan.achivx.com/entity/mayan](https://stablescan.achivx.com/entity/mayan) | ## Flows, 7 days | Name | Inflow | Outflow | Netflow | Window | Scanner build | Source | |---|---|---|---|---|---|---| | Stargate | US$44.7 m | US$43.2 m | US$1.50 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/stargate](https://stablescan.achivx.com/entity/stargate) | | Across | US$120 m | US$119 m | US$150,893 | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/across](https://stablescan.achivx.com/entity/across) | | deBridge | US$135 m | US$136 m | -US$1.06 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/debridge](https://stablescan.achivx.com/entity/debridge) | | Mayan | US$115 m | US$137 m | -US$21.4 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/mayan](https://stablescan.achivx.com/entity/mayan) | ## Coverage notes - Across: flagged partial by the scanner (flow window incomplete). - deBridge: flagged partial by the scanner (flow window incomplete). - Mayan: flagged partial by the scanner (flow window incomplete). - Stargate: flagged partial by the scanner (flow window incomplete). ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - A bridge's address set is the contracts its own deployment list or L2BEAT's configuration names; none are derived. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## Sources - https://stablescan.achivx.com/entity/across - https://stablescan.achivx.com/entity/debridge - https://stablescan.achivx.com/entity/mayan - https://stablescan.achivx.com/entity/stargate # Exchange stablecoin holdings and netflow Stablecoins held in the on-chain wallets of 8 exchanges on 31 October 2026, with 7-day and 30-day inflow, outflow and netflow, from the Stablecoin Scanner (ACHIVX). Canonical: https://achivx.org/data/exchanges/ Updated: 2026-11-01 As of: 2026-10-31 This page shows the stablecoins the scanner reads in each exchange's own on-chain wallets, and the stablecoins that flowed into and out of the exchange's addresses. These are on-chain measurements, not reserves. Binance is not shown (as of 1 November 2026): a security incident it reported since 29 October 2026 is still open, and on-chain figures for it would be hard to read in that period. Its figures return here when the incident is closed. ## Stablecoins held | Name | Stablecoins held | Own wallets read | Day | Scanner build | Source | |---|---|---|---|---|---| | Bybit | US$4.13 bn | 269 of 269 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/bybit](https://stablescan.achivx.com/entity/bybit) | | OKX | US$2.93 bn | 1,110 of 314,174 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/okx](https://stablescan.achivx.com/entity/okx) | | MEXC | US$2.03 bn | 32 of 32 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/mexc](https://stablescan.achivx.com/entity/mexc) | | KuCoin | US$746 m | 103 of 103 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/kucoin](https://stablescan.achivx.com/entity/kucoin) | | Bitfinex | US$221 m | 6 of 6 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/bitfinex](https://stablescan.achivx.com/entity/bitfinex) | | Gate | US$93.2 m | 17 of 17 | on 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/gate](https://stablescan.achivx.com/entity/gate) | ## Flows, 30 days Inflow enters the exchange's address set, outflow leaves it; a transfer inside the set (a deposit swept to a hot wallet) is in neither. | Name | Inflow | Outflow | Netflow | Window | Scanner build | Source | |---|---|---|---|---|---|---| | Bybit | US$12.0 bn | US$12.4 bn | -US$377 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/bybit](https://stablescan.achivx.com/entity/bybit) | | OKX | US$17.1 bn | US$17.9 bn | -US$809 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/okx](https://stablescan.achivx.com/entity/okx) | | MEXC | US$2.39 bn | US$2.53 bn | -US$137 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/mexc](https://stablescan.achivx.com/entity/mexc) | | KuCoin | US$4.00 bn | US$4.09 bn | -US$94.1 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/kucoin](https://stablescan.achivx.com/entity/kucoin) | | Bitfinex | US$12.9 bn | US$12.9 bn | -US$15.8 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/bitfinex](https://stablescan.achivx.com/entity/bitfinex) | | Gate | US$664 m | US$706 m | -US$42.0 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/gate](https://stablescan.achivx.com/entity/gate) | CoinEx: coverage is thin (30-day inflow under US$50 m in the wallets the scanner can attribute), so its holdings and flows are not shown. HTX: coverage is thin (30-day inflow under US$50 m in the wallets the scanner can attribute), so its holdings and flows are not shown. ## Flows, 7 days | Name | Inflow | Outflow | Netflow | Window | Scanner build | Source | |---|---|---|---|---|---|---| | Bybit | US$3.26 bn | US$3.39 bn | -US$135 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/bybit](https://stablescan.achivx.com/entity/bybit) | | OKX | US$4.74 bn | US$5.02 bn | -US$280 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/okx](https://stablescan.achivx.com/entity/okx) | | MEXC | US$581 m | US$686 m | -US$104 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/mexc](https://stablescan.achivx.com/entity/mexc) | | KuCoin | US$1.08 bn | US$1.05 bn | US$33.8 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/kucoin](https://stablescan.achivx.com/entity/kucoin) | | Bitfinex | US$4.33 bn | US$4.57 bn | -US$236 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/bitfinex](https://stablescan.achivx.com/entity/bitfinex) | | Gate | US$664 m | US$694 m | -US$29.8 m | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/gate](https://stablescan.achivx.com/entity/gate) | CoinEx: coverage is thin (30-day inflow under US$50 m in the wallets the scanner can attribute), so its holdings and flows are not shown. HTX: coverage is thin (30-day inflow under US$50 m in the wallets the scanner can attribute), so its holdings and flows are not shown. ## Coverage notes - Bitfinex: flagged partial by the scanner (flow window incomplete). - Bybit: flagged partial by the scanner (flow window incomplete). - CoinEx: flagged partial by the scanner (flow window incomplete). - Gate: flagged partial by the scanner (flow window incomplete). - HTX: flagged partial by the scanner (flow window incomplete). - KuCoin: flagged partial by the scanner (flow window incomplete). - MEXC: flagged partial by the scanner (flow window incomplete). - OKX: flagged partial by the scanner (flow window incomplete; balances read on part of its own wallets only) (1,110 of 314,174 read). ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/exchanges/bitfinex/ - https://revain.org/exchanges/bybit/ - https://revain.org/exchanges/coinex/ - https://revain.org/exchanges/gateio/ - https://revain.org/exchanges/huobi/ - https://revain.org/exchanges/kucoin/ - https://revain.org/exchanges/mxc/ - https://revain.org/exchanges/okex/ ## Sources - https://stablescan.achivx.com/entity/bitfinex - https://stablescan.achivx.com/entity/bybit - https://stablescan.achivx.com/entity/gate - https://stablescan.achivx.com/entity/kucoin - https://stablescan.achivx.com/entity/mexc - https://stablescan.achivx.com/entity/okx # Stablecoin freezes and seizures by issuer Issuer freeze, unfreeze and seize acts for the 11 stablecoins the scanner covers, from its 30-day ledger, with seized US dollar totals and the latest acts. Canonical: https://achivx.org/data/freezes-and-seizures/ Updated: 2026-11-02 As of: 2026-10-31 This page counts the freeze, unfreeze and seize acts that stablecoin issuers carried out on-chain, as indexed by the Stablecoin Scanner (ACHIVX). In its 30-day ledger the scanner lists 675 acts across the coins below. ## Issuer acts, 30 days | Coin | Freeze acts | Unfreeze acts | Seize acts | Seized | Addresses | Networks indexed | Window | Scanner build | Source | |---|---|---|---|---|---|---|---|---|---| | FDUSD | 6 | 0 | 0 | US$0 | 6 | BNB Chain | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | PYUSD | 4 | 0 | 0 | US$0 | 3 | Ethereum, Arbitrum | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | TUSD | 0 | 0 | 0 | US$0 | 0 | BNB Chain | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | | USD1 | 7 | 0 | 0 | US$0 | 5 | Ethereum, BNB Chain, Tron | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | USDC | 65 | 0 | 0 | US$0 | 35 | Ethereum, Optimism, Base, Arbitrum | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | USDC.e | 0 | 0 | 0 | US$0 | 0 | Optimism, Arbitrum | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | USDT | 520 | 19 | 52 | US$8.07 m | 519 | Ethereum, Tron | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | USDT0 | 1 | 1 | 0 | US$0 | 1 | Optimism, Arbitrum | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | The scanner indexes no issuer acts for DAI, USDe and USDS, so they have no row. The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. This is telemetry, not legal advice. ## Latest issuer acts The ten most recent acts across the coins above, newest first, as listed by the scanner. | Date | Coin | Network | Act | Scanner page | |---|---|---|---|---| | 31 October 2026 | USDC | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x1f9bac88d8837222dd73b69112369c7598790ef902af3afc217a09f3ab60db3c](https://stablescan.achivx.com/ethereum/freeze/0x1f9bac88d8837222dd73b69112369c7598790ef902af3afc217a09f3ab60db3c) | | 31 October 2026 | USDC | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x1948c56382f7b889b54a1a90588253064944359017c00d5f1032c7bf5e9a3921](https://stablescan.achivx.com/ethereum/freeze/0x1948c56382f7b889b54a1a90588253064944359017c00d5f1032c7bf5e9a3921) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/c75a653acfe355ddf5e81cf51549ff70fe6d3c5432a648234cb490733a83683d](https://stablescan.achivx.com/tron/freeze/c75a653acfe355ddf5e81cf51549ff70fe6d3c5432a648234cb490733a83683d) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/837362171f841be7a5835686ebc2ce5d8095a5abe63fa01730c99d58ee4c68b6](https://stablescan.achivx.com/tron/freeze/837362171f841be7a5835686ebc2ce5d8095a5abe63fa01730c99d58ee4c68b6) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/31f2094e063c3f6a2a8754000ec3c9c2dd99271c048c7587c66e3e20be10244c](https://stablescan.achivx.com/tron/freeze/31f2094e063c3f6a2a8754000ec3c9c2dd99271c048c7587c66e3e20be10244c) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/9b80c6bc841a39dff6a0c4e2de828d0a4c99cc2980bae5cabb03ccb3b16f0fa1](https://stablescan.achivx.com/tron/freeze/9b80c6bc841a39dff6a0c4e2de828d0a4c99cc2980bae5cabb03ccb3b16f0fa1) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/8f433c9d2fa7f279858dafbc5c1d1ed805e9eb5389bb302bfcb3b5c63515a8be](https://stablescan.achivx.com/tron/freeze/8f433c9d2fa7f279858dafbc5c1d1ed805e9eb5389bb302bfcb3b5c63515a8be) | | 30 October 2026 | USDC | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x884b83c4ed4ddb0a33cb4977df7d9aa1b94ac14f8b7218680824955337fadb1c](https://stablescan.achivx.com/ethereum/freeze/0x884b83c4ed4ddb0a33cb4977df7d9aa1b94ac14f8b7218680824955337fadb1c) | | 30 October 2026 | USDC | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0xc38c0e3a2d68d0599c42024f64d6d522834c91f4458e2fa58363c79d4c0b3d24](https://stablescan.achivx.com/ethereum/freeze/0xc38c0e3a2d68d0599c42024f64d6d522834c91f4458e2fa58363c79d4c0b3d24) | | 30 October 2026 | USD1 | Tron | freeze | [stablescan.achivx.com/tron/freeze/e5826065f1d073cf51d008537a7cec9671c515c62e194faf544210ea42ce21ad](https://stablescan.achivx.com/tron/freeze/e5826065f1d073cf51d008537a7cec9671c515c62e194faf544210ea42ce21ad) | ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Issuer acts come from the scanner's live freeze ledger, which has no build date; the window is the scanner's 30-day month block. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## Sources - https://stablescan.achivx.com/arbitrum/freezes - https://stablescan.achivx.com/base/freezes - https://stablescan.achivx.com/bnb-chain/freezes - https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd - https://stablescan.achivx.com/bnb-chain/stablecoin/tusd - https://stablescan.achivx.com/ethereum/freezes - https://stablescan.achivx.com/optimism/freezes - https://stablescan.achivx.com/optimism/stablecoin/usdc-e - https://stablescan.achivx.com/optimism/stablecoin/usdt0 - https://stablescan.achivx.com/pyusd-explorer - https://stablescan.achivx.com/tron/freezes - https://stablescan.achivx.com/usd1-explorer - https://stablescan.achivx.com/usdc-explorer - https://stablescan.achivx.com/usdt-explorer # Stablecoin data Dated on-chain stablecoin datasets from the Stablecoin Scanner (ACHIVX): monthly report, organic settlement, issuance, freezes, exchanges and bridges, as of 31 October 2026. Canonical: https://achivx.org/data/ Updated: 2026-11-01 As of: 2026-10-31 Dated stablecoin figures measured on-chain by the Stablecoin Scanner (ACHIVX), for the 30 days to 31 October 2026. The monthly report has JSON and CSV files; all data is free to reuse under CC BY 4.0. ## Datasets - [Stablecoin transparency report, October 2026](/data/report-2026-10/): Monthly on-chain stablecoin report for the 30 days to 31 October 2026: organic settlement by network, mint and burn per coin, issuer freezes and exchange netflow, with JSON and CSV. - [Organic stablecoin settlement by network](/data/organic-settlement/): Organic stablecoin settlement volume and transfer count per network for 7 and 30 days to 31 October 2026, all stablecoins together, from the Stablecoin Scanner (ACHIVX). - [Stablecoin mint and burn: net issuance, 30 days](/data/issuance/): Minted, burned and net issuance per stablecoin on the scanner's networks in the 30 days to 31 October 2026, from the Stablecoin Scanner (ACHIVX). - [Stablecoin freezes and seizures by issuer](/data/freezes-and-seizures/): Issuer freeze, unfreeze and seize acts for the 11 stablecoins the scanner covers, from its 30-day ledger, with seized US dollar totals and the latest acts. - [Exchange stablecoin holdings and netflow](/data/exchanges/): Stablecoins held in the on-chain wallets of 8 exchanges on 31 October 2026, with 7-day and 30-day inflow, outflow and netflow, from the Stablecoin Scanner (ACHIVX). - [Bridge stablecoin holdings and flows](/data/bridges/): Stablecoins locked in the contracts of 4 bridges (Across, deBridge, Mayan, Stargate) on 31 October 2026, with 7-day and 30-day flows, from the Stablecoin Scanner (ACHIVX). Data cards per coin are under [Stablecoins](/stablecoins/). ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## Sources - https://stablescan.achivx.com/ # Stablecoin mint and burn: net issuance, 30 days Minted, burned and net issuance per stablecoin on the scanner's networks in the 30 days to 31 October 2026, from the Stablecoin Scanner (ACHIVX). Canonical: https://achivx.org/data/issuance/ Updated: 2026-11-01 As of: 2026-10-31 This page shows how much of each stablecoin was minted and burned on-chain in the 30 days to 31 October 2026, and the net change. Per-network figures are on each coin's [data card](/stablecoins/). ## Mint and burn per coin | Coin | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | DAI | US$60.9 bn | US$60.9 bn | -US$40.1 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/dai-explorer](https://stablescan.achivx.com/dai-explorer) | | FDUSD | US$0 | US$466,795 | -US$466,795 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | PYUSD | US$1.29 bn | US$1.28 bn | US$9.34 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | USD1 | US$30.9 m | US$566 m | -US$535 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | USDC | US$33.8 bn | US$35.3 bn | -US$1.52 bn | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | USDC.e | US$4.45 m | US$8.75 m | -US$4.30 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | USDe | US$481 m | US$908 m | -US$427 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usde-explorer](https://stablescan.achivx.com/usde-explorer) | | USDS | US$14.5 bn | US$14.9 bn | -US$401 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usds-explorer](https://stablescan.achivx.com/usds-explorer) | | USDT | US$170 m | US$308 m | -US$139 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | USDT0 | US$287 m | US$318 m | -US$30.9 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | The scanner gives no issuance figure for TUSD in this window, so there is no row. These are the mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. Net issuance is minted minus burned; a negative figure means more was burned than minted. ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## Sources - https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd - https://stablescan.achivx.com/dai-explorer - https://stablescan.achivx.com/optimism/stablecoin/usdc-e - https://stablescan.achivx.com/optimism/stablecoin/usdt0 - https://stablescan.achivx.com/pyusd-explorer - https://stablescan.achivx.com/usd1-explorer - https://stablescan.achivx.com/usdc-explorer - https://stablescan.achivx.com/usde-explorer - https://stablescan.achivx.com/usds-explorer - https://stablescan.achivx.com/usdt-explorer # Organic stablecoin settlement by network Organic stablecoin settlement volume and transfer count per network for 7 and 30 days to 31 October 2026, all stablecoins together, from the Stablecoin Scanner (ACHIVX). Canonical: https://achivx.org/data/organic-settlement/ Updated: 2026-11-01 As of: 2026-10-31 This page shows the organic stablecoin settlement on each network the scanner covers: the volume and number of transfers left after the scanner removes round trips and bot churn. Every figure is for all stablecoins on that network together, not for one coin. ## Organic settlement, 30 days | Scope | Organic volume | Organic transfers | Filtered out as inorganic | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All stablecoins on Tron | US$528 bn | 43,994,863 | 28.99% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/tron](https://stablescan.achivx.com/tron) | | All stablecoins on Ethereum | US$502 bn | 22,235,214 | 74.37% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum](https://stablescan.achivx.com/ethereum) | | All stablecoins on Base | US$115 bn | 59,923,998 | 95.95% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base](https://stablescan.achivx.com/base) | | All stablecoins on Optimism | US$99.1 bn | 10,529,301 | 59.08% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism](https://stablescan.achivx.com/optimism) | | All stablecoins on BNB Chain | US$77.0 bn | 248,693,610 | 97.92% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain](https://stablescan.achivx.com/bnb-chain) | | All stablecoins on Arbitrum | US$17.2 bn | 26,516,956 | 62.58% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum](https://stablescan.achivx.com/arbitrum) | Solana: no organic figure, because the scanner does not measure organic settlement on this network. ## Organic settlement, 7 days | Scope | Organic volume | Organic transfers | Filtered out as inorganic | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All stablecoins on Tron | US$119 bn | 9,442,574 | 32.10% | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/tron](https://stablescan.achivx.com/tron) | | All stablecoins on Ethereum | US$86.9 bn | 4,913,947 | 78.25% | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum](https://stablescan.achivx.com/ethereum) | | All stablecoins on Base | US$39.6 bn | 15,405,391 | 77.43% | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base](https://stablescan.achivx.com/base) | | All stablecoins on BNB Chain | US$13.5 bn | 40,180,076 | 68.83% | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain](https://stablescan.achivx.com/bnb-chain) | | All stablecoins on Arbitrum | US$4.04 bn | 5,964,381 | 68.42% | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum](https://stablescan.achivx.com/arbitrum) | | All stablecoins on Optimism | US$2.44 bn | 1,435,630 | 27.49% | 7 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism](https://stablescan.achivx.com/optimism) | Solana: no organic figure, because the scanner does not measure organic settlement on this network. Each row is all stablecoins on that network together; the scanner publishes no organic figure for a single coin. "Filtered out as inorganic" is the share of settled volume the scanner removed as round trips and bot churn. ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## Sources - https://stablescan.achivx.com/arbitrum - https://stablescan.achivx.com/base - https://stablescan.achivx.com/bnb-chain - https://stablescan.achivx.com/ethereum - https://stablescan.achivx.com/optimism - https://stablescan.achivx.com/tron # Stablecoin transparency report, October 2026 Monthly on-chain stablecoin report for the 30 days to 31 October 2026: organic settlement by network, mint and burn per coin, issuer freezes and exchange netflow, with JSON and CSV. Canonical: https://achivx.org/data/report-2026-10/ Updated: 2026-11-02 As of: 2026-10-31 This report collects the main on-chain stablecoin figures for the 30 days to 31 October 2026, measured by the Stablecoin Scanner (ACHIVX). Every figure is also in the JSON and CSV files below, with its window, build date and scanner page. ## Organic settlement by network, 30 days | Scope | Organic volume | Organic transfers | Filtered out as inorganic | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All stablecoins on Tron | US$528 bn | 43,994,863 | 28.99% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/tron](https://stablescan.achivx.com/tron) | | All stablecoins on Ethereum | US$502 bn | 22,235,214 | 74.37% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum](https://stablescan.achivx.com/ethereum) | | All stablecoins on Base | US$115 bn | 59,923,998 | 95.95% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base](https://stablescan.achivx.com/base) | | All stablecoins on Optimism | US$99.1 bn | 10,529,301 | 59.08% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism](https://stablescan.achivx.com/optimism) | | All stablecoins on BNB Chain | US$77.0 bn | 248,693,610 | 97.92% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain](https://stablescan.achivx.com/bnb-chain) | | All stablecoins on Arbitrum | US$17.2 bn | 26,516,956 | 62.58% | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum](https://stablescan.achivx.com/arbitrum) | Solana: no organic figure, because the scanner does not measure organic settlement on this network. Each row is all stablecoins on that network together; the scanner publishes no organic figure for a single coin. "Filtered out as inorganic" is the share of settled volume the scanner removed as round trips and bot churn. ## Mint and burn per coin, 30 days | Coin | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | DAI | US$60.9 bn | US$60.9 bn | -US$40.1 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/dai-explorer](https://stablescan.achivx.com/dai-explorer) | | FDUSD | US$0 | US$466,795 | -US$466,795 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | PYUSD | US$1.29 bn | US$1.28 bn | US$9.34 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | USD1 | US$30.9 m | US$566 m | -US$535 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | USDC | US$33.8 bn | US$35.3 bn | -US$1.52 bn | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | USDC.e | US$4.45 m | US$8.75 m | -US$4.30 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | USDe | US$481 m | US$908 m | -US$427 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usde-explorer](https://stablescan.achivx.com/usde-explorer) | | USDS | US$14.5 bn | US$14.9 bn | -US$401 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usds-explorer](https://stablescan.achivx.com/usds-explorer) | | USDT | US$170 m | US$308 m | -US$139 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | USDT0 | US$287 m | US$318 m | -US$30.9 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | The scanner gives no issuance figure for TUSD in this window, so there is no row. These are the mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. Net issuance is minted minus burned; a negative figure means more was burned than minted. ## Issuer freezes and seizures | Coin | Freeze acts | Unfreeze acts | Seize acts | Seized | Addresses | Networks indexed | Window | Scanner build | Source | |---|---|---|---|---|---|---|---|---|---| | FDUSD | 6 | 0 | 0 | US$0 | 6 | BNB Chain | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | PYUSD | 4 | 0 | 0 | US$0 | 3 | Ethereum, Arbitrum | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | TUSD | 0 | 0 | 0 | US$0 | 0 | BNB Chain | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | | USD1 | 7 | 0 | 0 | US$0 | 5 | Ethereum, BNB Chain, Tron | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | USDC | 65 | 0 | 0 | US$0 | 35 | Ethereum, Optimism, Base, Arbitrum | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | USDC.e | 0 | 0 | 0 | US$0 | 0 | Optimism, Arbitrum | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | USDT | 520 | 19 | 52 | US$8.07 m | 519 | Ethereum, Tron | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | USDT0 | 1 | 1 | 0 | US$0 | 1 | Optimism, Arbitrum | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | The scanner indexes no issuer acts for DAI, USDe and USDS, so they have no row. The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. This is telemetry, not legal advice. ### Latest issuer acts The ten most recent acts across the coins above, newest first, as listed by the scanner. | Date | Coin | Network | Act | Scanner page | |---|---|---|---|---| | 31 October 2026 | USDC | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x1f9bac88d8837222dd73b69112369c7598790ef902af3afc217a09f3ab60db3c](https://stablescan.achivx.com/ethereum/freeze/0x1f9bac88d8837222dd73b69112369c7598790ef902af3afc217a09f3ab60db3c) | | 31 October 2026 | USDC | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x1948c56382f7b889b54a1a90588253064944359017c00d5f1032c7bf5e9a3921](https://stablescan.achivx.com/ethereum/freeze/0x1948c56382f7b889b54a1a90588253064944359017c00d5f1032c7bf5e9a3921) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/c75a653acfe355ddf5e81cf51549ff70fe6d3c5432a648234cb490733a83683d](https://stablescan.achivx.com/tron/freeze/c75a653acfe355ddf5e81cf51549ff70fe6d3c5432a648234cb490733a83683d) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/837362171f841be7a5835686ebc2ce5d8095a5abe63fa01730c99d58ee4c68b6](https://stablescan.achivx.com/tron/freeze/837362171f841be7a5835686ebc2ce5d8095a5abe63fa01730c99d58ee4c68b6) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/31f2094e063c3f6a2a8754000ec3c9c2dd99271c048c7587c66e3e20be10244c](https://stablescan.achivx.com/tron/freeze/31f2094e063c3f6a2a8754000ec3c9c2dd99271c048c7587c66e3e20be10244c) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/9b80c6bc841a39dff6a0c4e2de828d0a4c99cc2980bae5cabb03ccb3b16f0fa1](https://stablescan.achivx.com/tron/freeze/9b80c6bc841a39dff6a0c4e2de828d0a4c99cc2980bae5cabb03ccb3b16f0fa1) | | 30 October 2026 | USDT | Tron | freeze | [stablescan.achivx.com/tron/freeze/8f433c9d2fa7f279858dafbc5c1d1ed805e9eb5389bb302bfcb3b5c63515a8be](https://stablescan.achivx.com/tron/freeze/8f433c9d2fa7f279858dafbc5c1d1ed805e9eb5389bb302bfcb3b5c63515a8be) | | 30 October 2026 | USDC | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x884b83c4ed4ddb0a33cb4977df7d9aa1b94ac14f8b7218680824955337fadb1c](https://stablescan.achivx.com/ethereum/freeze/0x884b83c4ed4ddb0a33cb4977df7d9aa1b94ac14f8b7218680824955337fadb1c) | | 30 October 2026 | USDC | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0xc38c0e3a2d68d0599c42024f64d6d522834c91f4458e2fa58363c79d4c0b3d24](https://stablescan.achivx.com/ethereum/freeze/0xc38c0e3a2d68d0599c42024f64d6d522834c91f4458e2fa58363c79d4c0b3d24) | | 30 October 2026 | USD1 | Tron | freeze | [stablescan.achivx.com/tron/freeze/e5826065f1d073cf51d008537a7cec9671c515c62e194faf544210ea42ce21ad](https://stablescan.achivx.com/tron/freeze/e5826065f1d073cf51d008537a7cec9671c515c62e194faf544210ea42ce21ad) | ## Exchange netflow, 30 days Binance is not shown (as of 1 November 2026): a security incident it reported since 29 October 2026 is still open, and on-chain figures for it would be hard to read in that period. Its figures return here when the incident is closed. | Name | Inflow | Outflow | Netflow | Window | Scanner build | Source | |---|---|---|---|---|---|---| | Bybit | US$12.0 bn | US$12.4 bn | -US$377 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/bybit](https://stablescan.achivx.com/entity/bybit) | | OKX | US$17.1 bn | US$17.9 bn | -US$809 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/okx](https://stablescan.achivx.com/entity/okx) | | MEXC | US$2.39 bn | US$2.53 bn | -US$137 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/mexc](https://stablescan.achivx.com/entity/mexc) | | KuCoin | US$4.00 bn | US$4.09 bn | -US$94.1 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/kucoin](https://stablescan.achivx.com/entity/kucoin) | | Bitfinex | US$12.9 bn | US$12.9 bn | -US$15.8 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/bitfinex](https://stablescan.achivx.com/entity/bitfinex) | | Gate | US$664 m | US$706 m | -US$42.0 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/entity/gate](https://stablescan.achivx.com/entity/gate) | CoinEx: coverage is thin (30-day inflow under US$50 m in the wallets the scanner can attribute), so its holdings and flows are not shown. HTX: coverage is thin (30-day inflow under US$50 m in the wallets the scanner can attribute), so its holdings and flows are not shown. ### Coverage notes - Bitfinex: flagged partial by the scanner (flow window incomplete). - Bybit: flagged partial by the scanner (flow window incomplete). - CoinEx: flagged partial by the scanner (flow window incomplete). - Gate: flagged partial by the scanner (flow window incomplete). - HTX: flagged partial by the scanner (flow window incomplete). - KuCoin: flagged partial by the scanner (flow window incomplete). - MEXC: flagged partial by the scanner (flow window incomplete). - OKX: flagged partial by the scanner (flow window incomplete; balances read on part of its own wallets only) (1,110 of 314,174 read). ## Bridge flows, 30 days | Name | Inflow | Outflow | Netflow | Window | Scanner build | Source | |---|---|---|---|---|---|---| | Stargate | US$209 m | US$278 m | -US$68.4 m | 30 days to 31 October 2026 (27 of 30 days measured) | 1 November 2026 | [stablescan.achivx.com/entity/stargate](https://stablescan.achivx.com/entity/stargate) | | Across | US$415 m | US$415 m | -US$310,278 | 30 days to 31 October 2026 (27 of 30 days measured) | 1 November 2026 | [stablescan.achivx.com/entity/across](https://stablescan.achivx.com/entity/across) | | deBridge | US$531 m | US$531 m | -US$165,438 | 30 days to 31 October 2026 (27 of 30 days measured) | 1 November 2026 | [stablescan.achivx.com/entity/debridge](https://stablescan.achivx.com/entity/debridge) | | Mayan | US$362 m | US$426 m | -US$63.7 m | 30 days to 31 October 2026 (27 of 30 days measured) | 1 November 2026 | [stablescan.achivx.com/entity/mayan](https://stablescan.achivx.com/entity/mayan) | ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Data files: every figure on this page, one row each, with window, build date and source URL (CC BY 4.0). - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## Data (CC BY 4.0) - https://achivx.org/data/report-2026-10/data.json - https://achivx.org/data/report-2026-10/data.csv ## Sources - https://stablescan.achivx.com/arbitrum - https://stablescan.achivx.com/arbitrum/freezes - https://stablescan.achivx.com/base - https://stablescan.achivx.com/base/freezes - https://stablescan.achivx.com/bnb-chain - https://stablescan.achivx.com/bnb-chain/freezes - https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd - https://stablescan.achivx.com/bnb-chain/stablecoin/tusd - https://stablescan.achivx.com/dai-explorer - https://stablescan.achivx.com/entity/across - https://stablescan.achivx.com/entity/bitfinex - https://stablescan.achivx.com/entity/bybit - https://stablescan.achivx.com/entity/debridge - https://stablescan.achivx.com/entity/gate - https://stablescan.achivx.com/entity/kucoin - https://stablescan.achivx.com/entity/mayan - https://stablescan.achivx.com/entity/mexc - https://stablescan.achivx.com/entity/okx - https://stablescan.achivx.com/entity/stargate - https://stablescan.achivx.com/ethereum - https://stablescan.achivx.com/ethereum/freezes - https://stablescan.achivx.com/optimism - https://stablescan.achivx.com/optimism/freezes - https://stablescan.achivx.com/optimism/stablecoin/usdc-e - https://stablescan.achivx.com/optimism/stablecoin/usdt0 - https://stablescan.achivx.com/pyusd-explorer - https://stablescan.achivx.com/tron - https://stablescan.achivx.com/tron/freezes - https://stablescan.achivx.com/usd1-explorer - https://stablescan.achivx.com/usdc-explorer - https://stablescan.achivx.com/usde-explorer - https://stablescan.achivx.com/usds-explorer - https://stablescan.achivx.com/usdt-explorer # Address poisoning A scam that plants a lookalike address in a wallet's history so the owner later copies it and sends funds to the attacker. Canonical: https://achivx.org/glossary/address-poisoning/ Updated: 2026-11-01 Address poisoning is a scam in which an attacker creates an address that looks almost identical to one the victim has used and plants it in the victim's transaction history, for example by sending a tiny transaction from it, hoping the victim copies it by mistake and sends funds there. The ERC-20 standard requires zero-value transfers to be treated as normal transfers that fire the Transfer event. MetaMask tells users to check the middle characters of an address, not just the start and end. ## What the sources say | Source | Quote | Link | |---|---|---| | MetaMask support: definition | "Address poisoning is a scam where attackers send you a tiny transaction from an address that closely resembles one you've used before, hoping you'll copy it by mistake and send funds to them instead." | [support.metamask.io](https://support.metamask.io/stay-safe/protect-yourself/wallet-and-hardware/address-poisoning-scams) | | MetaMask support: check middle characters | "Always verify the destination address carefully before sending — pay particular attention to the middle characters, not just the start and end." | [support.metamask.io](https://support.metamask.io/stay-safe/protect-yourself/wallet-and-hardware/address-poisoning-scams) | | Trezor support: lookalike address planted in history | "Address poisoning, also called address spoofing, is a scam that tricks you into sending crypto to an attacker’s address. The attacker creates an address that looks almost identical to one you’ve used before and plants it in your transaction history, where it’s easy to copy by mistake." | [trezor.io](https://trezor.io/support/troubleshooting/coins-tokens/what-are-address-poisoning-attacks-and-how-to-avoid-them) | | EIP-20: zero-value transfers | "Transfers of 0 values MUST be treated as normal transfers and fire the Transfer event." | [eips.ethereum.org](https://eips.ethereum.org/EIPS/eip-20) | ## Where the sources differ The sources differ on the bait: MetaMask describes a tiny transaction, while other descriptions speak of zero-value transfers. No regulator or government source on this term was found; the sources are wallet makers' support pages and the EIP-20 text. ## Related terms - [Token approval (allowance)](/glossary/token-approval/) - [Token standard (ERC-20, TRC-20, SPL)](/glossary/token-standard/) - [Wallet label / attribution](/glossary/wallet-label/) ## See also - Explainer: [What is address poisoning, and why do zero-value transfers appear in my history?](https://achivx.com/academy/how-it-works/what-is-address-poisoning.html) Checked against the sources on 2026-11-01. ## Sources - https://support.metamask.io/stay-safe/protect-yourself/wallet-and-hardware/address-poisoning-scams - https://trezor.io/support/troubleshooting/coins-tokens/what-are-address-poisoning-attacks-and-how-to-avoid-them - https://eips.ethereum.org/EIPS/eip-20 # Asset-referenced token (ART, MiCA) MiCA's category for a crypto-asset, other than an e-money token, that references another value, right or combination, including official currencies. Canonical: https://achivx.org/glossary/asset-referenced-token/ Updated: 2026-11-01 An asset-referenced token (ART) is MiCA's category for a crypto-asset, other than an e-money token, that purports to keep a stable value by referencing another value, right or combination, including official currencies. Its issuer must be authorised under MiCA or be a qualifying credit institution to offer it to the public in the EU; other persons may offer it with the issuer's written consent. Holders have a right of redemption at all times against the issuer, and issuers may not grant interest. ESMA says CASPs should not serve non-compliant ARTs or EMTs. ## What the sources say | Source | Quote | Link | |---|---|---| | MiCA Art. 3(1)(6): definition | "‘asset-referenced token’ means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 16(1): who may offer an ART | "A person shall not make an offer to the public, or seek the admission to trading, of an asset-referenced token, within the Union, unless that person is the issuer of that asset-referenced token and is: (a) a legal person or other undertaking that is established in the Union and has been authorised in accordance with Article 21 by the competent authority of its home Member State; or (b) a credit institution that complies with Article 17." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 39(1): right of redemption | "Holders of asset-referenced tokens shall have a right of redemption at all times against the issuers of the asset-referenced tokens, and in respect of the reserve assets when issuers are not able to meet their obligations as referred to in Chapter 6 of this Title." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 40(1): no interest | "Issuers of asset-referenced tokens shall not grant interest in relation to asset-referenced tokens." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | ESMA opinion (October 2026), para 12 | "ESMA considers that CASPs should not provide crypto-asset services in relation to ARTs or EMTs that are not compliant with the applicable requirements under MiCA (non-MiCA compliant ARTs or EMTs)." | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf) | | MiCA ES Art. 3(1)(6): Spanish term | "«ficha referenciada a activos»: un tipo de criptoactivo que no es una ficha de dinero electrónico" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1) | | MiCA PT Art. 3(1)(6): Portuguese term | "«Criptoficha referenciada a ativos», um tipo de criptoativo que não é uma criptoficha de moeda eletrónica" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1) | | MiCA Art. 16(1), second subparagraph: offer with the issuer's written consent | "Notwithstanding the first subparagraph, upon the written consent of the issuer of an asset-referenced token, other persons may offer to the public or seek the admission to trading of that asset-referenced token." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | ## Related terms - [E-money token (EMT, MiCA)](/glossary/e-money-token/) - [CASP (MiCA)](/glossary/casp/) - [Stablecoin](/glossary/stablecoin/) - [Redemption](/glossary/redemption/) - [Reserve / reserve assets](/glossary/reserve-assets/) Checked against the sources on 2026-11-01. ## Sources - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1 - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1 # Blacklist (issuer blacklist) The on-chain list of addresses an issuer's contract blocks from moving its stablecoin. Canonical: https://achivx.org/glossary/blacklist/ Updated: 2026-11-01 An issuer blacklist is the set of addresses that a stablecoin contract blocks from moving tokens. Circle's USDC contract has a 'blacklister' role and checks the list on transfers, for both sender and recipient, and on mints. Tether's USDT Ethereum contract keeps an isBlackListed mapping that only the owner can change. Tether's terms list 'blacklisting any Digital Tokens Address which holds Tether Tokens' among sanctions for prohibited use; Circle's terms call such addresses 'Blocked Addresses'. ## What the sources say | Source | Quote | Link | |---|---|---| | Circle Blacklistable.sol: role | "@dev Allows accounts to be blacklisted by a "blacklister" role" | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/Blacklistable.sol) | | Circle FiatTokenV1.sol: transfer checks sender and recipient | "function transfer(address to, uint256 value) external virtual override whenNotPaused notBlacklisted(msg.sender) notBlacklisted(to)" | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | Circle FiatTokenV1.sol: mint checks the list | "onlyMinters notBlacklisted(msg.sender) notBlacklisted(_to)" | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | TetherToken source: isBlackListed mapping and owner-only change | "mapping (address => bool) public isBlackListed; function addBlackList (address _evilUser) public onlyOwner {" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | Tether terms: blacklisting as a sanction | "blacklisting any Digital Tokens Address which holds Tether Tokens" | [tether.to](https://tether.to/en/legal/) | | Circle USDC terms: Blocked Addresses | "Circle reserves the right to “block” certain USDC addresses" | [circle.com](https://www.circle.com/legal/usdc-terms) | ## Related terms - [Freeze (address freeze)](/glossary/freeze/) - [Unfreeze](/glossary/unfreeze/) - [Seizure](/glossary/seizure/) - [OFAC SDN list](/glossary/ofac-sdn-list/) ## See also - Data: [Stablecoin freezes and seizures by issuer](/data/freezes-and-seizures/) - Explainer: [Which stablecoins can be frozen, and by whom?](https://achivx.com/academy/how-it-works/which-stablecoins-can-be-frozen.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/gho/](https://revain.org/coins/gho/) - Review: [revain.org/coins/dai/](https://revain.org/coins/dai/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/gho/ - https://revain.org/coins/dai/ ## Sources - https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/Blacklistable.sol - https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol - https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code - https://tether.to/en/legal/ - https://www.circle.com/legal/usdc-terms # Bridge / bridge crossing A system that moves tokens or messages between blockchains, e.g. by lock-and-mint, burn-and-mint or atomic swaps. Canonical: https://achivx.org/glossary/bridge/ Updated: 2026-11-01 A blockchain bridge connects two blockchains so that information and assets can move between them. ethereum.org says three ways stand out: lock assets on the source chain and mint on the destination, burn on the source and mint on the destination, or swap assets with another party atomically. Trusted bridges rely on an external set of verifiers, while trustless bridges rely on the connected chains and their validators. Circle's CCTP moves USDC across chains by burn-and-mint without bridge liquidity pools. ## What the sources say | Source | Quote | Link | |---|---|---| | ethereum.org: what bridges are | "Just as a physical bridge connects two physical locations, a blockchain bridge connects two blockchain ecosystems. Bridges facilitate communication between blockchains through the transfer of information and assets." | [ethereum.org](https://ethereum.org/bridges/) | | ethereum.org developers: three methods | "Lock and mint – Lock assets on the source chain and mint assets on the destination chain. Burn and mint – Burn assets on the source chain and mint assets on the destination chain. Atomic swaps – Swap assets on the source chain for assets on the destination chain with another party." | [ethereum.org](https://ethereum.org/developers/docs/bridges/) | | ethereum.org developers: trusted bridges | "Trusted – Trusted bridges are externally verified. They use an external set of verifiers (Federations with multi-sig, multi-party computation systems, oracle network) to send data across chains." | [ethereum.org](https://ethereum.org/developers/docs/bridges/) | | ethereum.org developers: trustless bridges | "Trustless – These bridges rely on the blockchains they are connecting and their validators to transfer messages and tokens." | [ethereum.org](https://ethereum.org/developers/docs/bridges/) | | Circle CCTP docs: burn-and-mint | "CCTP natively transfers USDC across blockchains using burn-and-mint, and extends to EURC and registered third-party assets through CCTP for non-USDC, all without traditional bridge liquidity pools." | [developers.circle.com](https://developers.circle.com/cctp) | | ethereum.org developers: three ways stand out | "While there are many types of bridge designs (opens in a new tab), three ways to facilitate the cross-chain transfer of assets stand out:" | [ethereum.org](https://ethereum.org/developers/docs/bridges/) | ## Related terms - [Bridged stablecoin (USDC.e)](/glossary/bridged-stablecoin/) - [Omnichain token (USDT0)](/glossary/omnichain-token/) - [Legacy Mesh](/glossary/legacy-mesh/) - [Finality](/glossary/finality/) ## See also - Explainer: [What is a bridge crossing, and why is it two transactions?](https://achivx.com/academy/how-it-works/what-is-a-bridge-crossing.html) - Review: [revain.org/projects/across/](https://revain.org/projects/across/) - Review: [revain.org/projects/debridge/](https://revain.org/projects/debridge/) - Review: [revain.org/projects/stargate/](https://revain.org/projects/stargate/) - Review: [revain.org/projects/mayan/](https://revain.org/projects/mayan/) - Review: [revain.org/projects/wormhole/](https://revain.org/projects/wormhole/) - Review: [revain.org/projects/layerzero/](https://revain.org/projects/layerzero/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/projects/across/ - https://revain.org/projects/debridge/ - https://revain.org/projects/stargate/ - https://revain.org/projects/mayan/ - https://revain.org/projects/wormhole/ - https://revain.org/projects/layerzero/ ## Sources - https://ethereum.org/bridges/ - https://ethereum.org/developers/docs/bridges/ - https://developers.circle.com/cctp # Bridged stablecoin (USDC.e) Working definition: a stablecoin copy on another chain, backed by originals locked in a contract, not issued by the issuer. Canonical: https://achivx.org/glossary/bridged-stablecoin/ Updated: 2026-11-01 A bridged stablecoin (working definition) is a version of a stablecoin on another blockchain, backed by the original tokens locked in a smart contract, rather than one issued by the stablecoin's issuer. Circle says bridged USDC is unofficial and neither issued nor redeemable by Circle; on Arbitrum the form bridged from Ethereum is called USDC.e. Circle's Bridged USDC Standard gives Circle the option, but not the obligation, to upgrade such a token to native USDC later. ## What the sources say | Source | Quote | Link | |---|---|---| | Circle blog: bridged USDC unofficial | "While bridged USDC is unofficial and not issued nor redeemable by Circle" | [circle.com](https://www.circle.com/blog/bridged-usdc-standard) | | Circle blog: backing of bridged USDC | "Backed by USDC on another blockchain locked in a smart contract" | [circle.com](https://www.circle.com/blog/bridged-usdc-standard) | | Circle blog: USDC.e on Arbitrum | "In the case of Arbitrum, there also exists a “bridged” form of USDC, known as USDC.e, that’s been bridged from Ethereum. USDC.e is not issued by Circle." | [circle.com](https://www.circle.com/blog/arbitrum-usdc-now-available) | | Circle Bridged USDC page: option, not obligation | "Bridged USDC Standard grants Circle the option, but not the obligation, to obtain ownership of the token contract and upgrade to native USDC." | [circle.com](https://www.circle.com/bridged-usdc) | ## Related terms - [Bridge / bridge crossing](/glossary/bridge/) - [Omnichain token (USDT0)](/glossary/omnichain-token/) - [Wrong network transfer](/glossary/wrong-network-transfer/) - [Issuer](/glossary/issuer/) ## See also - Data: [Bridge stablecoin holdings and flows](/data/bridges/) - Explainer: [What are USDT0 and USDC.e — are they the same as USDT and USDC?](https://achivx.com/academy/how-it-works/what-is-usdt0-or-usdce.html) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usdt0/](https://revain.org/coins/usdt0/) - Review: [revain.org/projects/arbitrum/](https://revain.org/projects/arbitrum/) - Review: [revain.org/projects/stargate/](https://revain.org/projects/stargate/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdc/ - https://revain.org/coins/usdt0/ - https://revain.org/projects/arbitrum/ - https://revain.org/projects/stargate/ ## Sources - https://www.circle.com/blog/bridged-usdc-standard - https://www.circle.com/blog/arbitrum-usdc-now-available - https://www.circle.com/bridged-usdc # Burn Removing stablecoin units from circulation, which lowers total supply; in the USDC and USDT contracts only the issuer's minter or owner role can do it. Canonical: https://achivx.org/glossary/burn/ Updated: 2026-11-01 To burn is to remove stablecoin units from circulation, which lowers the token's total supply. In Circle's USDC contract a minter can burn tokens it holds, and the burn subtracts from total supply. Tether's USDT contract on Ethereum calls this redeem: an owner-only function that withdraws tokens from the owner address and lowers total supply. The GENIUS Act lists 'burn' with seize and freeze among actions a lawful order may require of an issuer. ## What the sources say | Source | Quote | Link | |---|---|---| | Circle FiatTokenV1.sol: burn | "@notice Allows a minter to burn some of its own tokens." | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | Circle FiatTokenV1.sol: burn lowers totalSupply | "totalSupply_ = totalSupply_.sub(_amount); _setBalance(msg.sender, balance.sub(_amount)); emit Burn(msg.sender, _amount);" | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | TetherToken source on Etherscan: redeem | "// Redeem tokens. // These tokens are withdrawn from the owner address" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | TetherToken source: redeem lowers total supply | "_totalSupply -= amount; balances[owner] -= amount; Redeem(amount);" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | GENIUS Act, sec. 2(16): lawful order | "requires a person to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the person" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | ## Related terms - [Mint](/glossary/mint/) - [Net issuance](/glossary/net-issuance/) - [Redemption](/glossary/redemption/) - [Seizure](/glossary/seizure/) ## See also - Data: [Stablecoin mint and burn: net issuance](/data/issuance/) - Explainer: [What is a mint or a burn, and why isn't it a payment?](https://achivx.com/academy/how-it-works/what-is-a-mint-or-burn.html) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdc/ - https://revain.org/coins/usdt/ ## Sources - https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol - https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm # CASP (MiCA) MiCA's term for a firm authorised to provide crypto-asset services such as custody, trading platforms or exchange in the EU. Canonical: https://achivx.org/glossary/casp/ Updated: 2026-11-01 A crypto-asset service provider (CASP) is MiCA's term for a legal person or other undertaking whose business is providing crypto-asset services to clients on a professional basis and that is allowed to do so under Article 59. The services include custody and administration for clients, operating a trading platform, exchanging crypto-assets for funds or for other crypto-assets, and executing orders for clients. In the EU, only authorised CASPs and listed financial firms such as credit institutions may provide them. ## What the sources say | Source | Quote | Link | |---|---|---| | MiCA Art. 3(1)(15): definition | "‘crypto-asset service provider’ means a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 3(1)(16): list of services (first items) | "‘crypto-asset service’ means any of the following services and activities relating to any crypto-asset: (a) providing custody and administration of crypto-assets on behalf of clients; (b) operation of a trading platform for crypto-assets; (c) exchange of crypto-assets for funds; (d) exchange of crypto-assets for other crypto-assets; (e) execution of orders for crypto-assets on behalf of clients;" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 59(1): who may provide services | "A person shall not provide crypto-asset services, within the Union, unless that person is: (a) a legal person or other undertaking that has been authorised as crypto-asset service provider in accordance with Article 63; or (b) a credit institution, central securities depository, investment firm, market operator, electronic money institution, UCITS management company, or an alternative investment fund manager that is allowed to provide crypto-asset services pursuant to Article 60." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA ES Art. 3(1)(15): Spanish term | "«proveedor de servicios de criptoactivos»: una persona jurídica u otra empresa cuya actividad o negocio consiste en la prestación profesional de uno o varios servicios de criptoactivos a clientes" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1) | | MiCA PT Art. 3(1)(15): Portuguese term | "«Prestador de serviços de criptoativos», uma pessoa coletiva ou outra empresa" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1) | | Türkiye Law 7518 (Capital Markets Law amendment): Turkish term | "Kripto varlık hizmet sağlayıcı: Platformları, kripto varlık saklama hizmeti sağlayan kuruluşları" | [resmigazete.gov.tr](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm) | ## Related terms - [VASP](/glossary/vasp/) - [Custody (custodial / self-custody)](/glossary/custody/) - [E-money token (EMT, MiCA)](/glossary/e-money-token/) - [Asset-referenced token (ART, MiCA)](/glossary/asset-referenced-token/) - [Travel Rule](/glossary/travel-rule/) - [KYC / AML](/glossary/kyc-aml/) ## See also - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/rlusd/](https://revain.org/coins/rlusd/) - Review: [revain.org/coins/tusd/](https://revain.org/coins/tusd/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/rlusd/ - https://revain.org/coins/tusd/ ## Sources - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1 - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1 - https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm # CBDC Digital money issued by a central bank as its own direct liability, for banks only (wholesale) or for the public (retail). Canonical: https://achivx.org/glossary/cbdc/ Updated: 2026-11-01 A central bank digital currency (CBDC) is digital money, denominated in the national unit of account, that is a direct liability of the central bank. The BIS separates wholesale CBDCs, for financial intermediaries only, from retail CBDCs for the wider economy. The Bank of Russia describes the digital ruble as a new form of the national currency that it issues, equal to cash and non-cash roubles. Brazil's central bank describes Drex as its central bank digital currency project. ## What the sources say | Source | Quote | Link | |---|---|---| | BIS Annual Economic Report 2021, ch. III: definition | "CBDCs are a form of digital money, denominated in the national unit of account, which is a direct liability of the central bank." | [bis.org](https://www.bis.org/publ/arpdf/ar2021e3.htm) | | BIS Annual Economic Report 2021, ch. III: wholesale vs retail | "CBDCs can be designed for use either among financial intermediaries only (ie wholesale CBDCs), or by the wider economy (ie retail CBDCs)." | [bis.org](https://www.bis.org/publ/arpdf/ar2021e3.htm) | | Bank of Russia: digital ruble | "Цифровой рубль – это новая форма национальной валюты. Цифровой рубль выпускает Банк России. В обращении одновременно находятся наличные, безналичные и цифровые рубли. Они равны между собой." | [cbr.ru](https://www.cbr.ru/fintech/dr/) | | Banco Central do Brasil: Drex | "O Drex, projeto de moeda digital de banco central (CBDC), criado e operado pelo BC" | [bcb.gov.br](https://www.bcb.gov.br/estabilidadefinanceira/drex) | ## Related terms - [Stablecoin](/glossary/stablecoin/) - [Settlement / settled volume](/glossary/settled-volume/) Checked against the sources on 2026-11-01. ## Sources - https://www.bis.org/publ/arpdf/ar2021e3.htm - https://www.cbr.ru/fintech/dr/ - https://www.bcb.gov.br/estabilidadefinanceira/drex # Counterparty graph In the Stablecoin Scanner's method: a star-shaped chart of the addresses one address exchanged a stablecoin with. Canonical: https://achivx.org/glossary/counterparty-graph/ Updated: 2026-11-01 In the Stablecoin Scanner's methodology, a counterparty graph is the picture on an address page that puts the address at the centre and its counterparties around it, one stablecoin at a time. A counterparty is an address that exchanged that stablecoin with the address viewed. Addresses that deposited to it sit on the left, those it sent to on the right, and both directions in the middle; circle size is volume. The scanner calls it a star around the address, not a map of the counterparties' own dealings. ## What the sources say | Source | Quote | Link | |---|---|---| | ACHIVX Academy: the picture | "The graph on an address page draws the address at the centre and its counterparties around it for one stablecoin at a time: deposited-from to the left, sent-to to the right, both ways in the middle; circle size is volume, colours name what the counterparty is, rings are warnings." | [achivx.com](https://achivx.com/academy/how-it-works/what-is-a-counterparty-graph.html) | | ACHIVX Academy: a star, not a map | "It is a star around your address, not a map of who those counterparties deal with." | [achivx.com](https://achivx.com/academy/how-it-works/what-is-a-counterparty-graph.html) | | ACHIVX Academy glossary: counterparty | "an address that exchanged the selected stablecoin with the address you are viewing." | [achivx.com](https://achivx.com/academy/reference/glossary.html) | | ACHIVX Academy glossary: up to 500 counterparties per request | "the up-to-500 counterparties the server returns for one graph request. Above 500 it is a selected sample: all sanctioned first, then the largest by share of flow within each direction." | [achivx.com](https://achivx.com/academy/reference/glossary.html) | ## Related terms - [Risk tier](/glossary/risk-tier/) - [Wallet label / attribution](/glossary/wallet-label/) - [Sanctions exposure](/glossary/sanctions-exposure/) ## See also - Explainer: [What is a counterparty graph, and how do I read it?](https://achivx.com/academy/how-it-works/what-is-a-counterparty-graph.html) Checked against the sources on 2026-11-01. ## Sources - https://achivx.com/academy/how-it-works/what-is-a-counterparty-graph.html - https://achivx.com/academy/reference/glossary.html # Coverage and freshness Working definition: in the Stablecoin Scanner's method, which chains and tokens are indexed, and how up to date each figure is. Canonical: https://achivx.org/glossary/coverage-and-freshness/ Updated: 2026-11-01 In the Stablecoin Scanner's methodology (working definition), coverage is which chains and tokens the scanner indexes, and freshness is how recent each surface's data is. Its observed history is everything it has indexed, starting at a date rather than at each chain's genesis. Row feeds print their own freshness line, such as minutes ago and blocks behind head. When that status cannot be fetched the line prints nothing, under the rule 'unknown ≠ current: say nothing rather than imply fresh'. ## What the sources say | Source | Quote | Link | |---|---|---| | ACHIVX Academy: what the page covers | "Which chains and tokens the scanner indexes, how fresh each surface is — and how the interface refuses to imply freshness it cannot prove." | [achivx.com](https://achivx.com/academy/concepts/coverage-and-freshness.html) | | ACHIVX Academy: freshness lines | "Row feeds are near-live and print their own freshness line — “indexed through 4 min ago · 16 blocks behind head”" | [achivx.com](https://achivx.com/academy/concepts/coverage-and-freshness.html) | | ACHIVX Academy: unknown is not current | "When that status cannot be fetched the line prints nothing: the code’s own rule is “unknown ≠ current: say nothing rather than imply fresh”." | [achivx.com](https://achivx.com/academy/concepts/coverage-and-freshness.html) | | ACHIVX Academy glossary: observed history | "everything the scanner has indexed — the ground every figure stands on. It begins at a date and not at the chain’s genesis" | [achivx.com](https://achivx.com/academy/reference/glossary.html) | ## Related terms - [Left-censored date](/glossary/left-censored-date/) - [Organic volume](/glossary/organic-volume/) - [Exchange netflow](/glossary/exchange-netflow/) ## See also - Explainer: [Coverage and freshness](https://achivx.com/academy/concepts/coverage-and-freshness.html) Checked against the sources on 2026-11-01. ## Sources - https://achivx.com/academy/concepts/coverage-and-freshness.html - https://achivx.com/academy/reference/glossary.html # Crypto-collateralised stablecoin A stablecoin created against crypto-asset collateral locked in a protocol, for example GHO, which Aave describes as over-collateralised. Canonical: https://achivx.org/glossary/crypto-collateralised-stablecoin/ Updated: 2026-11-01 A crypto-collateralised stablecoin is created against other crypto-assets locked as collateral in a protocol, rather than against fiat reserves held by an issuer. For example, Aave describes GHO as over-collateralised: users supply approved collateral and borrow GHO against it, following over-collateralisation practices. The BIS counts 'crypto-backed' stablecoins as their own category. Japan's FSA classifies 'non-redemption stablecoins (e.g., DAI)' as crypto-assets, the same category as Bitcoin. ## What the sources say | Source | Quote | Link | |---|---|---| | Aave docs: GHO is over-collateralised | "GHO (pronounced go) is a decentralized, over-collateralized stablecoin that is fully backed, transparent, and native to the Aave Protocol." | [aave.com](https://aave.com/docs/ecosystem/gho) | | Aave docs: how GHO is minted against collateral | "Users can mint GHO by supplying approved collateral assets into the Aave Protocol and borrowing GHO against them. This process follows standard over-collateralization practices" | [aave.com](https://aave.com/docs/ecosystem/gho) | | BIS Annual Economic Report 2025, ch. III, graph note: stablecoin categories | "It includes 34 fiat-backed, 29 crypto-backed, 11 commodity-backed and nine algorithmic stablecoins." | [bis.org](https://www.bis.org/publ/arpdf/ar2025e3.htm) | | Japan FSA (2022): classification of non-redemption stablecoins | "Other self-claimed stablecoins, such as algorithmic stablecoins (e.g., Terra) and non- redemption stablecoins (e.g., DAI), are categorized in the same regulatory category (“Crypto Assets”) as Bitcoin in Japan." | [fsa.go.jp](https://www.fsa.go.jp/inter/etc/20221207/01.pdf) | ## Related terms - [Stablecoin](/glossary/stablecoin/) - [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/) - [Synthetic dollar (delta-neutral)](/glossary/synthetic-dollar/) - [Mint](/glossary/mint/) ## See also - Explainer: [What is the difference between DAI and USDS — and what are sDAI and sUSDS?](https://achivx.com/academy/how-it-works/what-is-dai-vs-usds.html) - Review: [revain.org/coins/dai/](https://revain.org/coins/dai/) - Review: [revain.org/coins/usds/](https://revain.org/coins/usds/) - Review: [revain.org/coins/gho/](https://revain.org/coins/gho/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/dai/ - https://revain.org/coins/usds/ - https://revain.org/coins/gho/ ## Sources - https://aave.com/docs/ecosystem/gho - https://www.bis.org/publ/arpdf/ar2025e3.htm - https://www.fsa.go.jp/inter/etc/20221207/01.pdf # Custody (custodial / self-custody) Holding crypto-assets or their private keys for someone else; self-custody means the owner controls the keys. Canonical: https://achivx.org/glossary/custody/ Updated: 2026-11-01 Custody is holding crypto-assets, or the means of access to them, on behalf of someone else. MiCA defines custody and administration for clients as the safekeeping or controlling of clients' crypto-assets or the means of access to them, where applicable private cryptographic keys. Brazil's central bank defines a self-custodied wallet as one whose owner controls the private key and can move it without a virtual-asset service provider. The GENIUS Act's custody rules exclude firms that only provide hardware or software for customers' own custody. ## What the sources say | Source | Quote | Link | |---|---|---| | MiCA Art. 3(1)(17): custody and administration | "‘providing custody and administration of crypto-assets on behalf of clients’ means the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys;" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | BCB Resolution 521: self-custodied wallet | "II - carteira autocustodiada é aquela cujo proprietário detém o controle da respectiva chave privada, sendo capaz de movimentá-la sem necessidade de participação de prestadora de serviços de ativos virtuais;" | [bcb.gov.br](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521) | | GENIUS Act sec. 10(e): exclusion for self-custody tools | "(e) Exclusion.--The requirements of this section shall not apply to any person solely on the basis that such person engages in the business of providing hardware or software to facilitate a customer's own custody or safekeeping of the customer's payment stablecoins or private keys." | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | BCB Resolution 520: virtual-asset custodians | "Art. 8º Os custodiantes de ativos virtuais têm por objeto social a custódia de ativos virtuais." | [bcb.gov.br](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520) | | MiCA ES Art. 3(1)(17): Spanish term | "«custodia y administración de criptoactivos por cuenta de clientes»: la guarda o el control, por cuenta de clientes, de criptoactivos" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1) | | Türkiye Law 7518: crypto-asset custody service | "Kripto varlık saklama hizmeti: Platform müşterilerinin kripto varlıklarının veya bu varlıklara ilişkin cüzdandan transfer hakkı sağlayan özel anahtarların saklanmasını, yönetimini veya Kurulca belirlenecek diğer saklama hizmetlerini," | [resmigazete.gov.tr](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm) | ## Related terms - [CASP (MiCA)](/glossary/casp/) - [VASP](/glossary/vasp/) - [Issuer failure / insolvency](/glossary/issuer-failure/) - [Proof of reserves](/glossary/proof-of-reserves/) ## See also - Review: [revain.org/wallets/ledger-nano-x/](https://revain.org/wallets/ledger-nano-x/) - Review: [revain.org/wallets/bitgo/](https://revain.org/wallets/bitgo/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/wallets/ledger-nano-x/ - https://revain.org/wallets/bitgo/ ## Sources - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521 - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520 - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1 - https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm # Deposit insurance Working definition: insurance of bank deposits up to a limit; the FDIC says it does not cover crypto assets. Canonical: https://achivx.org/glossary/deposit-insurance/ Updated: 2026-11-01 Deposit insurance (working definition) protects bank deposits up to a set limit. FDIC deposit insurance covers $250,000 per depositor, per FDIC-insured bank, for each account ownership category, and the FDIC lists crypto assets as not covered. Tether says its tokens are not subject to FDIC or SIPC protection, and Circle says USDC held in a Circle Mint account is not subject to deposit insurance protection. The GENIUS Act says payment stablecoins shall not be subject to FDIC deposit insurance. ## What the sources say | Source | Quote | Link | |---|---|---| | FDIC: coverage limit | "FDIC deposit insurance covers $250,000 per depositor, per FDIC-insured bank, for each account ownership category." | [fdic.gov](https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance) | | FDIC: not covered list | "Not Covered Stock investments Bond investments Mutual funds Annuities Life insurance policies Safe deposit boxes or their contents U.S. Treasury bills, bonds, or notes Municipal securities Crypto assets" | [fdic.gov](https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance) | | Tether terms: no FDIC/SIPC protection | "Tether Tokens are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections, or to analogous protections in other jurisdictions." | [tether.to](https://tether.to/en/legal/) | | Circle USDC terms: no deposit insurance | "USDC held in your Circle Mint account is not subject to deposit insurance protection" | [circle.com](https://www.circle.com/legal/usdc-terms) | | GENIUS Act sec. 4(e)(1): no deposit insurance | "(1) In general.--Payment stablecoins shall not be backed by the full faith and credit of the United States, guaranteed by the United States Government, subject to deposit insurance by the Federal Deposit Insurance Corporation, or subject to share insurance by the National Credit Union Administration." | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | FDIC press release (7 April 2026): pass-through insurance on reserve deposits (proposal) | "In addition, the proposed rule would address the applicability of pass-through insurance to deposits held as reserves backing payment stablecoins and would clarify that tokenized deposits that satisfy the statutory definition of “deposit” would be treated no differently under the Federal Deposit Insurance Act than any other types of deposits." | [fdic.gov](https://www.fdic.gov/news/press-releases/2026/fdic-approves-proposal-implement-genius-act-requirements-and-standards) | | Türkiye Law 7518: crypto-assets at banks outside deposit insurance | "Bankalar nezdinde saklanan kripto varlıklar ile müşterilere ait bu kapsamdaki nakitler 5411 sayılı Kanunun 63 üncü maddesinde düzenlenen mevduat ve katılım fonunun sigortalanması hükümlerine tabi değildir." | [resmigazete.gov.tr](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm) | ## Related terms - [Payment stablecoin (GENIUS Act)](/glossary/payment-stablecoin/) - [Issuer failure / insolvency](/glossary/issuer-failure/) - [Reserve / reserve assets](/glossary/reserve-assets/) - [Custody (custodial / self-custody)](/glossary/custody/) ## See also - Explainer: [Are USDT and USDC insured, like a bank deposit?](https://achivx.com/academy/issuers/are-usdt-and-usdc-insured.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ ## Sources - https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance - https://tether.to/en/legal/ - https://www.circle.com/legal/usdc-terms - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://www.fdic.gov/news/press-releases/2026/fdic-approves-proposal-implement-genius-act-requirements-and-standards - https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm # E-money token (EMT, MiCA) MiCA's category for a crypto-asset referencing one official currency, issued and redeemable at par by a credit or e-money institution. Canonical: https://achivx.org/glossary/e-money-token/ Updated: 2026-11-01 An e-money token (EMT) is MiCA's category for a crypto-asset that purports to maintain a stable value by referencing the value of one official currency. In the EU, its issuer must be authorised as a credit institution or electronic money institution and have notified and published a white paper; other persons may offer it with the issuer's written consent. Holders have a claim against the issuer, which must issue at par on receipt of funds and redeem at any time at par. Issuers may not grant interest. ## What the sources say | Source | Quote | Link | |---|---|---| | MiCA Art. 3(1)(7): definition | "‘electronic money token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency;" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 48(1): authorisation and white paper | "A person shall not make an offer to the public or seek the admission to trading of an e-money token, within the Union, unless that person is the issuer of such e-money token and: (a) is authorised as a credit institution or as an electronic money institution; and (b) has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 49(2): claim on the issuer | "Holders of e-money tokens shall have a claim against the issuers of those e-money tokens." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 49(3): issue at par | "Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 49(4): redeem at par | "Upon request by a holder of an e-money token, the issuer of that e-money token shall redeem it, at any time and at par value, by paying in funds, other than electronic money, the monetary value of the e-money token held to the holder of the e-money token." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 50(1): no interest | "Notwithstanding Article 12 of Directive 2009/110/EC, issuers of e-money tokens shall not grant interest in relation to e-money tokens." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA ES Art. 3(1)(7): Spanish term | "«ficha de dinero electrónico»: un tipo de criptoactivo que, a fin de mantener un valor estable, se referencia al valor de una moneda oficial;" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1) | | MiCA PT Art. 3(1)(7): Portuguese term | "«Criptoficha de moeda eletrónica», um tipo de criptoativo que procura manter um valor estável por referência ao valor de uma moeda oficial;" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1) | | MiCA Art. 48(1), second subparagraph: offer with the issuer's written consent | "Notwithstanding the first subparagraph, upon the written consent of the issuer, other persons may offer to the public or seek the admission to trading of the e-money token." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | ## Related terms - [Asset-referenced token (ART, MiCA)](/glossary/asset-referenced-token/) - [Euro stablecoin (EMT)](/glossary/euro-stablecoin/) - [CASP (MiCA)](/glossary/casp/) - [Stablecoin](/glossary/stablecoin/) - [Redemption](/glossary/redemption/) - [Payment stablecoin (GENIUS Act)](/glossary/payment-stablecoin/) ## See also - Explainer: [Can I still hold USDT in Europe? MiCA and the delistings](https://achivx.com/academy/issuers/usdt-in-europe-under-mica.html) - Review: [revain.org/coins/eurc/](https://revain.org/coins/eurc/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/eurcv/](https://revain.org/coins/eurcv/) - Review: [revain.org/coins/usdg/](https://revain.org/coins/usdg/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/eurc/ - https://revain.org/coins/usdc/ - https://revain.org/coins/eurcv/ - https://revain.org/coins/usdg/ ## Sources - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1 - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1 # Euro stablecoin (EMT) Working definition: a stablecoin referencing the euro; under MiCA it is an e-money token, such as Circle's EURC. Canonical: https://achivx.org/glossary/euro-stablecoin/ Updated: 2026-11-01 A euro stablecoin is a stablecoin that references the euro (working definition). Under MiCA, a crypto-asset that purports to keep a stable value by referencing one official currency is an e-money token, whose issuer must be a credit institution or electronic money institution; others may offer it with the issuer's written consent. Circle's MiCA white paper describes EURC as an e-money token backed by euro-denominated assets and redeemable 1:1 for euros; ESMA's interim register lists Circle's French entity with that white paper. ## What the sources say | Source | Quote | Link | |---|---|---| | MiCA Art. 3(1)(7): e-money token | "‘electronic money token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency;" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 48(1): who may offer an EMT | "A person shall not make an offer to the public or seek the admission to trading of an e-money token, within the Union, unless that person is the issuer of such e-money token and: (a) is authorised as a credit institution or as an electronic money institution; and (b) has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | Circle EURC MiCA white paper: EURC is an EMT | "EURC is an e-money token (" EMT "), available on public blockchain networks." | [circle.com](https://www.circle.com/legal/mica-eurc-whitepaper) | | Circle EURC MiCA white paper: backing and redemption | "As a fully reserved e-money token, EURC is backed by an equivalent amount of euro-denominated assets held by Circle SAS and redeemable 1:1 for euros." | [circle.com](https://www.circle.com/legal/mica-eurc-whitepaper) | | ESMA interim MiCA register (EMT white papers), Circle row | "Autorité de Contrôle Prudentiel et de Resolution (ACPR),FR,Circle Internet Financial Europe SAS,969500OYUDADGZKCR583,FR,,4 Rue de Marivaux 75002 Paris,https://www.circle.com/fr/,01/07/2024,,No,No,Electronic money institution,13XTMPZT3,…,https://www.circle.com/fr/legal/mica-eurc-whitepaper" | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | MiCA Art. 48(1), second subparagraph: offer with the issuer's written consent | "Notwithstanding the first subparagraph, upon the written consent of the issuer, other persons may offer to the public or seek the admission to trading of the e-money token." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | ## Related terms - [E-money token (EMT, MiCA)](/glossary/e-money-token/) - [Stablecoin](/glossary/stablecoin/) - [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/) - [Redemption](/glossary/redemption/) ## See also - Explainer: [EURC vs USDC: what is the difference?](https://achivx.com/academy/issuers/eurc-vs-usdc.html) - Review: [revain.org/coins/eurc/](https://revain.org/coins/eurc/) - Review: [revain.org/coins/eurcv/](https://revain.org/coins/eurcv/) - Review: [revain.org/coins/euri/](https://revain.org/coins/euri/) - Review: [revain.org/coins/eurod/](https://revain.org/coins/eurod/) - Review: [revain.org/coins/eurxt/](https://revain.org/coins/eurxt/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/eurc/ - https://revain.org/coins/eurcv/ - https://revain.org/coins/euri/ - https://revain.org/coins/eurod/ - https://revain.org/coins/eurxt/ ## Sources - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://www.circle.com/legal/mica-eurc-whitepaper - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv # Exchange netflow Working definition: in the Stablecoin Scanner's method, the net of stablecoins entering and leaving an exchange's known addresses over a period. Canonical: https://achivx.org/glossary/exchange-netflow/ Updated: 2026-11-01 In the Stablecoin Scanner's methodology (working definition), exchange netflow is the net of stablecoin inflow and outflow across the boundary of an exchange's address set over a window. A transfer from outside into any of the exchange's addresses is inflow, one out of any is outflow, and a deposit swept into a hot wallet is internal, so a customer deposit counts once. The scanner reports figures per window with the days actually measured, and calls exchange balances a floor of on-chain stablecoins, not reserves. ## What the sources say | Source | Quote | Link | |---|---|---| | ACHIVX Academy API guide: inflow, outflow, netflow fields | "inflow_usd6, outflow_usd6, netflow_usd6 — across the boundary of the address set: a transfer from outside into any of the exchange’s addresses is inflow, out of any is outflow." | [achivx.com](https://achivx.com/academy/api/exchanges.html) | | ACHIVX Academy API guide: internal sweeps count once | "Inflow enters the set, outflow leaves it, and a deposit swept into a hot wallet is internal — a customer deposit counts once." | [achivx.com](https://achivx.com/academy/api/exchanges.html) | | ACHIVX Academy API guide: balances are not reserves | "balances — live reads of the own wallets only: a floor of the exchange’s on-chain stablecoins, not its reserves" | [achivx.com](https://achivx.com/academy/api/exchanges.html) | | ACHIVX Academy API guide: days measured | "days_measured of window_days with complete — a window’s days are measured per network, and the most recent day or two can be missing." | [achivx.com](https://achivx.com/academy/api/exchanges.html) | | ACHIVX Academy recipe: daily net flow | "a daily job that reads one exchange's 90-day series, reports net flow and balance change" | [achivx.com](https://achivx.com/academy/api/recipe-watch-an-exchange.html) | ## Related terms - [Coverage and freshness](/glossary/coverage-and-freshness/) - [Proof of reserves](/glossary/proof-of-reserves/) - [Wallet label / attribution](/glossary/wallet-label/) - [Organic volume](/glossary/organic-volume/) ## See also - Data: [Exchange stablecoin holdings and netflow](/data/exchanges/) - Review: [revain.org/exchanges/bybit/](https://revain.org/exchanges/bybit/) - Review: [revain.org/exchanges/kucoin/](https://revain.org/exchanges/kucoin/) - Review: [revain.org/exchanges/bitfinex/](https://revain.org/exchanges/bitfinex/) - Review: [revain.org/exchanges/gateio/](https://revain.org/exchanges/gateio/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/exchanges/bybit/ - https://revain.org/exchanges/kucoin/ - https://revain.org/exchanges/bitfinex/ - https://revain.org/exchanges/gateio/ ## Sources - https://achivx.com/academy/api/exchanges.html - https://achivx.com/academy/api/recipe-watch-an-exchange.html # Fiat-backed stablecoin A stablecoin that references a fiat currency and is backed by reserve assets such as deposits and short-term government debt. Canonical: https://achivx.org/glossary/fiat-backed-stablecoin/ Updated: 2026-11-01 A fiat-backed stablecoin references a national currency and is backed by reserve assets held for it. Brazil's central bank defines the 'fiat-referenced virtual asset' as backed by reserve assets to keep its value tied to a reference fiat currency. Tether states each token is 100% backed by Reserves of cash, cash equivalents and other assets, possibly including loan receivables; Circle lists bank deposits, Treasury repo and short-dated Treasuries for USDC. The BIS treats 'fiat-backed' as a distinct category. ## What the sources say | Source | Quote | Link | |---|---|---| | BCB Resolution 520, Art 2: definition of fiat-referenced virtual asset (stablecoin) | "ativo virtual referenciado em moeda fiduciária ( stablecoin ): o ativo virtual lastreado em ativos de reserva criado com o propósito de manter seu valor vinculado ao valor de uma moeda fiduciária de referência" | [bcb.gov.br](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520) | | Tether terms: backing of Tether tokens | "Each Tether Token in circulation is 100% backed by an amount of assets (“ Reserves ”) equal to the stated value of the Tether Token." | [tether.to](https://tether.to/en/legal/) | | Tether terms: composition of Reserves | "The Reserves are comprised of cash, cash equivalents and other assets and may include loan receivables and other assets from Affiliates." | [tether.to](https://tether.to/en/legal/) | | Circle transparency page: USDC reserve categories | "Reserves Other Bank Deposits 1 Deposits at Systemically Important Institutions 2 Overnight Reverse Treasury Repo 3 <3-Month Treasuries 3" | [circle.com](https://www.circle.com/transparency) | | BIS Annual Economic Report 2025, ch. III, graph note: stablecoin categories | "It includes 34 fiat-backed, 29 crypto-backed, 11 commodity-backed and nine algorithmic stablecoins." | [bis.org](https://www.bis.org/publ/arpdf/ar2025e3.htm) | ## Related terms - [Stablecoin](/glossary/stablecoin/) - [Reserve / reserve assets](/glossary/reserve-assets/) - [Reserve attestation](/glossary/reserve-attestation/) - [Redemption](/glossary/redemption/) - [Issuer](/glossary/issuer/) ## See also - Explainer: [How do Tether and Circle say USDT and USDC are backed?](https://achivx.com/academy/issuers/how-are-usdt-and-usdc-backed.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/eurc/](https://revain.org/coins/eurc/) - Review: [revain.org/coins/pyusd/](https://revain.org/coins/pyusd/) - Review: [revain.org/coins/fdusd/](https://revain.org/coins/fdusd/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/eurc/ - https://revain.org/coins/pyusd/ - https://revain.org/coins/fdusd/ ## Sources - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520 - https://tether.to/en/legal/ - https://www.circle.com/transparency - https://www.bis.org/publ/arpdf/ar2025e3.htm # Finality Working definition: the point after which a recorded blockchain transfer can no longer be reversed or rewritten. Canonical: https://achivx.org/glossary/finality/ Updated: 2026-11-01 Finality (working definition) is the point after which a recorded transfer can no longer be changed. On proof-of-stake Ethereum, ethereum.org says a transaction has finality when it is part of a block that cannot change without a large amount of ETH being burned; this is managed with checkpoint blocks, and a transaction counts as finalized once a supermajority link joins two checkpoints. In payment law the related idea is settlement finality, which the FSB describes as rules governing the irrevocability of transfer orders. ## What the sources say | Source | Quote | Link | |---|---|---| | ethereum.org, proof-of-stake: finality | "A transaction has "finality" in distributed networks when it is part of a block that can't change without a large amount of ETH getting burned. On proof-of-stake Ethereum, this is managed using "checkpoint" blocks." | [ethereum.org](https://ethereum.org/developers/docs/consensus-mechanisms/pos/) | | ethereum.org, proof-of-stake: finalized via supermajority link | "The transaction can be considered "finalized" if it has become part of a chain with a "supermajority link" between two checkpoints." | [ethereum.org](https://ethereum.org/developers/docs/consensus-mechanisms/pos/) | | FSB 2023 recommendations: settlement finality | "This also includes market integrity, consumer and investor protection arrangements, appropriate safeguards, such as pre- and post-trade transparency obligations, rules on conflicts of interest (including for different service providers such as, the reserve asset custodian, stablecoin trading, lending and borrowing platforms), disclosure requirements, robust systems and controls for platforms where the GSC is traded, rules that allocate responsibility in the event of unauthorised transactions and fraud, and rules governing the irrevocability of a transfer orders (“settlement finality”)." | [fsb.org](https://www.fsb.org/uploads/P170723-3.pdf) | ## Note on sources Finality timing differs by network. No protocol source for per-network timings was used, so this page gives none. ## Related terms - [Settlement / settled volume](/glossary/settled-volume/) - [Bridge / bridge crossing](/glossary/bridge/) - [Token standard (ERC-20, TRC-20, SPL)](/glossary/token-standard/) ## See also - Explainer: [How long until a stablecoin transfer is final?](https://achivx.com/academy/how-it-works/how-long-until-a-transfer-is-final.html) - Review: [revain.org/projects/stargate/](https://revain.org/projects/stargate/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/projects/stargate/ ## Sources - https://ethereum.org/developers/docs/consensus-mechanisms/pos/ - https://www.fsb.org/uploads/P170723-3.pdf # Freeze (address freeze) An issuer blocking a specific address so its stablecoins cannot be moved; the balance stays on the address. Canonical: https://achivx.org/glossary/freeze/ Updated: 2026-11-01 A freeze is an issuer's action that stops a specific address from moving its stablecoins. Tether's terms let it freeze Tether tokens and blacklist addresses; Circle's USDC terms let it block addresses it links to illegal activity or terms breaches and freeze the USDC (for Circle-custodied addresses), temporarily or permanently. In USDT's Ethereum contract a blacklisted address keeps its balance but its transfers are rejected. The GENIUS Act requires issuers to be able to block, freeze and reject impermissible transactions. ## What the sources say | Source | Quote | Link | |---|---|---| | Tether terms: freeze | "Tether may suspend or terminate your access to the Site or any of the Services, freeze any Tether Tokens held by you, or terminate your Tether Token Wallet, as required by applicable Law or where Tether, in its sole discretion, determines it is prudent to do so" | [tether.to](https://tether.to/en/legal/) | | Circle USDC terms: Blocked Addresses | "Circle reserves the right to “block” certain USDC addresses and, if such addresses are Circle custodied addresses, freeze associated USDC (temporarily or permanently) that it determines, in its sole discretion, may be associated with illegal activity or activity that otherwise violates these Terms (“Blocked Addresses”)." | [circle.com](https://www.circle.com/legal/usdc-terms) | | TetherToken source: addBlackList sets a flag | "function addBlackList (address _evilUser) public onlyOwner { isBlackListed[_evilUser] = true; AddedBlackList(_evilUser); }" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | TetherToken source: transfer rejects blacklisted senders | "function transfer(address _to, uint _value) public whenNotPaused { require(!isBlackListed[msg.sender]);" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | GENIUS Act, sec. 4(a)(5): compliance capabilities | "technical capabilities, policies, and procedures to block, freeze, and reject specific or impermissible transactions that violate Federal or State laws, rules, or regulations" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | FATF Glossary: freeze (frozen assets remain the holder's property) | "In all cases, the frozen property, equipment, instrumentalities, funds or other assets remain the property of the natural or legal person(s) that held an interest in them at the time of the freezing" | [fatf-gafi.org](https://www.fatf-gafi.org/en/pages/fatf-glossary.html) | ## Related terms - [Unfreeze](/glossary/unfreeze/) - [Blacklist (issuer blacklist)](/glossary/blacklist/) - [Seizure](/glossary/seizure/) - [OFAC SDN list](/glossary/ofac-sdn-list/) - [Sanctions exposure](/glossary/sanctions-exposure/) ## See also - Data: [Stablecoin freezes and seizures by issuer](/data/freezes-and-seizures/) - Explainer: [How exactly does a stablecoin freeze happen?](https://achivx.com/academy/how-it-works/how-does-a-freeze-happen.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usds/](https://revain.org/coins/usds/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/usds/ ## Sources - https://tether.to/en/legal/ - https://www.circle.com/legal/usdc-terms - https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://www.fatf-gafi.org/en/pages/fatf-glossary.html # Gas fee (such as TRX or ETH) Working definition: the network fee for a transaction, paid in the chain's native coin, such as ETH on Ethereum or TRX on TRON. Canonical: https://achivx.org/glossary/gas-fee/ Updated: 2026-11-01 A gas fee (working definition) is the network fee paid to have a transaction processed. On Ethereum, gas measures the computational effort of operations; the fee is the gas used multiplied by the cost per unit, is paid in ether (ETH), and is charged whether the transaction succeeds or fails. TRON meters transactions with Bandwidth and Energy; Energy has no free quota and is obtained by staking TRX, each account gets a small free Bandwidth allowance, and when resources do not cover a transaction, TRX is burned instead. ## What the sources say | Source | Quote | Link | |---|---|---| | ethereum.org: what gas is | "Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network." | [ethereum.org](https://ethereum.org/developers/docs/gas/) | | ethereum.org: fee formula, charged on failure | "The gas fee is the amount of gas used to do some operation, multiplied by the cost per unit gas. The fee is paid regardless of whether a transaction succeeds or fails." | [ethereum.org](https://ethereum.org/developers/docs/gas/) | | ethereum.org: paid in ETH | "Gas fees have to be paid in Ethereum's native currency, ether (ETH)." | [ethereum.org](https://ethereum.org/developers/docs/gas/) | | TRON docs: Bandwidth and Energy | "Bandwidth — covers the byte size of transactions stored on-chain; larger transactions consume more. Energy — covers the computation the TVM performs when executing a smart contract; every contract call consumes some." | [developers.tron.network](https://developers.tron.network/docs/resource-model) | | TRON docs: free Bandwidth allowance | "Under the current getFreeNetLimit value, each activated account receives an allowance of 600 free Bandwidth." | [developers.tron.network](https://developers.tron.network/docs/resource-model) | | TRON docs: Energy has no free quota | "Energy has no free quota — accounts must either stake (or receive delegated) TRX to obtain it, or rely on the TRX-burn fallback." | [developers.tron.network](https://developers.tron.network/docs/resource-model) | | TRON docs: TRX burned when resources fall short | "For an ordinary transaction, the network tries staked or delegated Bandwidth and then free Bandwidth; each source must cover the transaction's full byte cost. If neither can, TRX is burned for the entire Bandwidth cost." | [developers.tron.network](https://developers.tron.network/docs/resource-model) | ## Related terms - [Token standard (ERC-20, TRC-20, SPL)](/glossary/token-standard/) - [Wrong network transfer](/glossary/wrong-network-transfer/) ## See also - Explainer: [Why do I need TRX to send USDT on Tron — and can I pay the fee in USDT instead?](https://achivx.com/academy/issuers/why-trx-to-send-usdt.html) - Review: [revain.org/projects/ethereum/](https://revain.org/projects/ethereum/) - Review: [revain.org/projects/tron/](https://revain.org/projects/tron/) - Review: [revain.org/coins/usdt0/](https://revain.org/coins/usdt0/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/projects/ethereum/ - https://revain.org/projects/tron/ - https://revain.org/coins/usdt0/ ## Sources - https://ethereum.org/developers/docs/gas/ - https://developers.tron.network/docs/resource-model # Stablecoin glossary Definitions of stablecoin, regulation and on-chain terms, each with verbatim quotes from regulators, laws and issuers. Canonical: https://achivx.org/glossary/ Updated: 2026-11-01 Each term gives our own definition and the source text it rests on: regulators, laws, central banks and the issuers' own contracts and terms. Where the sources disagree, the term page says so. | Term | Meaning | |---|---| | [KYC / AML](/glossary/kyc-aml/) | Customer identification (KYC) and anti-money-laundering (AML) controls that FATF standards and laws such as the GENIUS Act expect of issuers and VASPs. | | [Stablecoin](/glossary/stablecoin/) | A crypto-asset designed to hold a stable value against a currency or other assets; legal definitions vary by jurisdiction. | | [OFAC SDN list](/glossary/ofac-sdn-list/) | The US Treasury OFAC list of sanctioned persons whose assets are blocked; it can include crypto addresses. | | [VASP](/glossary/vasp/) | FATF term for a business that exchanges, transfers or holds virtual assets for others; called CASP in the EU and PSAV in Argentina and Brazil. | | [CBDC](/glossary/cbdc/) | Digital money issued by a central bank as its own direct liability, for banks only (wholesale) or for the public (retail). | | [Blacklist (issuer blacklist)](/glossary/blacklist/) | The on-chain list of addresses an issuer's contract blocks from moving its stablecoin. | | [Travel Rule](/glossary/travel-rule/) | The FATF rule that service providers send sender and recipient details along with crypto and stablecoin transfers. | | [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/) | A stablecoin that references a fiat currency and is backed by reserve assets such as deposits and short-term government debt. | | [Crypto-collateralised stablecoin](/glossary/crypto-collateralised-stablecoin/) | A stablecoin created against crypto-asset collateral locked in a protocol, for example GHO, which Aave describes as over-collateralised. | | [Synthetic dollar (delta-neutral)](/glossary/synthetic-dollar/) | A dollar-tracking token backed by spot crypto assets hedged with short derivatives so that price moves offset; Ethena's USDe is an example. | | [Issuer](/glossary/issuer/) | The entity that creates a stablecoin and is responsible for redeeming it; laws limit who may act as one. | | [Reserve / reserve assets](/glossary/reserve-assets/) | The assets an issuer holds to back outstanding stablecoins; laws set how much, of what kind, and how they are disclosed. | | [Reserve attestation](/glossary/reserve-attestation/) | An independent accountant's opinion on an issuer's reserve figures at specific dates; standards and frequency differ by issuer and law. | | [Proof of reserves](/glossary/proof-of-reserves/) | A custodian's snapshot check (Kraken's uses a Merkle tree) that its on-chain holdings cover client balances; not a full audit. | | [Redemption](/glossary/redemption/) | Returning stablecoins to the issuer for the reference currency; who may redeem, how fast and at what fee depends on law and terms. | | [Peg / depeg](/glossary/peg-depeg/) | The peg is the value a stablecoin targets, such as one unit of a currency; a depeg is when its market price moves away. | | [Mint](/glossary/mint/) | Creating new stablecoin units on-chain, which increases total supply; done by the issuer's authorised minter or, in some protocols, by users. | | [Burn](/glossary/burn/) | Removing stablecoin units from circulation, which lowers total supply; in the USDC and USDT contracts only the issuer's minter or owner role can do it. | | [Net issuance](/glossary/net-issuance/) | Tokens minted minus tokens burned in a period; supply can also fall in other ways, e.g. when an issuer destroys a blacklisted balance. | | [Freeze (address freeze)](/glossary/freeze/) | An issuer blocking a specific address so its stablecoins cannot be moved; the balance stays on the address. | | [Unfreeze](/glossary/unfreeze/) | The issuer removing an address from its blacklist so that the address can move its stablecoins again. | | [Seizure](/glossary/seizure/) | Taking frozen stablecoin value away from the holder, for example on an authority's order, or under the issuer's terms (e.g. destroying a blacklisted balance). | | [Sanctions exposure](/glossary/sanctions-exposure/) | Working definition: how closely an address or flow of funds is linked to sanctioned persons or blocked property. | | [Settlement / settled volume](/glossary/settled-volume/) | Working definition: the total value of stablecoin transfers completed in a period; the figure depends on which transfers are counted. | | [Organic volume](/glossary/organic-volume/) | In the Stablecoin Scanner's method: settled stablecoin volume between parties, excluding transfers that touch exchanges, bridges or routers. | | [Finality](/glossary/finality/) | Working definition: the point after which a recorded blockchain transfer can no longer be reversed or rewritten. | | [Token standard (ERC-20, TRC-20, SPL)](/glossary/token-standard/) | Working definition: a shared contract interface, such as ERC-20 or TRC-20, that wallets and exchanges use to handle tokens. | | [Wrong network transfer](/glossary/wrong-network-transfer/) | Working definition: sending a stablecoin on a network or token version the recipient does not support; recovery may be impossible. | | [Bridged stablecoin (USDC.e)](/glossary/bridged-stablecoin/) | Working definition: a stablecoin copy on another chain, backed by originals locked in a contract, not issued by the issuer. | | [Omnichain token (USDT0)](/glossary/omnichain-token/) | Working definition: a token moving across blockchains with one supply; USDT0 locks USDT on Ethereum and mints 1:1 elsewhere. | | [Bridge / bridge crossing](/glossary/bridge/) | A system that moves tokens or messages between blockchains, e.g. by lock-and-mint, burn-and-mint or atomic swaps. | | [Address poisoning](/glossary/address-poisoning/) | A scam that plants a lookalike address in a wallet's history so the owner later copies it and sends funds to the attacker. | | [Token approval (allowance)](/glossary/token-approval/) | Working definition: a permission letting another address spend a holder's tokens up to a set allowance. | | [Wallet label / attribution](/glossary/wallet-label/) | In the Stablecoin Scanner's method: a community-sourced name for an address with recorded provenance; not verified identity. | | [Risk tier](/glossary/risk-tier/) | In the Stablecoin Scanner's method: a six-word heuristic rating of an address, from severe to none, or not assessed. | | [Counterparty graph](/glossary/counterparty-graph/) | In the Stablecoin Scanner's method: a star-shaped chart of the addresses one address exchanged a stablecoin with. | | [Left-censored date](/glossary/left-censored-date/) | In the Stablecoin Scanner's method: the date its observed history starts; silence before it proves nothing. | | [Coverage and freshness](/glossary/coverage-and-freshness/) | Working definition: in the Stablecoin Scanner's method, which chains and tokens are indexed, and how up to date each figure is. | | [Exchange netflow](/glossary/exchange-netflow/) | Working definition: in the Stablecoin Scanner's method, the net of stablecoins entering and leaving an exchange's known addresses over a period. | | [Yield-bearing stablecoin](/glossary/yield-bearing-stablecoin/) | Working definition: a stablecoin product that pays holders a return; the GENIUS Act and MiCA bar issuer-paid interest on some tokens. | | [Savings rate (Sky Savings Rate)](/glossary/savings-rate/) | Working definition: a variable return a stablecoin protocol pays on deposits; Sky's is funded from protocol surplus. | | [Tokenised money-market fund](/glossary/tokenised-money-market-fund/) | Working definition: money market fund shares issued as blockchain tokens; the BIS says they offer returns at money market rates. | | [Euro stablecoin (EMT)](/glossary/euro-stablecoin/) | Working definition: a stablecoin referencing the euro; under MiCA it is an e-money token, such as Circle's EURC. | | [E-money token (EMT, MiCA)](/glossary/e-money-token/) | MiCA's category for a crypto-asset referencing one official currency, issued and redeemable at par by a credit or e-money institution. | | [Asset-referenced token (ART, MiCA)](/glossary/asset-referenced-token/) | MiCA's category for a crypto-asset, other than an e-money token, that references another value, right or combination, including official currencies. | | [CASP (MiCA)](/glossary/casp/) | MiCA's term for a firm authorised to provide crypto-asset services such as custody, trading platforms or exchange in the EU. | | [Payment stablecoin (GENIUS Act)](/glossary/payment-stablecoin/) | The GENIUS Act's term for a digital asset used for payments that its issuer must redeem for a fixed monetary amount. | | [Custody (custodial / self-custody)](/glossary/custody/) | Holding crypto-assets or their private keys for someone else; self-custody means the owner controls the keys. | | [Gas fee (such as TRX or ETH)](/glossary/gas-fee/) | Working definition: the network fee for a transaction, paid in the chain's native coin, such as ETH on Ethereum or TRX on TRON. | | [Deposit insurance](/glossary/deposit-insurance/) | Working definition: insurance of bank deposits up to a limit; the FDIC says it does not cover crypto assets. | | [Issuer failure / insolvency](/glossary/issuer-failure/) | Working definition: a stablecoin issuer unable to meet its obligations; US and EU law set holder priority and redemption plans. | | [Legacy Mesh](/glossary/legacy-mesh/) | USDT0's cross-chain route connecting native USDT on Ethereum, Tron, TON, Solana and Celo with USDT0 networks via a hub. | # Issuer The entity that creates a stablecoin and is responsible for redeeming it; laws limit who may act as one. Canonical: https://achivx.org/glossary/issuer/ Updated: 2026-11-01 The issuer creates a stablecoin and, under its terms or the law, redeems it. MiCA defines an issuer as a person or undertaking 'who issues crypto-assets' and requires the issuer of an e-money token to be a credit or e-money institution; others may offer it with the issuer's written consent. Under the GENIUS Act only a 'permitted payment stablecoin issuer' may issue a payment stablecoin in the US. Tether's terms say issuances and redemptions are administered by Tether and require a verified customer. ## What the sources say | Source | Quote | Link | |---|---|---| | MiCA Art 3(1)(10): issuer | "‘issuer’ means a natural or legal person, or other undertaking, who issues crypto-assets" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art 48(1): who may issue e-money tokens | "unless that person is the issuer of such e-money token and: (a) is authorised as a credit institution or as an electronic money institution" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | GENIUS Act, sec. 3: who may issue | "It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States." | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | Tether terms: issuance and redemption | "Issuances and redemptions of Tether Tokens are administered by Tether." | [tether.to](https://tether.to/en/legal/) | | Tether terms: verified customers | "In order to cause Tether Tokens to be issued or redeemed by Tether, you must be a verified customer of Tether." | [tether.to](https://tether.to/en/legal/) | | MiCA Art. 48(1), second subparagraph: offer with the issuer's written consent | "Notwithstanding the first subparagraph, upon the written consent of the issuer, other persons may offer to the public or seek the admission to trading of the e-money token." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | ## Related terms - [Stablecoin](/glossary/stablecoin/) - [Redemption](/glossary/redemption/) - [Mint](/glossary/mint/) - [Burn](/glossary/burn/) - [Reserve / reserve assets](/glossary/reserve-assets/) - [Freeze (address freeze)](/glossary/freeze/) ## See also - Explainer: [Stablecoin issuers](https://achivx.com/academy/issuers/index.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usdtb/](https://revain.org/coins/usdtb/) - Review: [revain.org/coins/eurc/](https://revain.org/coins/eurc/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/usdtb/ - https://revain.org/coins/eurc/ ## Sources - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://tether.to/en/legal/ # Issuer failure / insolvency Working definition: a stablecoin issuer unable to meet its obligations; US and EU law set holder priority and redemption plans. Canonical: https://achivx.org/glossary/issuer-failure/ Updated: 2026-11-01 Issuer failure (working definition) is the case where a stablecoin issuer cannot meet its obligations, including in insolvency. Under the GENIUS Act, in an insolvency proceeding of a permitted payment stablecoin issuer, holders' claims have priority, on a ratable basis, over the issuer's other creditors with respect to required reserves. MiCA requires issuers of asset-referenced tokens, and through Article 55 issuers of e-money tokens, to keep an operational plan for orderly redemption if they are unable or likely to be unable to meet their obligations. ## What the sources say | Source | Quote | Link | |---|---|---| | GENIUS Act sec. 11(a)(1): holder priority | "(1) the claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority, on a ratable basis with the claims of other persons holding such payment stablecoins, over the claims of the permitted payment stablecoin issuer and any other holder of claims against the permitted payment stablecoin issuer, with respect to required payment stablecoin reserves;" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | GENIUS Act sec. 11 heading | "SEC. 11. TREATMENT OF PAYMENT STABLECOIN ISSUERS IN INSOLVENCY PROCEEDINGS." | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | MiCA Art. 47(1): redemption plan | "An issuer of an asset-referenced token shall draw up and maintain an operational plan to support the orderly redemption of each asset-referenced token, which is to be implemented upon a decision by the competent authority that the issuer is unable or likely to be unable to fulfil its obligations, including in the case of insolvency" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art. 55: applies to EMT issuers | "Title III, Chapter 6 shall apply mutatis mutandis to issuers of e-money tokens." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA ES Art. 47(1): Spanish wording | "El emisor de una ficha referenciada a activos elaborará y mantendrá un plan operativo para apoyar el reembolso ordenado de cada ficha referenciada a activos, que ha de ejecutarse previa decisión de la autoridad competente de que el emisor no puede o es probable que no pueda cumplir sus obligaciones, también en caso de insolvencia" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1) | | BCB Resolution 520: custodied assets on insolvency or bankruptcy of the provider | "VI - a prestadora de serviços de ativos virtuais, atendendo a ordem ou instrução expressa do titular dos ativos virtuais, deve resgatar os ativos virtuais custodiados e transferi-los ao seu titular ou contratar o serviço de custódia desses ativos com outro custodiante de ativos virtuais, nas hipóteses de insolvência, decretação de falência ou regime de resolução por parte de autoridade competente" | [bcb.gov.br](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520) | ## Related terms - [Redemption](/glossary/redemption/) - [Reserve / reserve assets](/glossary/reserve-assets/) - [Payment stablecoin (GENIUS Act)](/glossary/payment-stablecoin/) - [E-money token (EMT, MiCA)](/glossary/e-money-token/) - [Asset-referenced token (ART, MiCA)](/glossary/asset-referenced-token/) - [Deposit insurance](/glossary/deposit-insurance/) ## See also - Explainer: [What happens to my USDT or USDC if the issuer fails?](https://achivx.com/academy/issuers/what-if-the-issuer-fails.html) - Review: [revain.org/coins/eurxt/](https://revain.org/coins/eurxt/) - Review: [revain.org/coins/redcoin/](https://revain.org/coins/redcoin/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/eurxt/ - https://revain.org/coins/redcoin/ ## Sources - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520 # KYC / AML Customer identification (KYC) and anti-money-laundering (AML) controls that FATF standards and laws such as the GENIUS Act expect of issuers and VASPs. Canonical: https://achivx.org/glossary/kyc-aml/ Updated: 2026-11-01 KYC (know your customer) and AML (anti-money laundering) are the controls regulated firms use to identify their customers and to detect and report suspicious funds. The GENIUS Act requires payment stablecoin issuers to maintain an effective anti-money laundering program, suspicious-transaction monitoring and reporting, and a customer identification program that verifies account holders. The FATF says VASPs, including stablecoin issuers, should have AML/CFT controls including KYC, wallet screening, blacklisting and freezing and blocking capabilities. ## What the sources say | Source | Quote | Link | |---|---|---| | GENIUS Act, sec. 4(a)(5)(A)(i): AML program | "maintenance of an effective anti-money laundering program, which shall include appropriate risk assessments and designation of an officer to supervise the program" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | GENIUS Act, sec. 4(a)(5)(A)(iii): suspicious transactions | "monitoring and reporting of any suspicious transaction relevant to a possible violation of law or regulation" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | GENIUS Act, sec. 4(a)(5)(A)(v): customer identification | "maintenance of an effective customer identification program, including identification and verification of account holders with the permitted payment stablecoin issuer" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | FATF Targeted Update on VAs/VASPs, July 2026 (copy hosted by FIAU Malta): private-sector recommendations | "VASPs, including Stablecoin issuers and qualifying DeFi arrangements, should establish robust AML/CFT /CPF compliance frameworks" | [fiaumalta.org](https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf) | | FATF Targeted Update 2026: scope of AML/CFT controls | "their AML/CFT controls, including KYC, wallet screening, blacklisting, and, where appropriate, whitelisting mechanisms as well as freezing and blocking capabilities" | [fiaumalta.org](https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf) | ## Related terms - [VASP](/glossary/vasp/) - [Travel Rule](/glossary/travel-rule/) - [Freeze (address freeze)](/glossary/freeze/) - [Blacklist (issuer blacklist)](/glossary/blacklist/) - [Sanctions exposure](/glossary/sanctions-exposure/) - [Issuer](/glossary/issuer/) ## See also - Review: [revain.org/exchanges/kraken/](https://revain.org/exchanges/kraken/) - Review: [revain.org/exchanges/binance/](https://revain.org/exchanges/binance/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/exchanges/kraken/ - https://revain.org/exchanges/binance/ ## Sources - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf # Left-censored date In the Stablecoin Scanner's method: the date its observed history starts; silence before it proves nothing. Canonical: https://achivx.org/glossary/left-censored-date/ Updated: 2026-11-01 In the Stablecoin Scanner's methodology, the left-censored date is the date from which the scanner's observed history starts: everything earlier is invisible to it, so the absence of a signal before that date means nothing. 'Left-censored' is the statistician's word for a record cut off on the left. The scanner says it is not the same as the 'since' date on an address's volume line, which can be earlier. ## What the sources say | Source | Quote | Link | |---|---|---| | ACHIVX Academy glossary: left-censored | "seen only from a starting date: everything before it is invisible, so an absence of signal there means nothing." | [achivx.com](https://achivx.com/academy/reference/glossary.html) | | ACHIVX Academy glossary: not the 'since' date | "Not the since date on an address’s volume line, which is that address’s oldest day in the settlement record and can be earlier." | [achivx.com](https://achivx.com/academy/reference/glossary.html) | | ACHIVX Academy: the statistician's word | "The scanner’s history begins at a date, and everything earlier is invisible — left-censored, the statistician’s word for a record cut off on the left." | [achivx.com](https://achivx.com/academy/how-it-works/what-left-censored-means.html) | ## Related terms - [Coverage and freshness](/glossary/coverage-and-freshness/) - [Risk tier](/glossary/risk-tier/) - [Sanctions exposure](/glossary/sanctions-exposure/) ## See also - Explainer: [What do “observed history starts” and “left-censored” mean?](https://achivx.com/academy/how-it-works/what-left-censored-means.html) Checked against the sources on 2026-11-01. ## Sources - https://achivx.com/academy/reference/glossary.html - https://achivx.com/academy/how-it-works/what-left-censored-means.html # Legacy Mesh USDT0's cross-chain route connecting native USDT on Ethereum, Tron, TON, Solana and Celo with USDT0 networks via a hub. Canonical: https://achivx.org/glossary/legacy-mesh/ Updated: 2026-11-01 The Legacy Mesh is USDT0's cross-chain liquidity infrastructure that connects legacy USDT deployments with the USDT0 omnichain network through a shared, non-custodial hub. USDT0's docs list Ethereum, Tron, TON, Solana and Celo for native USDT, with Arbitrum as the canonical USDT0 hub, and say these chains keep their existing USDT implementations. It is designed to link them without replacing contracts, migrating users or relying on wrapped assets. ## What the sources say | Source | Quote | Link | |---|---|---| | USDT0 docs: what the Legacy Mesh is | "To solve this, USDT0 has introduced the Legacy Mesh : a cross-chain liquidity infrastructure that connects legacy USDT deployments with the USDT0 omnichain ecosystem through a shared, non-custodial hub." | [docs.usdt0.to](https://docs.usdt0.to/overview/the-legacy-mesh) | | USDT0 docs: no contract replacement | "It is designed for chains where USDT is already live to connect to the broader USDT0-enabled ecosystem without replacing contracts, migrating users, or relying on wrapped assets." | [docs.usdt0.to](https://docs.usdt0.to/overview/the-legacy-mesh) | | USDT0 docs: chains connected | "Currently, the Legacy Mesh connects: Ethereum (native USDT via ERC-20) Tron (native USDT via TRC-20) TON (native USDT via TON token format) Arbitrum (canonical USDT0 hub) Solana (native USDT via SPL-20) CELO (native USDT via ERC-20)" | [docs.usdt0.to](https://docs.usdt0.to/overview/the-legacy-mesh) | | USDT0 docs: existing implementations kept | "These chains retain their existing USDT implementations while gaining seamless connectivity to each other and all USDT0-enabled chains." | [docs.usdt0.to](https://docs.usdt0.to/overview/the-legacy-mesh) | | ACHIVX Academy: route between USD₮ networks and USDT0 networks | "The Legacy Mesh is USDT0’s route between networks where USD₮ itself is issued — Ethereum, Tron, TON, Solana and Celo — and the USDT0 networks." | [achivx.com](https://achivx.com/academy/issuers/what-is-the-legacy-mesh.html) | ## Related terms - [Omnichain token (USDT0)](/glossary/omnichain-token/) - [Bridge / bridge crossing](/glossary/bridge/) - [Bridged stablecoin (USDC.e)](/glossary/bridged-stablecoin/) ## See also - Explainer: [How do I move USD₮ between Tron and a USDT0 network — what is the Legacy Mesh?](https://achivx.com/academy/issuers/what-is-the-legacy-mesh.html) - Review: [revain.org/coins/usdt0/](https://revain.org/coins/usdt0/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt0/ ## Sources - https://docs.usdt0.to/overview/the-legacy-mesh - https://achivx.com/academy/issuers/what-is-the-legacy-mesh.html # Mint Creating new stablecoin units on-chain, which increases total supply; done by the issuer's authorised minter or, in some protocols, by users. Canonical: https://achivx.org/glossary/mint/ Updated: 2026-11-01 To mint is to create new stablecoin units on a blockchain, which raises the token's total supply. For issuer-run coins only authorised addresses can mint: in Circle's USDC contract a 'minter' calls mint within its allowance, and Tether's USDT contract on Ethereum has an owner-only issue function that adds tokens to the owner address. MiCA requires e-money tokens to be issued at par value on receipt of funds. In Aave's GHO, users mint by borrowing against collateral. ## What the sources say | Source | Quote | Link | |---|---|---| | Circle stablecoin-evm FiatTokenV1.sol: mint function | "@notice Mints fiat tokens to an address." | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | Circle stablecoin-evm FiatTokenV1.sol: mint raises totalSupply and checks the allowance | "require( _amount <= mintingAllowedAmount, "FiatToken: mint amount exceeds minterAllowance" ); totalSupply_ = totalSupply_.add(_amount);" | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | TetherToken source on Etherscan (USDT, Ethereum): issue | "// Issue a new amount of tokens // these tokens are deposited into the owner address // // @param _amount Number of tokens to be issued function issue(uint amount) public onlyOwner {" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | TetherToken source: issue adds to total supply | "balances[owner] += amount; _totalSupply += amount; Issue(amount);" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | MiCA Art 49(3): issuance at par | "Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | Aave docs: users mint GHO against collateral | "Users can mint GHO by supplying approved collateral assets into the Aave Protocol and borrowing GHO against them." | [aave.com](https://aave.com/docs/ecosystem/gho) | ## Related terms - [Burn](/glossary/burn/) - [Net issuance](/glossary/net-issuance/) - [Issuer](/glossary/issuer/) - [Redemption](/glossary/redemption/) ## See also - Data: [Stablecoin mint and burn: net issuance](/data/issuance/) - Explainer: [What is a mint or a burn, and why isn't it a payment?](https://achivx.com/academy/how-it-works/what-is-a-mint-or-burn.html) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/gho/](https://revain.org/coins/gho/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdc/ - https://revain.org/coins/usdt/ - https://revain.org/coins/gho/ ## Sources - https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol - https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://aave.com/docs/ecosystem/gho # Net issuance Tokens minted minus tokens burned in a period; supply can also fall in other ways, e.g. when an issuer destroys a blacklisted balance. Canonical: https://achivx.org/glossary/net-issuance/ Updated: 2026-11-01 Net issuance is the amount of a stablecoin minted minus the amount burned over a stated period, i.e. the change in its supply over that period. Circle's transparency page reports USDC 'Issued', 'Redeemed' and 'change in circulation' over 7, 30 and 365 days. In the USDC and USDT contracts, mint or issue adds to total supply and burn or redeem subtracts from it. In USDT's Ethereum contract, supply also falls when a blacklisted address's funds are destroyed. ## What the sources say | Source | Quote | Link | |---|---|---| | Circle transparency page: issuance and redemption blocks | "Issuance & redemption 7 Day Change Issued Redeemed change in circulation 30 Day Change Issued Redeemed change in circulation 365 Day Change" | [circle.com](https://www.circle.com/transparency) | | Circle FiatTokenV1.sol: mint adds to supply | "totalSupply_ = totalSupply_.add(_amount);" | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | Circle FiatTokenV1.sol: burn subtracts from supply | "totalSupply_ = totalSupply_.sub(_amount);" | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | TetherToken source: issue adds to supply | "_totalSupply += amount;" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | TetherToken source: destroyBlackFunds lowers supply | "uint dirtyFunds = balanceOf(_blackListedUser); balances[_blackListedUser] = 0; _totalSupply -= dirtyFunds;" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | ## Note on sources No regulator definition of "net issuance" was found. The definition above is based on the token contracts and Circle's reporting of the change in circulation. ## Related terms - [Mint](/glossary/mint/) - [Burn](/glossary/burn/) - [Seizure](/glossary/seizure/) - [Settlement / settled volume](/glossary/settled-volume/) ## See also - Data: [Stablecoin mint and burn: net issuance](/data/issuance/) - Explainer: [The dashboard](https://achivx.com/academy/guides/dashboard.html) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdc/ - https://revain.org/coins/usdt/ ## Sources - https://www.circle.com/transparency - https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol - https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code # OFAC SDN list The US Treasury OFAC list of sanctioned persons whose assets are blocked; it can include crypto addresses. Canonical: https://achivx.org/glossary/ofac-sdn-list/ Updated: 2026-11-01 The Specially Designated Nationals (SDN) list is published by the US Treasury's Office of Foreign Assets Control (OFAC). It names individuals and companies acting for targeted countries, and groups such as terrorists and narcotics traffickers designated under other programmes. Their assets are blocked and US persons are generally prohibited from dealing with them. OFAC may add digital currency addresses to entries and says these listings are not likely to be exhaustive. Tether's and Circle's terms both name the list. ## What the sources say | Source | Quote | Link | |---|---|---| | OFAC FAQ 18: What is an SDN? | "As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked and U.S. persons are generally prohibited from dealing with them." | [ofac.treasury.gov](https://ofac.treasury.gov/faqs/topic/1631) | | OFAC FAQ 562: digital currency addresses on the SDN List | "OFAC may add digital currency addresses to the SDN List to alert the public of specific digital currency identifiers associated with a blocked person. OFAC’s digital currency address listings are not likely to be exhaustive." | [ofac.treasury.gov](https://ofac.treasury.gov/faqs/topic/1626) | | Tether terms: Sanctions List definition | "“ Sanctions List ” means the “Specially Designated Nationals and Blocked Persons” (“ SDN ”) List and the Non-SDN List, including the “Sectoral Sanctions Identifications List”, published by OFAC" | [tether.to](https://tether.to/en/legal/) | | Circle USDC terms: sanctions lists | "the U.S. Department of the Treasury, including the OFAC Specially Designated Nationals and Blocked Persons List" | [circle.com](https://www.circle.com/legal/usdc-terms) | ## Related terms - [Sanctions exposure](/glossary/sanctions-exposure/) - [Freeze (address freeze)](/glossary/freeze/) - [Blacklist (issuer blacklist)](/glossary/blacklist/) ## See also - Explainer: [What is the OFAC SDN list, and what does “sanctioned” mean on an address?](https://achivx.com/academy/how-it-works/what-is-the-ofac-sdn-list.html) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usds/](https://revain.org/coins/usds/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdc/ - https://revain.org/coins/usds/ ## Sources - https://ofac.treasury.gov/faqs/topic/1631 - https://ofac.treasury.gov/faqs/topic/1626 - https://tether.to/en/legal/ - https://www.circle.com/legal/usdc-terms # Omnichain token (USDT0) Working definition: a token moving across blockchains with one supply; USDT0 locks USDT on Ethereum and mints 1:1 elsewhere. Canonical: https://achivx.org/glossary/omnichain-token/ Updated: 2026-11-01 An omnichain token (working definition) is a token built to move across many blockchains while keeping one supply. USDT0 uses the Omnichain Fungible Token (OFT) standard, which moves tokens over LayerZero's messaging protocol with a unified supply across all chains. USDT is locked in an OFT Adapter contract on Ethereum, the same amount of USDT0 is minted on the destination chain with strict 1:1 backing, and redeeming burns USDT0 on any chain and unlocks the original asset on Ethereum. ## What the sources say | Source | Quote | Link | |---|---|---| | USDT0 docs: OFT and unified supply | "The OFT standard allows tokens to move seamlessly across multiple blockchains using LayerZero's messaging protocol, ensuring a unified supply across all chains." | [docs.usdt0.to](https://docs.usdt0.to/technical-documentation/developer) | | USDT0 docs: lock-and-mint | "The USDT0 Network operates on a robust lock-and-mint mechanism powered by the Omnichain Fungible Token (OFT) standard." | [docs.usdt0.to](https://docs.usdt0.to/) | | USDT0 docs: locking | "Locking Assets: The original asset (USDT, XAUT or USAT) is locked in the OFT Adapter smart contract on Ethereum Mainnet." | [docs.usdt0.to](https://docs.usdt0.to/) | | USDT0 docs: minting 1:1 | "Minting on Destination Chains: Equivalent tokens (USDT0, XAUT0 or USAT) are minted on the target chain, maintaining a strict 1:1 backing with the locked assets on Ethereum." | [docs.usdt0.to](https://docs.usdt0.to/) | | USDT0 docs: redemption | "Redemption: Tokens can be redeemed by burning them on any chain and unlocking the corresponding original assets on the Ethereum OFT Adapter." | [docs.usdt0.to](https://docs.usdt0.to/) | ## Related terms - [Bridged stablecoin (USDC.e)](/glossary/bridged-stablecoin/) - [Legacy Mesh](/glossary/legacy-mesh/) - [Bridge / bridge crossing](/glossary/bridge/) - [Mint](/glossary/mint/) - [Burn](/glossary/burn/) ## See also - Explainer: [Who issues USDT0, and how is it backed?](https://achivx.com/academy/issuers/what-is-usdt0.html) - Review: [revain.org/coins/usdt0/](https://revain.org/coins/usdt0/) - Review: [revain.org/projects/layerzero/](https://revain.org/projects/layerzero/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt0/ - https://revain.org/projects/layerzero/ ## Sources - https://docs.usdt0.to/technical-documentation/developer - https://docs.usdt0.to/ # Organic volume In the Stablecoin Scanner's method: settled stablecoin volume between parties, excluding transfers that touch exchanges, bridges or routers. Canonical: https://achivx.org/glossary/organic-volume/ Updated: 2026-11-01 In the Stablecoin Scanner's methodology, organic volume is the part of settled stablecoin volume that moved between parties rather than among exchanges, bridges and routers. A transfer counts as organic only when both payer and recipient are outside the services catalogued in the scanner's label book; the rest is called service-to-service. The two are one split of the same settled volume. The academy says the cross-chain dashboard leaves Solana out of both; on 1 November 2026 the scanner's 30-day headline still listed Solana as excluded from organic figures ('not_measured_on_chain'). ## What the sources say | Source | Quote | Link | |---|---|---| | ACHIVX Academy, how-it-works: organic vs service-to-service | "Organic volume is the part that moved between parties rather than among exchanges, bridges and routers; service-to-service is the rest as a percentage." | [achivx.com](https://achivx.com/academy/how-it-works/what-settled-volume-means.html) | | ACHIVX Academy glossary: organic volume (both ends outside catalogued services) | "organic volume the part of settled volume whose payer and recipient are both outside the label book’s catalogued services" | [achivx.com](https://achivx.com/academy/reference/glossary.html) | | ACHIVX Academy glossary: one split; Solana left out | "The two are one split seen from both sides. On the cross-chain dashboard both leave Solana out, on both sides of the fraction, because there are no service labels there to tell one from the other." | [achivx.com](https://achivx.com/academy/reference/glossary.html) | | Stablecoin Scanner 30-day headline (built 2026-11-01T09:30Z): organic_excluded_chains | "headline.organic_excluded_chains: [{"chain_id": -1, "reason": "not_measured_on_chain"}]" | [stablescan.achivx.com](https://stablescan.achivx.com/) | ## Related terms - [Settlement / settled volume](/glossary/settled-volume/) - [Wallet label / attribution](/glossary/wallet-label/) - [Coverage and freshness](/glossary/coverage-and-freshness/) - [Exchange netflow](/glossary/exchange-netflow/) ## See also - Explainer: [What do “settled volume”, “organic volume” and “net issuance” mean?](https://achivx.com/academy/how-it-works/what-settled-volume-means.html) - Review: [revain.org/projects/ethereum/](https://revain.org/projects/ethereum/) - Review: [revain.org/projects/tron/](https://revain.org/projects/tron/) - Review: [revain.org/projects/arbitrum/](https://revain.org/projects/arbitrum/) - Review: [revain.org/projects/base/](https://revain.org/projects/base/) - Review: [revain.org/projects/bnb/](https://revain.org/projects/bnb/) - Review: [revain.org/projects/optimism/](https://revain.org/projects/optimism/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/projects/ethereum/ - https://revain.org/projects/tron/ - https://revain.org/projects/arbitrum/ - https://revain.org/projects/base/ - https://revain.org/projects/bnb/ - https://revain.org/projects/optimism/ ## Sources - https://achivx.com/academy/how-it-works/what-settled-volume-means.html - https://achivx.com/academy/reference/glossary.html - https://stablescan.achivx.com/ # Payment stablecoin (GENIUS Act) The GENIUS Act's term for a digital asset used for payments that its issuer must redeem for a fixed monetary amount. Canonical: https://achivx.org/glossary/payment-stablecoin/ Updated: 2026-11-01 A payment stablecoin is the GENIUS Act's term for a digital asset that is, or is designed to be, used as a means of payment or settlement, whose issuer is obligated to convert, redeem or repurchase it for a fixed amount of monetary value and represents that it will keep a stable value relative to that amount. The definition excludes national currencies, deposits and securities. Issuers may not pay holders interest or yield solely for holding, using or retaining it. ## What the sources say | Source | Quote | Link | |---|---|---| | GENIUS Act sec. 2(22)(A): definition | "(22) Payment stablecoin.--The term “payment stablecoin”-- (A) means a digital asset-- (i) that is, or is designed to be, used as a means of payment or settlement; and (ii) the issuer of which-- (I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and (II) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value; and" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | GENIUS Act sec. 2(22)(B)(i): excludes national currency | "(B) does not include a digital asset that-- (i) is a national currency;" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | GENIUS Act sec. 2(22)(B)(ii): excludes deposits | "(ii) is a deposit (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)), including a deposit recorded using distributed ledger technology; or" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | GENIUS Act sec. 2(22)(B)(iii): excludes securities | "(iii) is a security, as defined in section 2 of the Securities Act of 1933 (15 U.S.C. 77b), section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c), or section 2 of the Investment Company Act of 1940 (15 U.S.C. 80a-2)" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | GENIUS Act sec. 4(a)(11): no interest or yield | "No permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay the holder of any payment stablecoin any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding, use, or retention of such payment stablecoin." | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | US Treasury press release (17 August 2026): licence requirement | "Beginning on January 18, 2027, the expected effective date of the GENIUS Act, a person generally may not “issue a payment stablecoin in the United States” unless the person has obtained an appropriate federal or state license." | [home.treasury.gov](https://home.treasury.gov/news/press-releases/sb0605) | ## Related terms - [Stablecoin](/glossary/stablecoin/) - [E-money token (EMT, MiCA)](/glossary/e-money-token/) - [Yield-bearing stablecoin](/glossary/yield-bearing-stablecoin/) - [Issuer failure / insolvency](/glossary/issuer-failure/) - [Deposit insurance](/glossary/deposit-insurance/) ## See also - Explainer: [What is the GENIUS Act, and what does it change for USDT and USDC?](https://achivx.com/academy/issuers/what-is-the-genius-act.html) Checked against the sources on 2026-11-01. ## Sources - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://home.treasury.gov/news/press-releases/sb0605 # Peg / depeg The peg is the value a stablecoin targets, such as one unit of a currency; a depeg is when its market price moves away. Canonical: https://achivx.org/glossary/peg-depeg/ Updated: 2026-11-01 The peg is the reference value a stablecoin aims to hold, such as one unit of a fiat currency; Tether states its tokens are pegged 1-to-1 with a matching fiat currency. A depeg is a move of the market price away from that value. The BIS notes that stablecoins trade in secondary markets at an 'exchange rate' that can deviate from par. An FSB peer review reports respondents' view that allowing backing with less liquid or riskier assets may increase the likelihood of de-pegging events. ## What the sources say | Source | Quote | Link | |---|---|---| | Tether transparency page | "All Tether tokens are pegged at 1-to-1 with a matching fiat currency and are backed 100% by Tether’s Reserves." | [tether.to](https://tether.to/en/transparency/?tab=reports) | | BIS Annual Economic Report 2025, ch. III | "To date, stablecoins are traded in secondary markets at an "exchange rate" that can deviate from par" | [bis.org](https://www.bis.org/publ/arpdf/ar2025e3.htm) | | BIS Annual Economic Report 2026, ch. III | "Secondary market prices of stablecoins to date deviate from par, even if mostly moderately." | [bis.org](https://www.bis.org/publications/aer-2026/anchoring-trust-money) | | FSB peer review 2025: de-pegging | "jurisdictions allowing stablecoin issuers to back their tokens with less liquid or riskier assets may increase the likelihood of redemption delays or de-pegging events." | [fsb.org](https://www.fsb.org/uploads/P161025-1.pdf) | ## Related terms - [Stablecoin](/glossary/stablecoin/) - [Redemption](/glossary/redemption/) - [Reserve / reserve assets](/glossary/reserve-assets/) - [Synthetic dollar (delta-neutral)](/glossary/synthetic-dollar/) ## See also - Explainer: [What is a stablecoin, and how does it hold one dollar?](https://achivx.com/academy/how-it-works/what-is-a-stablecoin.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usde/](https://revain.org/coins/usde/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/usde/ ## Sources - https://tether.to/en/transparency/?tab=reports - https://www.bis.org/publ/arpdf/ar2025e3.htm - https://www.bis.org/publications/aer-2026/anchoring-trust-money - https://www.fsb.org/uploads/P161025-1.pdf # Proof of reserves A custodian's snapshot check (Kraken's uses a Merkle tree) that its on-chain holdings cover client balances; not a full audit. Canonical: https://achivx.org/glossary/proof-of-reserves/ Updated: 2026-11-01 Proof of reserves is a procedure in which a custodian such as a crypto exchange shows that the assets it controls cover its clients' balances at a snapshot date. Kraken describes an independent accountant aggregating client balances into a Merkle tree, checking signatures that prove control of on-chain addresses, and comparing the two; clients can check that their balance was included. Luno says such engagements focus on customer liabilities and reserves and complement, not replace, full financial audits. ## What the sources say | Source | Quote | Link | |---|---|---| | Kraken: what a Proof of Reserves review is | "A Proof of Reserves (PoR) review is a procedure performed by an independent 3rd party accountant. This is intended to confirm that a custodian holds the assets it claims to on behalf of its clients." | [kraken.com](https://www.kraken.com/proof-of-reserves) | | Kraken: Merkle tree and comparison | "Lastly, the accountant compares and verifies that these balances exceed or match the client balances represented in the Merkle tree, and therefore that the client assets are in Kraken’s control." | [kraken.com](https://www.kraken.com/proof-of-reserves) | | Kraken: client self-check | "Any client can independently verify whether their balance was included in the Proof of Reserves procedure by comparing select pieces of data with the Merkle root." | [kraken.com](https://www.kraken.com/proof-of-reserves) | | Luno: scope of Proof of Reserves engagements | "These engagements are focused on customer liabilities and reserves and are intended to complement, not replace, full financial audits." | [guide.luno.com](https://guide.luno.com/hc/en-gb/articles/14371776098845-A-guide-to-Luno-s-Proof-of-Reserves) | ## Related terms - [Reserve attestation](/glossary/reserve-attestation/) - [Reserve / reserve assets](/glossary/reserve-assets/) ## See also - Review: [revain.org/exchanges/kraken/](https://revain.org/exchanges/kraken/) - Review: [revain.org/exchanges/luno/](https://revain.org/exchanges/luno/) - Review: [revain.org/exchanges/tokocrypto/](https://revain.org/exchanges/tokocrypto/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/exchanges/kraken/ - https://revain.org/exchanges/luno/ - https://revain.org/exchanges/tokocrypto/ ## Sources - https://www.kraken.com/proof-of-reserves - https://guide.luno.com/hc/en-gb/articles/14371776098845-A-guide-to-Luno-s-Proof-of-Reserves # Redemption Returning stablecoins to the issuer for the reference currency; who may redeem, how fast and at what fee depends on law and terms. Canonical: https://achivx.org/glossary/redemption/ Updated: 2026-11-01 Redemption is when a holder returns stablecoins to the issuer and receives the reference currency. Rules differ. MiCA requires e-money token issuers to redeem at any time, at par value and without a fee. The GENIUS Act requires clear procedures for timely redemption. Hong Kong expects requests processed within one business day; the UK FCA requires redemption within T+1. Tether's terms allow redemption only for verified customers, subject to minimum amounts and fees. ## What the sources say | Source | Quote | Link | |---|---|---| | MiCA Art 49(4): redemption of e-money tokens | "Upon request by a holder of an e-money token, the issuer of that e-money token shall redeem it, at any time and at par value, by paying in funds, other than electronic money, the monetary value of the e-money token held to the holder of the e-money token." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art 49(6): no redemption fee | "Without prejudice to Article 46, the redemption of e-money tokens shall not be subject to a fee." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | GENIUS Act, sec. 4(a)(1)(B): redemption procedures | "establish clear and conspicuous procedures for timely redemption of outstanding payment stablecoins" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | HKMA supervision guideline: timing | "redemption requests should be processed within one (1) business day after the day on which it is received by the licensee." | [hkma.gov.hk](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf) | | FCA PS26/10: T+1 | "We will still require UK stablecoin issuers to redeem any amount of UK-issued qualifying stablecoin within T+1." | [fca.org.uk](https://www.fca.org.uk/publication/policy/ps26-10.pdf) | | Tether terms: redemption conditions | "Tether may from time to time make redemptions of Tether Tokens through the Site subject to minimum redemption amounts and other requirements." | [tether.to](https://tether.to/en/legal/) | | Tether terms: only verified customers may redeem | "In order to cause Tether Tokens to be issued or redeemed by Tether, you must be a verified customer of Tether." | [tether.to](https://tether.to/en/legal/) | | Tether terms: redemption price less fees | "less fees, where applicable. The Fiat currency payable on redemption will be paid to the bank account in your name designated by you via the process specified by Tether." | [tether.to](https://tether.to/en/legal/) | ## Where the sources differ The sources differ on fees. MiCA forbids a redemption fee for e-money tokens. Tether's terms say the redemption price is paid "less fees, where applicable". ## Related terms - [Issuer](/glossary/issuer/) - [Burn](/glossary/burn/) - [Peg / depeg](/glossary/peg-depeg/) - [Reserve / reserve assets](/glossary/reserve-assets/) ## See also - Explainer: [Can I redeem USDT or USDC with the issuer myself?](https://achivx.com/academy/issuers/can-i-redeem-with-the-issuer.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/eurc/](https://revain.org/coins/eurc/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/eurc/ ## Sources - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf - https://www.fca.org.uk/publication/policy/ps26-10.pdf - https://tether.to/en/legal/ # Reserve / reserve assets The assets an issuer holds to back outstanding stablecoins; laws set how much, of what kind, and how they are disclosed. Canonical: https://achivx.org/glossary/reserve-assets/ Updated: 2026-11-01 Reserve assets are the assets an issuer holds to back the stablecoins it has issued. MiCA defines the 'reserve of assets' as 'the basket of reserve assets securing the claim against the issuer' and requires e-money token issuers to keep at least 30% of funds received in credit institution accounts. The GENIUS Act requires identifiable reserves on at least a 1:1 basis and monthly publication of their composition. Tether says its Reserves may include loan receivables. ## What the sources say | Source | Quote | Link | |---|---|---| | MiCA Art 3(1)(32): reserve of assets | "‘reserve of assets’ means the basket of reserve assets securing the claim against the issuer" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art 54: deposit share for e-money token funds | "at least 30 % of the funds received is always deposited in separate accounts in credit institutions" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | GENIUS Act, sec. 4(a)(1): 1 to 1 reserves | "maintain identifiable reserves backing the outstanding payment stablecoins of the permitted payment stablecoin issuer on an at least 1 to 1 basis" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | GENIUS Act, sec. 4(a)(1): monthly disclosure | "publish the monthly composition of the issuer's reserves on the website of the issuer" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | Tether terms: composition of Reserves | "The Reserves are comprised of cash, cash equivalents and other assets and may include loan receivables and other assets from Affiliates." | [tether.to](https://tether.to/en/legal/) | ## Where the sources differ The sources set different rules. MiCA sets a minimum share of bank deposits for e-money token funds. The GENIUS Act requires 1:1 reserves and monthly disclosure of their composition. Tether's own terms allow loan receivables. ## Related terms - [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/) - [Reserve attestation](/glossary/reserve-attestation/) - [Proof of reserves](/glossary/proof-of-reserves/) - [Redemption](/glossary/redemption/) - [Issuer](/glossary/issuer/) ## See also - Explainer: [How do Tether and Circle say USDT and USDC are backed?](https://achivx.com/academy/issuers/how-are-usdt-and-usdc-backed.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usdtb/](https://revain.org/coins/usdtb/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/usdtb/ ## Sources - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://tether.to/en/legal/ # Reserve attestation An independent accountant's opinion on an issuer's reserve figures at specific dates; standards and frequency differ by issuer and law. Canonical: https://achivx.org/glossary/reserve-attestation/ Updated: 2026-11-01 A reserve attestation is a report by an independent accountant giving an opinion on an issuer's statement about its reserves at stated dates. Circle's USDC report is an examination under AICPA attestation standards; Tether's is a reasonable assurance report under ISAE 3000R by BDO. The GENIUS Act requires a registered public accounting firm to examine the issuer's monthly reserve report each month. MiCA instead requires asset-referenced token issuers to mandate an independent audit of the reserve every six months. ## What the sources say | Source | Quote | Link | |---|---|---| | Circle USDC examination report, September 2026 | "Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA)." | [6778953.fs1.hubspotusercontent-na1.net](https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20September%2026.pdf) | | Tether ISAE 3000R assurance report by BDO, as at 30 September 2026 | "We have been engaged by Tether Global Investments Fund SICAF SA to perform a reasonable assurance engagement on the Financials Figures and Reserves Report of Tether International, S.A. de C.V." | [assets.ctfassets.net](https://assets.ctfassets.net/vyse88cgwfbl/7nQYtcoP9GxIUFSyro2dGK/8d0521470b9e99c8c0831019cabea4ee/ISAE_3000R_-_Opinion_Tether_International_Financial_Figure_30-09-2026.pdf) | | GENIUS Act, sec. 4(a)(3): monthly examination | "A permitted payment stablecoin issuer shall, each month, have the information disclosed in the previous month-end report required under paragraph (1)(D) examined by a registered public accounting firm." | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | MiCA Art 36(9): six-monthly independent audit of the reserve (ARTs) | "issuers of asset-referenced tokens shall mandate an independent audit of the reserve of assets every six months" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | ## Where the sources differ The sources set different rules. The GENIUS Act requires a monthly examination by a registered public accounting firm. MiCA requires an independent audit every six months for asset-referenced tokens. Issuers' reports use different standards (AICPA examination, ISAE 3000R). ## Related terms - [Reserve / reserve assets](/glossary/reserve-assets/) - [Proof of reserves](/glossary/proof-of-reserves/) - [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/) - [Issuer](/glossary/issuer/) ## See also - Explainer: [What is a reserve attestation — and why is it not an audit?](https://achivx.com/academy/issuers/what-is-a-reserve-attestation.html) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usde/](https://revain.org/coins/usde/) - Review: [revain.org/coins/usdtb/](https://revain.org/coins/usdtb/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdc/ - https://revain.org/coins/usde/ - https://revain.org/coins/usdtb/ ## Sources - https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20September%2026.pdf - https://assets.ctfassets.net/vyse88cgwfbl/7nQYtcoP9GxIUFSyro2dGK/8d0521470b9e99c8c0831019cabea4ee/ISAE_3000R_-_Opinion_Tether_International_Financial_Figure_30-09-2026.pdf - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 # Risk tier In the Stablecoin Scanner's method: a six-word heuristic rating of an address, from severe to none, or not assessed. Canonical: https://achivx.org/glossary/risk-tier/ Updated: 2026-11-01 In the Stablecoin Scanner's methodology, a risk tier is the scanner's overall heuristic assessment of an address, stated in one of six words: severe, high, medium, low, none or not assessed. Severe covers SDN-listed addresses or a sanctioned root above the gate; high covers frozen or seized addresses or direct hack or drainer exposure; medium covers indirect exposure or an accusation label with two independent sources. 'None' means assessed and nothing found, while 'not assessed' means coverage was incomplete and is never a clearance. ## What the sources say | Source | Quote | Link | |---|---|---| | ACHIVX Academy glossary: risk tier | "the scanner’s overall heuristic assessment of an address, stated in words on the chip and painted as the graph’s centre glow: severe, high, medium, low, none or not assessed" | [achivx.com](https://achivx.com/academy/reference/glossary.html) | | ACHIVX Academy: what puts an address in each tier | "Every address gets a tier, stated in words on its page and painted as the centre glow in its graph: severe (SDN-listed, or a sanctioned root above the gate), high (frozen or seized, or direct hack / drainer exposure), medium (indirect exposure, or an accusation label with two independent sources), low, none (assessed and nothing found), and not assessed — coverage was incomplete, a question still open, never a clearance." | [achivx.com](https://achivx.com/academy/how-it-works/what-is-a-risk-tier.html) | | ACHIVX Academy: the method is heuristic | "The method is heuristic, over what the scanner can see" | [achivx.com](https://achivx.com/academy/how-it-works/what-is-a-risk-tier.html) | ## Related terms - [Sanctions exposure](/glossary/sanctions-exposure/) - [OFAC SDN list](/glossary/ofac-sdn-list/) - [Freeze (address freeze)](/glossary/freeze/) - [Wallet label / attribution](/glossary/wallet-label/) - [Counterparty graph](/glossary/counterparty-graph/) ## See also - Explainer: [What is a risk tier, and what does the chip’s word mean?](https://achivx.com/academy/how-it-works/what-is-a-risk-tier.html) Checked against the sources on 2026-11-01. ## Sources - https://achivx.com/academy/reference/glossary.html - https://achivx.com/academy/how-it-works/what-is-a-risk-tier.html # Sanctions exposure Working definition: how closely an address or flow of funds is linked to sanctioned persons or blocked property. Canonical: https://achivx.org/glossary/sanctions-exposure/ Updated: 2026-11-01 Sanctions exposure (working definition) describes how closely a person, address or flow of funds is connected to sanctioned persons or blocked property. OFAC says US persons must block the property of persons on the SDN List and of entities owned 50 percent or more by blocked persons, whether a transaction is in digital or fiat currency. Its address listings are not likely to be exhaustive, and it asks holders of wallets associated with an SDN to block them and report. Tether's terms use the same 50 percent test. ## What the sources say | Source | Quote | Link | |---|---|---| | OFAC FAQ 560: same obligations for digital currency | "Yes, the obligations are the same. U.S. persons (and persons otherwise subject to OFAC jurisdiction) must ensure that they block the property and interests in property of persons named on OFAC’s SDN List or any entity owned in the aggregate, directly or indirectly, 50 percent or more by one or more blocked persons" | [ofac.treasury.gov](https://ofac.treasury.gov/faqs/topic/1626) | | OFAC FAQ 562: listings not exhaustive; block and report | "OFAC’s digital currency address listings are not likely to be exhaustive. Parties who identify digital currency identifiers or wallets that they believe are owned by, or otherwise associated with, an SDN and hold such property should take the necessary steps to block the relevant digital currency and file a report with OFAC" | [ofac.treasury.gov](https://ofac.treasury.gov/faqs/topic/1626) | | Tether terms: Sanctioned Person 50 per cent test | "(ii) directly or indirectly owned 50 per cent or more by any Person or group of Persons in the aggregate, or a Digital Tokens Wallet associated with such Person or Persons, referred to in any Sanctions List" | [tether.to](https://tether.to/en/legal/) | ## Note on sources No official definition of "sanctions exposure" was found. The first sentence above is a working definition; the rest follows OFAC's and Tether's own wording. ## Related terms - [OFAC SDN list](/glossary/ofac-sdn-list/) - [Freeze (address freeze)](/glossary/freeze/) - [Blacklist (issuer blacklist)](/glossary/blacklist/) ## See also - Explainer: [What is sanctions exposure, and how is it different from being sanctioned?](https://achivx.com/academy/how-it-works/what-is-sanctions-exposure.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ ## Sources - https://ofac.treasury.gov/faqs/topic/1626 - https://tether.to/en/legal/ # Savings rate (Sky Savings Rate) Working definition: a variable return a stablecoin protocol pays on deposits; Sky's is funded from protocol surplus. Canonical: https://achivx.org/glossary/savings-rate/ Updated: 2026-11-01 A savings rate (working definition) is a variable return a stablecoin protocol pays on deposits of its stablecoin. Sky says the Sky Savings Rate is a variable protocol rate funded from aggregate Sky protocol surplus that can change over time, and sUSDS is the token that implements it for USDS under the ERC-4626 vault standard. Sky.money says it does not control, set or guarantee the rate. ## What the sources say | Source | Quote | Link | |---|---|---| | Sky.money: what the Sky Savings Rate is | "The Sky Savings Rate is a variable protocol rate funded from aggregate Sky protocol surplus, and it can change over time." | [sky.money](https://sky.money/) | | Sky.money: not set by Sky.money | "Sky.money does not control, set, or guarantee the rate." | [sky.money](https://sky.money/) | | Sky developer docs: sUSDS implements the rate | "sUSDS token represents a tokenized implementation of the Sky Savings Rate for USDS, fully compliant with the ERC-4626 standard." | [developers.sky.money](https://developers.sky.money/protocol/tokens/susds/) | ## Related terms - [Yield-bearing stablecoin](/glossary/yield-bearing-stablecoin/) - [Crypto-collateralised stablecoin](/glossary/crypto-collateralised-stablecoin/) ## See also - Explainer: [Where does the Sky Savings Rate come from — and who sets it?](https://achivx.com/academy/issuers/where-does-the-sky-savings-rate-come-from.html) - Review: [revain.org/coins/usds/](https://revain.org/coins/usds/) - Review: [revain.org/coins/dai/](https://revain.org/coins/dai/) - Review: [revain.org/projects/maker-sky/](https://revain.org/projects/maker-sky/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usds/ - https://revain.org/coins/dai/ - https://revain.org/projects/maker-sky/ ## Sources - https://sky.money/ - https://developers.sky.money/protocol/tokens/susds/ # Seizure Taking frozen stablecoin value away from the holder, for example on an authority's order, or under the issuer's terms (e.g. destroying a blacklisted balance). Canonical: https://achivx.org/glossary/seizure/ Updated: 2026-11-01 A seizure goes beyond a freeze: the value is taken away from the holder, for example on an authority's order, or under the issuer's terms. Tether's terms say it may seize and deliver a user's property to government or law enforcement authorities. In USDT's Ethereum contract, destroyBlackFunds sets a blacklisted address's balance to zero and lowers total supply. The GENIUS Act's 'lawful order' can require an issuer to seize, freeze, burn or prevent transfers of its payment stablecoins. ## What the sources say | Source | Quote | Link | |---|---|---| | Tether terms: seize and deliver | "Tether may, at its sole and absolute discretion, seize and deliver your property to any applicable Government, law enforcement, or other authorities where circumstances warrant or in accordance with Laws." | [tether.to](https://tether.to/en/legal/) | | TetherToken source: destroyBlackFunds | "function destroyBlackFunds (address _blackListedUser) public onlyOwner { require(isBlackListed[_blackListedUser]); uint dirtyFunds = balanceOf(_blackListedUser); balances[_blackListedUser] = 0; _totalSupply -= dirtyFunds; DestroyedBlackFunds(_blackListedUser, dirtyFunds); }" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | GENIUS Act, sec. 2(16): lawful order | "requires a person to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the person" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | Circle USDC terms: legal orders | "Circle may also be required to freeze USDC and/or surrender associated USD held in Segregated Accounts in the event it receives a legal order from a valid government authority" | [circle.com](https://www.circle.com/legal/usdc-terms) | | FATF Glossary: confiscation (permanent deprivation) | "The term confiscation, which includes forfeiture where applicable, means the permanent deprivation of funds or other assets by order of a competent authority or a court." | [fatf-gafi.org](https://www.fatf-gafi.org/en/pages/fatf-glossary.html) | ## Related terms - [Freeze (address freeze)](/glossary/freeze/) - [Blacklist (issuer blacklist)](/glossary/blacklist/) - [Burn](/glossary/burn/) - [Net issuance](/glossary/net-issuance/) ## See also - Data: [Stablecoin freezes and seizures by issuer](/data/freezes-and-seizures/) - Explainer: [What is a seizure, and how is it different from a freeze?](https://achivx.com/academy/how-it-works/what-is-a-seizure.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/usdtb/](https://revain.org/coins/usdtb/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/usdtb/ ## Sources - https://tether.to/en/legal/ - https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://www.circle.com/legal/usdc-terms - https://www.fatf-gafi.org/en/pages/fatf-glossary.html # Settlement / settled volume Working definition: the total value of stablecoin transfers completed in a period; the figure depends on which transfers are counted. Canonical: https://achivx.org/glossary/settled-volume/ Updated: 2026-11-01 Settlement is the final transfer that discharges a payment obligation. Settled volume (working definition) is the total value of stablecoin transfers completed over a period. The BIS notes stablecoin transfers settle neither directly nor indirectly on central bank balance sheets. Measurement choices change the figure: the BIS estimates 2025 stablecoin transaction volume at about $28 trillion and says values net of transfers between wallets of the same party are far lower; a BIS speech gives about $35 trillion, with payment-related flows near $390 billion. ## What the sources say | Source | Quote | Link | |---|---|---| | BIS Annual Economic Report 2026, ch. III: final settlement | "What fundamentally matters, however, is that money is accepted "with no questions asked" as final settlement of an obligation." | [bis.org](https://www.bis.org/publications/aer-2026/anchoring-trust-money) | | BIS Annual Economic Report 2026, ch. III: stablecoin settlement | "At present, stablecoin transfers settle neither directly nor indirectly on central bank balance sheets." | [bis.org](https://www.bis.org/publications/aer-2026/anchoring-trust-money) | | BIS Annual Economic Report 2026, ch. III: 2025 volume and netting | "Annual stablecoin transaction volume amounted to an estimated $28 trillion in 2025, equivalent to less than three business weeks of settlement volumes of the largest US wholesale payment systems; values net of transactions between wallets owned by the same party are far lower." | [bis.org](https://www.bis.org/publications/aer-2026/anchoring-trust-money) | | BIS speech (20 April 2026): volume vs payment flows | "While stablecoin transaction volumes seem large – some $35 trillion annually in 2025 – their use for real economy transactions is modest. For example, payment-related flows over the course of 2025 were estimated at around $390 billion." | [bis.org](https://www.bis.org/speeches/sp260420.htm) | | FSB 2023 recommendations: settlement finality | "rules governing the irrevocability of a transfer orders (“settlement finality”)" | [fsb.org](https://www.fsb.org/uploads/P170723-3.pdf) | | BIS Annual Economic Report 2026, ch. III, footnote 29: source of the adjusted volume | "29 Adjusted annual stablecoin transaction volumes are from Chainalysis (2026b)." | [bis.org](https://www.bis.org/publications/aer-2026/anchoring-trust-money) | ## Note on sources "Settled volume" has no official definition in the sources read; the definition above is a working one. The sources also give different totals for 2025: the BIS Annual Economic Report 2026 gives "an estimated $28 trillion" (adjusted, citing Chainalysis) and a BIS speech gives "some $35 trillion". Neither figure is ours. ## Related terms - [Net issuance](/glossary/net-issuance/) - [Stablecoin](/glossary/stablecoin/) ## See also - Data: [Organic stablecoin settlement by network](/data/organic-settlement/) - Explainer: [What do “settled volume”, “organic volume” and “net issuance” mean?](https://achivx.com/academy/how-it-works/what-settled-volume-means.html) Checked against the sources on 2026-11-01. ## Sources - https://www.bis.org/publications/aer-2026/anchoring-trust-money - https://www.bis.org/speeches/sp260420.htm - https://www.fsb.org/uploads/P170723-3.pdf # Stablecoin A crypto-asset designed to hold a stable value against a currency or other assets; legal definitions vary by jurisdiction. Canonical: https://achivx.org/glossary/stablecoin/ Updated: 2026-11-01 A stablecoin is a crypto-asset that aims to keep a stable value relative to a specified asset, a basket of assets or a fiat currency. Legal definitions differ. The FSB uses that broad sense. The US GENIUS Act's 'payment stablecoin' also requires an issuer obliged to redeem for a fixed monetary value. The UK regime covers coins referencing a fiat currency. MiCA's legal categories are 'e-money tokens' and 'asset-referenced tokens'; its recitals mention 'so-called algorithmic stablecoins'. ## What the sources say | Source | Quote | Link | |---|---|---| | FSB definition of stablecoin (2023 high-level recommendations, glossary) | "A crypto-asset that aims to maintain a stable value relative to a specified asset, or a pool or basket of assets." | [fsb.org](https://www.fsb.org/uploads/P170723-3.pdf) | | GENIUS Act, sec. 2(22): definition of payment stablecoin | "(i) that is, or is designed to be, used as a means of payment or settlement; and (ii) the issuer of which-- (I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | UK SI 2026/102: qualifying stablecoin references a fiat currency | "that cryptoasset seeks or purports to maintain a stable value in relation to a particular fiat currency (“the referenced fiat currency”)" | [legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/made) | | MiCA Art 3(1)(7): e-money token | "‘electronic money token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA Art 3(1)(6): asset-referenced token | "‘asset-referenced token’ means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | MiCA recital: so-called algorithmic stablecoins | "The same applies to so-called algorithmic ‘stablecoins’ that aim to maintain a stable value in relation to an official currency, or in relation to one or several assets" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | ## Where the sources differ The sources define the term differently. The FSB definition is broad (any reference asset). The GENIUS Act requires an issuer obliged to redeem. The UK regime covers coins that reference a fiat currency. MiCA has no "stablecoin" category; it uses e-money tokens and asset-referenced tokens. ## Related terms - [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/) - [Crypto-collateralised stablecoin](/glossary/crypto-collateralised-stablecoin/) - [Synthetic dollar (delta-neutral)](/glossary/synthetic-dollar/) - [Issuer](/glossary/issuer/) - [Peg / depeg](/glossary/peg-depeg/) - [Redemption](/glossary/redemption/) ## See also - Explainer: [What is a stablecoin, and how does it hold one dollar?](https://achivx.com/academy/how-it-works/what-is-a-stablecoin.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) - Review: [revain.org/coins/dai/](https://revain.org/coins/dai/) - Review: [revain.org/coins/usde/](https://revain.org/coins/usde/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ - https://revain.org/coins/dai/ - https://revain.org/coins/usde/ ## Sources - https://www.fsb.org/uploads/P170723-3.pdf - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://www.legislation.gov.uk/uksi/2026/102/made - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 # Synthetic dollar (delta-neutral) A dollar-tracking token backed by spot crypto assets hedged with short derivatives so that price moves offset; Ethena's USDe is an example. Canonical: https://achivx.org/glossary/synthetic-dollar/ Updated: 2026-11-01 A synthetic dollar is a token that targets a stable dollar value through a hedged portfolio rather than dollar reserves alone. Ethena calls USDe 'a crypto-native synthetic dollar': it holds spot assets and hedges their price risk with derivatives such as perpetual contracts, giving a 'delta-neutral' backing, alongside stablecoins and short-duration real-world assets that need no hedge. Ethena names funding risk: funding rates can turn negative, so it may have to pay rather than earn. ## What the sources say | Source | Quote | Link | |---|---|---| | Ethena docs, How USDe Works: description | "A crypto-native synthetic dollar utilizing spot assets as backing, onchain custody, and centralized liquidity venues" | [docs.ethena.fi](https://docs.ethena.fi/overview/how-usde-works) | | Ethena docs, How USDe Works: delta-neutral backing | "Stable assets held within the portfolio - liquid stablecoins and short-duration real-world assets - already hold a stable dollar value and require no hedge. The combined position is a delta-neutral backing whose synthetic dollar value remains relatively stable across most market conditions." | [docs.ethena.fi](https://docs.ethena.fi/overview/how-usde-works) | | Ethena docs, Funding Risk | "Given Ethena uses derivatives positions, such as perpetual contracts, to hedge the delta of the backing assets, the protocol is exposed to "Funding Risk". "Funding Risk" relates to the potential of persistently negative funding rates. Ethena is able to earn revenue from funding, but could also be required to pay funding." | [docs.ethena.fi](https://docs.ethena.fi/protocol-overview/risks/funding-risk) | | Ethena docs, How USDe Works: short perpetual hedging positions | "Ethena delegates, but never transfers custody of, backing assets to derivatives exchanges to margin the short perpetual hedging positions." | [docs.ethena.fi](https://docs.ethena.fi/overview/how-usde-works) | ## Note on sources No regulator text defines "synthetic dollar". Both sources are Ethena's own documents. ## Related terms - [Stablecoin](/glossary/stablecoin/) - [Crypto-collateralised stablecoin](/glossary/crypto-collateralised-stablecoin/) - [Peg / depeg](/glossary/peg-depeg/) ## See also - Explainer: [Ethena: who issues USDe, what backs it, and what it can do](https://achivx.com/academy/issuers/ethena.html) - Review: [revain.org/coins/usde/](https://revain.org/coins/usde/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usde/ ## Sources - https://docs.ethena.fi/overview/how-usde-works - https://docs.ethena.fi/protocol-overview/risks/funding-risk # Token approval (allowance) Working definition: a permission letting another address spend a holder's tokens up to a set allowance. Canonical: https://achivx.org/glossary/token-approval/ Updated: 2026-11-01 A token approval (working definition) is an on-chain permission that lets another address, the spender, move tokens from the holder's balance up to an amount called the allowance. In the ERC-20 standard, approve allows the spender to withdraw from the holder's account multiple times up to that amount, and calling it again overwrites the current allowance; allowance returns how much the spender may still withdraw. Circle's USDC contract implements the same approve and allowance functions. ## What the sources say | Source | Quote | Link | |---|---|---| | EIP-20: approve | "Allows _spender to withdraw from your account multiple times, up to the _value amount. If this function is called again it overwrites the current allowance with _value." | [eips.ethereum.org](https://eips.ethereum.org/EIPS/eip-20) | | EIP-20: allowance | "Returns the amount which _spender is still allowed to withdraw from _owner." | [eips.ethereum.org](https://eips.ethereum.org/EIPS/eip-20) | | Circle FiatTokenV1 source: approve | "@notice Sets a fiat token allowance for a spender to spend on behalf of the caller." | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | | Circle FiatTokenV1 source: allowance | "@notice Gets the remaining amount of fiat tokens a spender is allowed to transfer on behalf of the token owner." | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol) | ## Related terms - [Token standard (ERC-20, TRC-20, SPL)](/glossary/token-standard/) - [Address poisoning](/glossary/address-poisoning/) - [Blacklist (issuer blacklist)](/glossary/blacklist/) ## See also - Explainer: [What is a token approval, and why should I revoke one I don’t recognise?](https://achivx.com/academy/how-it-works/what-is-a-token-approval.html) - Review: [revain.org/wallets/rabby/](https://revain.org/wallets/rabby/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/wallets/rabby/ ## Sources - https://eips.ethereum.org/EIPS/eip-20 - https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/FiatTokenV1.sol # Token standard (ERC-20, TRC-20, SPL) Working definition: a shared contract interface, such as ERC-20 or TRC-20, that wallets and exchanges use to handle tokens. Canonical: https://achivx.org/glossary/token-standard/ Updated: 2026-11-01 A token standard (working definition) is a common set of functions and events that a token contract implements so that wallets and exchanges can work with any token that follows it. On Ethereum this is ERC-20, defined in EIP-20 as a standard interface for transferring tokens and approving them for spending by a third party. On TRON, any contract implementing the TRC-20 functions and events counts as a TRC-20 contract. On Solana, the Token program defines a common implementation for fungible and non-fungible tokens. Tether describes USDT on Ethereum as an ERC20 token. ## What the sources say | Source | Quote | Link | |---|---|---| | EIP-20: summary | "A standard interface for tokens." | [eips.ethereum.org](https://eips.ethereum.org/EIPS/eip-20) | | EIP-20: abstract | "This standard provides basic functionality to transfer tokens, as well as allow tokens to be approved so they can be spent by another on-chain third party." | [eips.ethereum.org](https://eips.ethereum.org/EIPS/eip-20) | | TRON developer docs: TRC-20 | "TRC-20 is a set of contract standards for issuing fungible token assets on TRON. Any contract that implements the required functions and events below is considered a TRC-20 contract." | [developers.tron.network](https://developers.tron.network/docs/trc20-protocol-interface) | | TRON developer docs: why wallets use it | "Wallets and exchanges integrating a TRC-20 contract use this standard set of functions and events to interact with the contract." | [developers.tron.network](https://developers.tron.network/docs/trc20-protocol-interface) | | Solana Program Library docs: Token program | "A Token program on the Solana blockchain. This program defines a common implementation for Fungible and Non Fungible tokens." | [solana-program.com](https://www.solana-program.com/docs/token) | | Tether FAQ: USDT on Ethereum as ERC20 | "Tether on the Ethereum blockchain, as an ERC20 token, is a newer transport layer" | [tether.to](https://tether.to/en/faqs/) | ## Related terms - [Wrong network transfer](/glossary/wrong-network-transfer/) - [Token approval (allowance)](/glossary/token-approval/) - [Bridged stablecoin (USDC.e)](/glossary/bridged-stablecoin/) - [Gas fee (such as TRX or ETH)](/glossary/gas-fee/) ## See also - Explainer: [Is my USDT ERC-20, TRC-20, BEP-20 or SPL?](https://achivx.com/academy/how-it-works/is-my-usdt-erc20-trc20-or-bep20.html) - Review: [revain.org/projects/ethereum/](https://revain.org/projects/ethereum/) - Review: [revain.org/projects/tron/](https://revain.org/projects/tron/) - Review: [revain.org/projects/solana/](https://revain.org/projects/solana/) - Review: [revain.org/projects/bnb/](https://revain.org/projects/bnb/) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/projects/ethereum/ - https://revain.org/projects/tron/ - https://revain.org/projects/solana/ - https://revain.org/projects/bnb/ - https://revain.org/coins/usdt/ ## Sources - https://eips.ethereum.org/EIPS/eip-20 - https://developers.tron.network/docs/trc20-protocol-interface - https://www.solana-program.com/docs/token - https://tether.to/en/faqs/ # Tokenised money-market fund Working definition: money market fund shares issued as blockchain tokens; the BIS says they offer returns at money market rates. Canonical: https://achivx.org/glossary/tokenised-money-market-fund/ Updated: 2026-11-01 A tokenised money market fund (TMMF) is a money market fund whose shares circulate as tokens on a blockchain (working definition). The BIS says TMMFs circulate on public permissionless blockchains like stablecoins but offer returns at money market rates and regulatory protections as securities, and rely on allow-listing of wallets. The BIS also says such shares are being piloted as reserve assets for stablecoins. ## What the sources say | Source | Quote | Link | |---|---|---| | BIS Bulletin 115: key takeaway | "Tokenised money market funds (TMMFs) are a fast-growing collateral asset and savings instrument in the crypto ecosystem. Like stablecoins, TMMFs circulate on public permissionless blockchains but offer returns at money market rates and regulatory protections as securities." | [bis.org](https://www.bis.org/publications/bulletin-115-rise-tokenised-money-market-funds) | | BIS Bulletin 115: allow-listing | "TMMFs currently cater strongly to decentralised finance protocols and rely on "allow-listing" of blockchain wallets to constrain peer-to-peer trading of their tokens to ensure regulatory compliance." | [bis.org](https://www.bis.org/publications/bulletin-115-rise-tokenised-money-market-funds) | | BIS Annual Economic Report 2026, ch. III: reserve-asset pilots | "These shares are being piloted as reserve assets for stablecoins and more broadly as collateral available on the ledger." | [bis.org](https://www.bis.org/publications/aer-2026/anchoring-trust-money) | ## Related terms - [Yield-bearing stablecoin](/glossary/yield-bearing-stablecoin/) - [Reserve / reserve assets](/glossary/reserve-assets/) - [Stablecoin](/glossary/stablecoin/) ## See also - Explainer: [What is USDtb — and what does it have to do with USDe?](https://achivx.com/academy/issuers/what-is-usdtb.html) - Review: [revain.org/coins/usdtb/](https://revain.org/coins/usdtb/) - Review: [revain.org/projects/ondo/](https://revain.org/projects/ondo/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdtb/ - https://revain.org/projects/ondo/ ## Sources - https://www.bis.org/publications/bulletin-115-rise-tokenised-money-market-funds - https://www.bis.org/publications/aer-2026/anchoring-trust-money # Travel Rule The FATF rule that service providers send sender and recipient details along with crypto and stablecoin transfers. Canonical: https://achivx.org/glossary/travel-rule/ Updated: 2026-11-01 The Travel Rule is the FATF requirement that VASPs and financial institutions obtain, hold and transmit originator and beneficiary information with payments or value transfers, including virtual assets; it applies FATF Recommendation 16 on payment transparency to virtual assets. The EU applies it through Regulation (EU) 2023/1113: the originator's crypto-asset service provider must ensure transfers carry the originator's and beneficiary's names and distributed ledger addresses. In FATF's 2026 survey, 83% of respondents had passed Travel Rule legislation. ## What the sources say | Source | Quote | Link | |---|---|---| | FATF Targeted Update 2026 (copy hosted by FIAU Malta), para 23 | "The Travel Rule requires VASPs and financial institutions to obtain, hold, and transmit specific originator and beneficiary information immediately and securely when engaging in payments or value transfers, including VAs and hybrid payment chains." | [fiaumalta.org](https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf) | | FATF Targeted Update 2026 (copy hosted by FIAU Malta), para 23: Travel Rule applies Recommendation 16 | "The Travel Rule applies the FATF’s payment transparency requirements (FATF Recommendation 16) to the VA context." | [fiaumalta.org](https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf) | | FATF Targeted Update 2026 (copy hosted by FIAU Malta), executive summary | "For the 2026 survey, 83% of respondents reported having passed legislation implementing the Travel Rule." | [fiaumalta.org](https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf) | | EU Regulation 2023/1113, Art 14(1): originator information | "The crypto-asset service provider of the originator shall ensure that transfers of crypto-assets are accompanied by the following information on the originator: (a) the name of the originator; (b) the originator’s distributed ledger address" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/48eca7a6-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | EU Regulation 2023/1113, Art 14(2): beneficiary information | "The crypto-asset service provider of the originator shall ensure that transfers of crypto-assets are accompanied by the following information on the beneficiary: (a) the name of the beneficiary; (b) the beneficiary’s distributed ledger address" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/48eca7a6-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | EU Regulation 2023/1113, recital: FATF Recommendation 16 | "FATF Recommendation 16 on wire transfers" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/48eca7a6-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | ## Related terms - [VASP](/glossary/vasp/) - [KYC / AML](/glossary/kyc-aml/) Checked against the sources on 2026-11-01. ## Sources - https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf - https://publications.europa.eu/resource/cellar/48eca7a6-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 # Unfreeze The issuer removing an address from its blacklist so that the address can move its stablecoins again. Canonical: https://achivx.org/glossary/unfreeze/ Updated: 2026-11-01 An unfreeze reverses a freeze: the issuer removes an address from its blacklist, so the address can transfer its tokens again. In Tether's USDT contract on Ethereum this is the owner-only removeBlackList function, which clears the address's blacklist flag. In Circle's USDC contract the 'blacklister' role calls unBlacklist, which emits an UnBlacklisted event. Circle's terms state that its freezes may be temporary or permanent. ## What the sources say | Source | Quote | Link | |---|---|---| | TetherToken source: removeBlackList | "function removeBlackList (address _clearedUser) public onlyOwner { isBlackListed[_clearedUser] = false; RemovedBlackList(_clearedUser); }" | [Etherscan](https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code) | | Circle Blacklistable.sol: unBlacklist | "@notice Removes account from blacklist." | [GitHub](https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/Blacklistable.sol) | | Circle USDC terms: temporary or permanent freeze | "freeze associated USDC (temporarily or permanently)" | [circle.com](https://www.circle.com/legal/usdc-terms) | ## Note on sources No regulator text on unfreezing was used. The definition rests on the USDT and USDC contracts and Circle's terms. ## Related terms - [Freeze (address freeze)](/glossary/freeze/) - [Blacklist (issuer blacklist)](/glossary/blacklist/) - [Seizure](/glossary/seizure/) ## See also - Data: [Stablecoin freezes and seizures by issuer](/data/freezes-and-seizures/) - Explainer: [Issuer freezes](https://achivx.com/academy/guides/issuer-freezes.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ ## Sources - https://etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code - https://raw.githubusercontent.com/circlefin/stablecoin-evm/master/contracts/v1/Blacklistable.sol - https://www.circle.com/legal/usdc-terms # VASP FATF term for a business that exchanges, transfers or holds virtual assets for others; called CASP in the EU and PSAV in Argentina and Brazil. Canonical: https://achivx.org/glossary/vasp/ Updated: 2026-11-01 A virtual asset service provider (VASP) is the FATF's term for a business that, for or on behalf of others, exchanges virtual assets for fiat or for each other, transfers them, keeps them in custody, or provides financial services for an issuer's offer or sale of a virtual asset. Laws use their own names: MiCA defines a 'crypto-asset service provider', Brazil's central bank regulates 'prestadoras de serviços de ativos virtuais', and Argentina regulates PSAVs. The FATF reports offshore VASPs remain a significant challenge. ## What the sources say | Source | Quote | Link | |---|---|---| | FATF Glossary: virtual asset service provider | "Virtual asset service provider means any natural or legal person who is not covered elsewhere under the Recommendations, and as a business conducts one or more of the following activities or operations for or on behalf of another natural or legal person: i. exchange between virtual assets and fiat currencies; ii. exchange between one or more forms of virtual assets; iii. transfer[1] of virtual assets; iv. safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets; and v. participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset." | [fatf-gafi.org](https://www.fatf-gafi.org/en/pages/fatf-glossary.html) | | MiCA Art 3(1)(15): crypto-asset service provider | "‘crypto-asset service provider’ means a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | | BCB Resolution 520: term used | "prestadora de serviços de ativos virtuais" | [bcb.gov.br](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520) | | Argentina (argentina.gob.ar): PSAV regulation news | "Proveedores de Servicios de Activos Virtuales (PSAV)" | [argentina.gob.ar](https://www.argentina.gob.ar/noticias/regulacion-de-los-proveedores-de-servicios-de-activos-virtuales-psav) | | FATF Targeted Update 2026 (copy hosted by FIAU Malta): offshore VASPs | "Offshore VASPs also remain a significant challenge" | [fiaumalta.org](https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf) | ## Where the sources differ The sources differ in scope. The FATF definition of a VASP includes natural persons. MiCA's crypto-asset service provider (CASP) is a legal person or other undertaking and must be authorised under Article 59. ## Related terms - [KYC / AML](/glossary/kyc-aml/) - [Travel Rule](/glossary/travel-rule/) - [Issuer](/glossary/issuer/) ## See also - Review: [revain.org/exchanges/kraken/](https://revain.org/exchanges/kraken/) - Review: [revain.org/exchanges/binance/](https://revain.org/exchanges/binance/) - Review: [revain.org/exchanges/luno/](https://revain.org/exchanges/luno/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/exchanges/kraken/ - https://revain.org/exchanges/binance/ - https://revain.org/exchanges/luno/ ## Sources - https://www.fatf-gafi.org/en/pages/fatf-glossary.html - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520 - https://www.argentina.gob.ar/noticias/regulacion-de-los-proveedores-de-servicios-de-activos-virtuales-psav - https://fiaumalta.org/app/uploads/2026/07/7th-targeted-update-on-implementation-fatf-standards-vas-vasps-2026.pdf.coredownload.pdf # Wallet label / attribution In the Stablecoin Scanner's method: a community-sourced name for an address with recorded provenance; not verified identity. Canonical: https://achivx.org/glossary/wallet-label/ Updated: 2026-11-01 In the Stablecoin Scanner's methodology, a wallet label is an entry in its label book, an address-attribution catalogue that records where each name and category came from. A name such as an exchange hot wallet says who the community says the address is; the scanner states that this is not identity and not a legal determination. Service categories describe and never accuse, while accusation categories such as mixer, drainer or hack enter an assessment only with two or more independent sources. ## What the sources say | Source | Quote | Link | |---|---|---| | ACHIVX Academy: what a label is | "A label is an entry in the scanner’s label book — community attribution with its provenance recorded." | [achivx.com](https://achivx.com/academy/how-it-works/what-is-a-wallet-label.html) | | ACHIVX Academy: not identity, not a legal determination | "A name tag such as Binance · exchange hot (attributed) says who the community says this is; it is not identity and not a legal determination." | [achivx.com](https://achivx.com/academy/how-it-works/what-is-a-wallet-label.html) | | ACHIVX Academy: two-source rule for accusation categories | "Service categories (exchange, bridge, DeFi, relay) describe and never accuse; accusation categories (mixer, drainer, hack) enter an assessment only with two or more independent sources." | [achivx.com](https://achivx.com/academy/how-it-works/what-is-a-wallet-label.html) | | ACHIVX Academy glossary: label book | "the scanner’s address-attribution catalogue: community names and categories with recorded provenance" | [achivx.com](https://achivx.com/academy/reference/glossary.html) | | ACHIVX Academy glossary: a name is not a verdict | "A name aids reading; it is not verified identity and not a verdict." | [achivx.com](https://achivx.com/academy/reference/glossary.html) | ## Related terms - [Risk tier](/glossary/risk-tier/) - [Counterparty graph](/glossary/counterparty-graph/) - [Organic volume](/glossary/organic-volume/) - [Exchange netflow](/glossary/exchange-netflow/) ## See also - Explainer: [What is a wallet label like “Binance · exchange hot wallet”, and can I trust it?](https://achivx.com/academy/how-it-works/what-is-a-wallet-label.html) Checked against the sources on 2026-11-01. ## Sources - https://achivx.com/academy/how-it-works/what-is-a-wallet-label.html - https://achivx.com/academy/reference/glossary.html # Wrong network transfer Working definition: sending a stablecoin on a network or token version the recipient does not support; recovery may be impossible. Canonical: https://achivx.org/glossary/wrong-network-transfer/ Updated: 2026-11-01 A wrong network transfer (working definition) is sending a stablecoin over a network, or in a token version, that the receiving address or account does not support. Circle's terms say virtual-currency transactions are irrevocable and that accidental transactions may result in a loss of money. Circle warns that sending bridged USDC on Arbitrum to a Circle Mint account may not be recoverable and could result in a loss of funds. ## What the sources say | Source | Quote | Link | |---|---|---| | Circle USDC terms: irrevocable transactions | "Transactions in virtual currency are irrevocable, and, accordingly, losses due to fraudulent or accidental transactions may result in the loss of your money" | [circle.com](https://www.circle.com/legal/usdc-terms) | | Circle, USDC on Arbitrum: bridged USDC to Circle Mint | "Please do not attempt to send bridged USDC on Arbitrum to a Circle Mint account, as it may not be recoverable and could result in a loss of funds." | [circle.com](https://www.circle.com/multi-chain-usdc/arbitrum) | | Circle blog, native USDC on Polygon PoS: USDC.e to Circle Account | "This means after November 10th, you should not attempt to send bridged USDC.e to your Circle Account, as it may not be recoverable and could result in a loss of funds." | [circle.com](https://www.circle.com/blog/what-you-need-to-know-native-usdc-on-polygon-pos) | ## Related terms - [Token standard (ERC-20, TRC-20, SPL)](/glossary/token-standard/) - [Bridged stablecoin (USDC.e)](/glossary/bridged-stablecoin/) - [Finality](/glossary/finality/) ## See also - Explainer: [I sent USDT on the wrong network — can I get it back?](https://achivx.com/academy/how-it-works/i-sent-usdt-on-the-wrong-network.html) - Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/) - Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usdt/ - https://revain.org/coins/usdc/ ## Sources - https://www.circle.com/legal/usdc-terms - https://www.circle.com/multi-chain-usdc/arbitrum - https://www.circle.com/blog/what-you-need-to-know-native-usdc-on-polygon-pos # Yield-bearing stablecoin Working definition: a stablecoin product that pays holders a return; the GENIUS Act and MiCA bar issuer-paid interest on some tokens. Canonical: https://achivx.org/glossary/yield-bearing-stablecoin/ Updated: 2026-11-01 A yield-bearing stablecoin (working definition) is a stablecoin product that pays holders a return. Sky, for example, describes its offering as the largest yield-bearing stablecoin, with sUSDS as a tokenised implementation of the Sky Savings Rate for USDS. The GENIUS Act, however, bars payment stablecoin issuers from paying holders interest or yield solely for holding, using or retaining the coin, and MiCA bars e-money token issuers from granting interest. ## What the sources say | Source | Quote | Link | |---|---|---| | Sky.money: largest yield-bearing stablecoin | "Get non-custodial access to the largest yield-bearing stablecoin and a set of features built around it." | [sky.money](https://sky.money/) | | Sky developer docs: sUSDS | "sUSDS token represents a tokenized implementation of the Sky Savings Rate for USDS, fully compliant with the ERC-4626 standard." | [developers.sky.money](https://developers.sky.money/protocol/tokens/susds/) | | GENIUS Act sec. 4(a)(11): prohibition on interest | "No permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay the holder of any payment stablecoin any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding, use, or retention of such payment stablecoin." | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | MiCA Art. 50(1): no interest on EMTs | "Notwithstanding Article 12 of Directive 2009/110/EC, issuers of e-money tokens shall not grant interest in relation to e-money tokens." | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) | ## Where the sources differ The sources frame the term differently. Issuers market "yield-bearing stablecoins" (Sky). The GENIUS Act bars payment stablecoin issuers from paying interest "solely in connection with the holding, use, or retention" of the coin, and MiCA bars interest on e-money tokens (Art. 50) and asset-referenced tokens (Art. 40). This page does not say which products fall under which law. ## Related terms - [Savings rate (Sky Savings Rate)](/glossary/savings-rate/) - [Tokenised money-market fund](/glossary/tokenised-money-market-fund/) - [Synthetic dollar (delta-neutral)](/glossary/synthetic-dollar/) - [Payment stablecoin (GENIUS Act)](/glossary/payment-stablecoin/) - [E-money token (EMT, MiCA)](/glossary/e-money-token/) ## See also - Explainer: [Do USDtb and USA₮ pay yield — and who can redeem them?](https://achivx.com/academy/issuers/do-usdtb-and-usat-pay-yield.html) - Review: [revain.org/coins/usds/](https://revain.org/coins/usds/) - Review: [revain.org/coins/dai/](https://revain.org/coins/dai/) - Review: [revain.org/coins/usde/](https://revain.org/coins/usde/) - Review: [revain.org/coins/usdtb/](https://revain.org/coins/usdtb/) Checked against the sources on 2026-11-01. ## revain.org - https://revain.org/coins/usds/ - https://revain.org/coins/dai/ - https://revain.org/coins/usde/ - https://revain.org/coins/usdtb/ ## Sources - https://sky.money/ - https://developers.sky.money/protocol/tokens/susds/ - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1 # achivx.org: open stablecoin data and regulation reference Open, dated stablecoin data from on-chain measurement and a country-by-country regulation tracker with primary sources, free to reuse under CC BY 4.0, for people and AI agents. Canonical: https://achivx.org/ Updated: 2026-11-04 As of: 2026-10-31 Open, dated stablecoin data and a country-by-country regulation tracker, free to reuse under CC BY 4.0 and built for people and AI agents. In the 30 days to 31 October 2026, the scanner, which covers 11 stablecoins on 7 networks, recorded 675 issuer acts and US$8.07 m seized; the regulation tracker covers 25 jurisdictions. ## Key figures, 30 days to 31 October 2026 Measured on-chain by the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/); scanner build 1 November 2026. - **[11 stablecoins](/stablecoins/)** on **7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). - **[675 issuer acts](/data/freezes-and-seizures/)** ([freeze](/glossary/freeze/), [unfreeze](/glossary/unfreeze/) and [seize](/glossary/seizure/)) in the scanner's 30-day ledger, with **[US$8.07 m seized](/data/freezes-and-seizures/)**. - **[Net issuance](/glossary/net-issuance/)** ([minted](/glossary/mint/) minus [burned](/glossary/burn/)) per coin is in the table below and on the [issuance](/data/issuance/) page; for 9 of the 10 coins with a figure, more was burned than minted. - **[Organic settlement](/glossary/organic-volume/)**, 30 days: [Tron](/data/organic-settlement/#net-tron) US$528 bn; [Ethereum](/data/organic-settlement/#net-ethereum) US$502 bn; [Base](/data/organic-settlement/#net-base) US$115 bn; [Optimism](/data/organic-settlement/#net-optimism) US$99.1 bn; [BNB Chain](/data/organic-settlement/#net-bnb-chain) US$77.0 bn; [Arbitrum](/data/organic-settlement/#net-arbitrum) US$17.2 bn; Solana: no organic figure. ### Stablecoins covered | Coin | Name | Minted, 30 days | Burned, 30 days | Net issuance, 30 days | |---|---|---|---|---| | [USDT](/stablecoins/usdt/) | Tether USD₮ | US$170 m | US$308 m | -US$139 m | | [USDC](/stablecoins/usdc/) | USD Coin | US$33.8 bn | US$35.3 bn | -US$1.52 bn | | [DAI](/stablecoins/dai/) | Dai | US$60.9 bn | US$60.9 bn | -US$40.1 m | | [FDUSD](/stablecoins/fdusd/) | First Digital USD | US$0 | US$466,795 | -US$466,795 | | [PYUSD](/stablecoins/pyusd/) | PayPal USD | US$1.29 bn | US$1.28 bn | US$9.34 m | | [TUSD](/stablecoins/tusd/) | TrueUSD | no issuance figure | | | | [USD1](/stablecoins/usd1/) | World Liberty Financial USD | US$30.9 m | US$566 m | -US$535 m | | [USDC.e](/stablecoins/usdc-e/) | Bridged USDC | US$4.45 m | US$8.75 m | -US$4.30 m | | [USDe](/stablecoins/usde/) | Ethena USDe | US$481 m | US$908 m | -US$427 m | | [USDS](/stablecoins/usds/) | Sky Dollar | US$14.5 bn | US$14.9 bn | -US$401 m | | [USDT0](/stablecoins/usdt0/) | USDT0 (omnichain USD₮) | US$287 m | US$318 m | -US$30.9 m | Window: 30 days to 31 October 2026; scanner build 1 November 2026. These are the mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. The scanner publishes no supply figure, so this site prints no supply or market size. More per coin: [stablecoin data cards](/stablecoins/); all coins: [issuance](/data/issuance/). The scanner does not index issuance on Solana yet, so the totals for USDT, USDC, PYUSD, USDe and USDS exclude Solana. The scanner notes that every issuer act is something the issuer did or proposed; it says nothing about who the address belongs to or why. This is telemetry, not legal advice. ## Regulation by region All 25 jurisdictions in the [regulation tracker](/regulation/), each with a dated status table quoted from government sources. - **Europe:** [European Union](/regulation/european-union/), [Russia](/regulation/russia/), [Spain](/regulation/spain/), [Switzerland](/regulation/switzerland/), [Türkiye](/regulation/turkey/), [Ukraine](/regulation/ukraine/), [United Kingdom](/regulation/united-kingdom/) - **Americas:** [Brazil](/regulation/brazil/), [Canada](/regulation/canada/), [Mexico](/regulation/mexico/), [United States](/regulation/united-states/) - **Asia-Pacific:** [Australia](/regulation/australia/), [Hong Kong](/regulation/hong-kong/), [India](/regulation/india/), [Indonesia](/regulation/indonesia/), [Japan](/regulation/japan/), [Kazakhstan](/regulation/kazakhstan/), [Philippines](/regulation/philippines/), [Singapore](/regulation/singapore/), [South Korea](/regulation/south-korea/), [Thailand](/regulation/thailand/), [Vietnam](/regulation/vietnam/) - **Middle East and Africa:** [Nigeria](/regulation/nigeria/), [South Africa](/regulation/south-africa/), [United Arab Emirates](/regulation/united-arab-emirates/) ## Core terms - [Stablecoin](/glossary/stablecoin/): A crypto-asset designed to hold a stable value against a currency or other assets; legal definitions vary by jurisdiction. - [Issuer](/glossary/issuer/): The entity that creates a stablecoin and is responsible for redeeming it; laws limit who may act as one. - [Redemption](/glossary/redemption/): Returning stablecoins to the issuer for the reference currency; who may redeem, how fast and at what fee depends on law and terms. - [Reserve attestation](/glossary/reserve-attestation/): An independent accountant's opinion on an issuer's reserve figures at specific dates; standards and frequency differ by issuer and law. - [Proof of reserves](/glossary/proof-of-reserves/): A custodian's snapshot check (Kraken's uses a Merkle tree) that its on-chain holdings cover client balances; not a full audit. - [Peg / depeg](/glossary/peg-depeg/): The peg is the value a stablecoin targets, such as one unit of a currency; a depeg is when its market price moves away. - [Exchange netflow](/glossary/exchange-netflow/): Working definition: in the Stablecoin Scanner's method, the net of stablecoins entering and leaving an exchange's known addresses over a period. - [Bridged stablecoin (USDC.e)](/glossary/bridged-stablecoin/): Working definition: a stablecoin copy on another chain, backed by originals locked in a contract, not issued by the issuer. - [E-money token (EMT, MiCA)](/glossary/e-money-token/): MiCA's category for a crypto-asset referencing one official currency, issued and redeemable at par by a credit or e-money institution. - [CASP (MiCA)](/glossary/casp/): MiCA's term for a firm authorised to provide crypto-asset services such as custody, trading platforms or exchange in the EU. - [Travel Rule](/glossary/travel-rule/): The FATF rule that service providers send sender and recipient details along with crypto and stablecoin transfers. - [Freeze (address freeze)](/glossary/freeze/): An issuer blocking a specific address so its stablecoins cannot be moved; the balance stays on the address. - [All 52 terms, A-Z](/glossary/) ## On this site ### [Data](/data/) 6 pages - [Stablecoin transparency report, October 2026](/data/report-2026-10/) - [Organic stablecoin settlement by network](/data/organic-settlement/) - [Stablecoin mint and burn: net issuance, 30 days](/data/issuance/) - [Stablecoin freezes and seizures by issuer](/data/freezes-and-seizures/) - [Exchange stablecoin holdings and netflow](/data/exchanges/) ### [Stablecoins](/stablecoins/) 11 stablecoins - [USDT](/stablecoins/usdt/) - [USDC](/stablecoins/usdc/) - [DAI](/stablecoins/dai/) - [FDUSD](/stablecoins/fdusd/) - [PYUSD](/stablecoins/pyusd/) ### [Regulation](/regulation/) 25 jurisdictions, latest changes: - [Australia](/regulation/australia/): 2 November 2026 - [Canada](/regulation/canada/): 2 November 2026 - [Nigeria](/regulation/nigeria/): 2 November 2026 - [Philippines](/regulation/philippines/): 2 November 2026 - [South Africa](/regulation/south-africa/): 2 November 2026 ### [Glossary](/glossary/) 52 terms - [KYC / AML](/glossary/kyc-aml/) - [Stablecoin](/glossary/stablecoin/) - [OFAC SDN list](/glossary/ofac-sdn-list/) - [VASP](/glossary/vasp/) - [CBDC](/glossary/cbdc/) ## What changed recently - 4 November 2026: [TUSD stablecoin data](/stablecoins/tusd/) - 4 November 2026: [USDe stablecoin data](/stablecoins/usde/) - 4 November 2026: [USDT0 stablecoin data](/stablecoins/usdt0/) - 3 November 2026: [Australia: crypto and stablecoin regulation (as of 2 November 2026)](/regulation/australia/) - 2 November 2026: [About achivx.org](/about/) - 2 November 2026: [Stablecoin freezes and seizures by issuer](/data/freezes-and-seizures/) - 2 November 2026: [Stablecoin transparency report, October 2026](/data/report-2026-10/) - 2 November 2026: [Stablecoin and crypto regulation tracker](/regulation/) ## For AI agents - [llms.txt](/llms.txt): site index for language models - [llms-full.txt](/llms-full.txt): every page as Markdown in one file - [index.md](/index.md): Markdown version of each page (example: the home page) - [Data](/data/): Dataset JSON-LD with CC BY 4.0 data files on the data pages - Stablecoin transparency report, October 2026: [data.json](/data/report-2026-10/data.json) · [data.csv](/data/report-2026-10/data.csv) (CC BY 4.0) - source data (read-only, public): [Stablecoin Scanner REST API](https://stablescan.achivx.com/v1/networks), [MCP gateway](https://api.achivx.com/mcp) ## Method, sources and licence - **Data.** Figures are read from the Stablecoin Scanner (ACHIVX) when this site is built, not live in your browser. Settlement figures are organic, with round trips and bot churn removed; raw volume is not printed. Exchange and bridge balances are a floor of the on-chain stablecoins in the wallets the scanner can attribute, not reserves or liabilities. On the data pages each figure gives its window, build date and scanner page. - **Regulation.** Each line is quoted from a government source (a regulator, ministry, parliament or official gazette) and carries its date and a link to that source. Bills and consultation drafts are labelled as such, not as law. Not legal advice. - **Sources.** The [full source list](/about/#sources) for the figures on this page is on the about page; every exact scanner URL stays on the data page that uses it. - **Licence.** The text, tables and data files are free to reuse under [CC BY 4.0](/licence/); credit "achivx.org" and the date shown. - **Who runs it.** Run by the ACHIVX team; corrections and contact on the [about page](/about/). # Licence: CC BY 4.0 achivx.org text and data files are licensed under Creative Commons Attribution 4.0 International; how to credit them. Canonical: https://achivx.org/licence/ Updated: 2026-11-01 The text, tables and data files (JSON and CSV) on achivx.org are licensed under the [Creative Commons Attribution 4.0 International licence (CC BY 4.0)](https://creativecommons.org/licenses/by/4.0/). You may copy, share and adapt them for any purpose, including commercial use, as long as you give credit. ## How to credit Name the source as "achivx.org", link the page or file you used, and state the date shown on it. If you changed the data, say so. A short form is fine, for example: "Source: achivx.org, data as of 31 October 2026, CC BY 4.0". ## What the licence does not cover - Figures on achivx.org are derived from the public [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/); the scanner's own pages are not part of this licence. - Laws, regulations and official documents linked from the regulation tracker belong to their publishers. The tracker quotes short passages and links the originals. - Names and logos of third parties are not licensed. # Australia: crypto and stablecoin regulation (as of 2 November 2026) Dated status of Australia's stablecoin and digital asset rules: ASIC Information Sheet 225 as updated in October 2025, the ASIC stablecoin and wrapped token distribution relief, the ASIC no-action position to 30 June 2026, the Corporations Amendment (Digital Assets Framework) Act 2026 commencing on 8 April 2027 and the Treasury exposure draft on tokenised stored value facilities, each line linked to the government source. Canonical: https://achivx.org/regulation/australia/ Updated: 2026-11-03 As of: 2026-11-02 In Australia, the Australian Securities and Investments Commission (ASIC) updated Information Sheet 225 (INFO 225) on 29 October 2025 to clarify how existing laws apply to digital assets. ASIC considers stablecoins, wrapped tokens, tokenised securities and digital asset wallets to be among the digital asset products that are financial products, and considers that certain stablecoins are likely to be a non-cash payment facility; these are ASIC views in its guidance. On 9 December 2025 ASIC granted class relief to intermediaries engaging in the secondary distribution of certain stablecoins and wrapped tokens. The Corporations Amendment (Digital Assets Framework) Act 2026 passed Parliament on 1 April 2026, received Royal Assent on 8 April 2026 and, under its s 2, commences the day after the end of the 12 months beginning on the day of Royal Assent: 8 April 2027 per the Federal Register (ASIC gives 9 April 2027); it introduces digital asset platforms and tokenised custody platforms as financial products whose operators need an Australian Financial Services (AFS) licence. Treasury consulted from 12 March to 9 April 2026 on draft legislation for payment service providers under which tokenised stored value facilities, such as stablecoins, would be regulated as financial products; that draft is a proposal, not law. The rows marked as proposed quote the Treasury exposure draft materials. This page states what the government sources say. It is not legal advice. ## Status as of 2 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Published | ASIC Information Sheet 225 "Digital assets: Financial products and services", updated: ASIC clarified how existing laws apply to digital assets. Stablecoins, wrapped tokens, tokenised securities and digital asset wallets are among the digital asset products that ASIC considers to be financial products in its updated guidance. | 29 October 2025 | [ASIC](https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-250mr-updated-asic-guidance-supports-digital-asset-innovation-and-boosts-investor-protection), [ASIC INFO 225](https://www.asic.gov.au/regulatory-resources/digital-transformation/digital-assets-financial-products-and-services) | | In force | ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631 (F2025L01117): an exemption for distributors of named stablecoins. The named stablecoins are AUDM (issuer Catena Digital Pty Ltd) and AUDF (issuer Forte Securities Australia Pty Limited), which ASIC Corporations (Amendment) Instrument 2025/679 added from 8 October 2025. The Federal Register of Legislation shows the instrument as in force (compilation No. 1 of 8 October 2025); it "is repealed at the start of 1 June 2028" (s 10). | 20 September 2025 (commenced; registered 19 September 2025) | [Federal Register of Legislation](https://www.legislation.gov.au/F2025L01117/latest/text) | | In force | ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867 (F2025L01512): class relief from the Corporations Act for distributors of eligible stablecoins from the requirement to hold an AFS licence, an Australian market licence and/or a CS facility licence. ASIC expanded eligible stablecoins and wrapped tokens to include those whose issuers have applied for a licence to issue the financial product. On 4 May 2026 ASIC said these relief instruments remain in place as part of the transition to the new digital asset and payments services licensing reforms. The Federal Register of Legislation shows the instrument as in force. It "commences on the day after it is registered on the Federal Register of Legislation" (registered 8 December 2025) and "is repealed at the start of 1 January 2029" (s 14). | 9 December 2025 (announced; registered 8 December 2025) | [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/asic-finalises-new-exemptions-to-support-digital-asset-innovation), [ASIC INFO 225](https://www.asic.gov.au/regulatory-resources/digital-transformation/digital-assets-financial-products-and-services), [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence), [Federal Register of Legislation](https://www.legislation.gov.au/F2025L01512/asmade/text) | | Statement | ASIC no-action position: under it, firms needed to apply for a licence (or, for markets or CS facility licences, notify ASIC that they intend to apply) by 30 June 2026. ASIC warns that unlicensed conduct carries serious civil and criminal penalties, including fines that could reach up to 10% of annual turnover. | 30 June 2026 (application date) | [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence) | | Pending | Corporations Amendment (Digital Assets Framework) Act 2026 (DAF Act): passed Parliament on 1 April 2026 and received Royal Assent on 8 April 2026. It introduces two new types of financial products, digital asset platforms and tokenised custody platforms, which will need to hold an AFS licence. Section 2 commences the whole Act "the day after the end of the period of 12 months beginning on the day this Act receives the Royal Assent"; the Federal Register table gives 8 April 2027, and ASIC gives 9 April 2027. | 8 April 2027 (commencement per s 2 and the Federal Register; ASIC: 9 April 2027) | [Federal Register of Legislation](https://www.legislation.gov.au/C2026A00038/asmade/text), [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence), [Treasury](https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/new-digital-asset-laws-unlock-innovation-and-safeguard) | | Proposed | Regulation of Payment Service Providers, Tranche 1 draft legislation (Treasury exposure draft, consultation c2026-746108): tokenised stored value facilities (SVFs), such as stablecoins, would be regulated as financial products. Treasury says stakeholder feedback will be considered in finalising the legislation for introduction in 2026. Not law. | Consultation 12 March 2026 to 9 April 2026 | [Treasury consultation](https://consult.treasury.gov.au/c2026-746108), [Treasury fact sheet](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_factsheet.pdf) | ## Key rules - **Non-cash payment facility (ASIC INFO 225).** ASIC considers that certain stablecoins are likely to be a non-cash payment facility. ([ASIC INFO 225](https://www.asic.gov.au/regulatory-resources/digital-transformation/digital-assets-financial-products-and-services)) - **Reference currency (ASIC INFO 225, Example 18).** In ASIC's worked example, the currency to which the stablecoin is linked does not change the financial product status of the stablecoin. ([ASIC INFO 225](https://www.asic.gov.au/regulatory-resources/digital-transformation/digital-assets-financial-products-and-services)) - **Yield-bearing stablecoin (ASIC INFO 225, Example 6).** In ASIC's hypothetical worked example of a yield-bearing stablecoin, Company E's digital asset is likely to be an interest in a managed investment scheme. ([ASIC INFO 225](https://www.asic.gov.au/regulatory-resources/digital-transformation/digital-assets-financial-products-and-services)) - **Distribution relief (ASIC).** ASIC granted class relief to distributors of eligible stablecoins from the requirement to hold an AFS licence, an Australian market licence and/or a CS facility licence (Instrument 2025/867). ([ASIC INFO 225](https://www.asic.gov.au/regulatory-resources/digital-transformation/digital-assets-financial-products-and-services)) - **Scope (Instrument 2025/867).** The instrument "provides several licensing and disclosure exemptions in relation to certain types of stablecoins and wrapped tokens"; various requirements and conditions apply, including requirements dealing with redemption rights and reserves for both stablecoins and wrapped tokens. ([Federal Register of Legislation](https://www.legislation.gov.au/F2025L01512/asmade/text)) - **Reserves (Instrument 2025/867).** For an eligible stablecoin, the issuer must maintain reserves that are equal to or greater than the total underlying currency amount of the stablecoins on issue in that class, with the reserves comprising only cash or cash equivalent assets denominated in the underlying currency. ([Federal Register of Legislation](https://www.legislation.gov.au/F2025L01512/asmade/text)) - **Reserve reports (Instrument 2025/867, s 12).** If eligible stablecoins in a class have been on issue for at least 4 months, the exemptions apply only if the issuer has, within the last 4 months, published on its website a report about the composition and value of the reserves. If they have been on issue for at least 16 months, the issuer must also have published, within the last 13 months, such a report by a registered company auditor (for an exempt foreign issuer, a person authorised to undertake audits in its jurisdiction of incorporation). ([Federal Register of Legislation](https://www.legislation.gov.au/F2025L01512/asmade/text)) - **Custody standards (Instrument 2025/871).** ASIC Instrument 2025/871 amends ASIC's custody standards instrument 2024/17: it substitutes the rule that custodial property is held separately, with a separate provision for custodial property that comprises "digital assets that are financial products", and adds a definition of "digital asset". It is not part of the stablecoin relief. ([Federal Register of Legislation](https://www.legislation.gov.au/F2025L01513/asmade/text)) - **Named stablecoins (Instrument 2025/631).** The instrument lists AUDM (Catena Digital Pty Ltd) and AUDF (Forte Securities Australia Pty Limited) as named stablecoins. ([Federal Register of Legislation](https://www.legislation.gov.au/F2025L01117/latest/text)) - **Platforms (DAF Act).** Digital asset platforms and tokenised custody platforms become two new types of financial products, and these platforms will need to hold an AFS licence. ([Treasury](https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/new-digital-asset-laws-unlock-innovation-and-safeguard)) - **Tokens and facilities (exposure draft, proposed).** Tokenised SVFs, such as stablecoins, would be financial products; the digital tokens attached to rights under tokenised SVFs would not themselves be financial products. ([Treasury fact sheet](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_factsheet.pdf)) - **Interest (exposure draft, proposed).** An SVF provider would commit an offence if it pays, or under the terms of the facility is able to pay, interest or interest-like benefits in connection with an amount standing to the credit of an SVF it issued. ([Treasury explanatory memorandum](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_explanatory_memorandum.pdf)) - **Redemption (exposure draft, proposed).** A tokenised SVF provider would commit an offence if it unreasonably restricts a person who possesses a digital token attached to a tokenised SVF it issued from exercising the right to redeem an amount from the tokenised SVF. ([Treasury explanatory memorandum](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_explanatory_memorandum.pdf)) - **Safeguarding (exposure draft, proposed).** For payment service providers solely regulated by ASIC, the default method would require them to segregate and hold funds in a trust account with an authorised deposit-taking institution (ADI). ([Treasury fact sheet](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_factsheet.pdf)) - **Prudential regime (exposure draft, proposed).** A new prudential regime would apply to major SVF providers, including tokenised SVF providers, who hold $200 million or more in stored value (on a corporate group aggregate basis) and enable users to redeem funds in Australian currency. ([Treasury fact sheet](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_factsheet.pdf)) - **No Financial Claims Scheme (exposure draft, proposed).** The fact sheet states that SVF accounts are not protected by the Financial Claims Scheme. ([Treasury fact sheet](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_factsheet.pdf)) - **Graduated framework (Treasury).** Treasury describes a graduated regulatory framework for stored value facilities like prepaid accounts, stablecoin issuers or wallets that hold customer funds. ([Treasury](https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/new-legislation-modernise-regulation-payment-service)) ## Timeline | Date | Event | Source | |---|---|---| | 20 September 2025 | ASIC Instrument 2025/631 (named stablecoin distribution exemption, AUDM) commences | [Federal Register of Legislation](https://www.legislation.gov.au/F2025L01117/latest/text) | | 8 October 2025 | AUDF added to Instrument 2025/631 by Instrument 2025/679 | [Federal Register of Legislation](https://www.legislation.gov.au/F2025L01117/latest/text) | | 9 October 2025 | Treasury release on draft legislation to modernise the regulation of payment service providers, including stored value facilities | [Treasury](https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/new-legislation-modernise-regulation-payment-service) | | 29 October 2025 | ASIC updates INFO 225 | [ASIC](https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-250mr-updated-asic-guidance-supports-digital-asset-innovation-and-boosts-investor-protection) | | 26 November 2025 | Government introduces the Corporations Amendment (Digital Assets Framework) Bill 2025 to Parliament | [Treasury](https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/new-digital-asset-laws-unlock-innovation-and-safeguard) | | 8 December 2025 | ASIC Instrument 2025/867 registered on the Federal Register of Legislation; it commences the day after | [Federal Register of Legislation](https://www.legislation.gov.au/F2025L01512/asmade/text) | | 9 December 2025 | ASIC announces class relief for secondary distribution of certain stablecoins and wrapped tokens | [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/asic-finalises-new-exemptions-to-support-digital-asset-innovation) | | 12 March 2026 | Treasury consultation on the Tranche 1 payment service provider draft legislation opens | [Treasury consultation](https://consult.treasury.gov.au/c2026-746108) | | 1 April 2026 | DAF Act passes Parliament | [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence) | | 8 April 2026 | DAF Act receives Royal Assent | [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence) | | 9 April 2026 | Treasury consultation closes | [Treasury consultation](https://consult.treasury.gov.au/c2026-746108) | | 4 May 2026 | ASIC reminds digital asset businesses to apply for a licence by 30 June 2026 | [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence) | | 30 June 2026 | Application date under the ASIC no-action position | [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence) | | 8 April 2027 | DAF Act commences (s 2 and the Federal Register; ASIC gives 9 April 2027) | [Federal Register of Legislation](https://www.legislation.gov.au/C2026A00038/asmade/text), [ASIC](https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence) | ## Not covered here The payment service provider legislation on tokenised stored value facilities was not found introduced in Parliament in the sources this page uses; final exemption and exclusion regulations are, per Treasury, to be finalised after the legislation passes. The text of the DAF Act was not read, apart from its commencement provision. No stablecoin issuer register was found, and ASIC's professional registers of AFS licensees were not read. ASIC says INFO 225 may be updated when the reforms are finalised. ## Sources - https://www.legislation.gov.au/C2026A00038/asmade/text - https://www.asic.gov.au/regulatory-resources/digital-transformation/digital-assets-financial-products-and-services - https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-250mr-updated-asic-guidance-supports-digital-asset-innovation-and-boosts-investor-protection - https://www.asic.gov.au/about-asic/news-centre/news-items/asic-finalises-new-exemptions-to-support-digital-asset-innovation - https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence - https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/new-digital-asset-laws-unlock-innovation-and-safeguard - https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/new-legislation-modernise-regulation-payment-service - https://consult.treasury.gov.au/c2026-746108 - https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_factsheet.pdf - https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_explanatory_memorandum.pdf - https://www.legislation.gov.au/F2025L01512/asmade/text - https://www.legislation.gov.au/F2025L01117/latest/text - https://www.legislation.gov.au/F2025L01513/asmade/text # Brazil: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Brazil's virtual asset rules: Law 14.478/2022, the Banco Central do Brasil as regulator, Resoluções BCB 519, 520 and 521, the stablecoin definition and FX treatment, the 30 October 2026 filing deadline, the 6 November 2026 counterparty ban, the 2026 rules on self-custody transfer reporting, authorisation decision periods and prudential classification, the 2027 transfer hold and proof-of-reserves reporting, and the Drex pilot, each line linked to the government source. Canonical: https://achivx.org/regulation/brazil/ Updated: 2026-11-01 As of: 2026-11-01 Brazil regulates virtual asset service providers (prestadoras de serviços de ativos virtuais) under Law 14.478/2022, which allows them to operate only with prior authorisation from a federal body. Decree 11.563/2023 designates the Banco Central do Brasil (BCB) to regulate and supervise them. BCB Resolutions 519, 520 and 521 of 10 November 2025, in force since 2 February 2026, set the authorisation process, create the sociedades prestadoras de serviços de ativos virtuais (SPSAVs), define a fiat-referenced virtual asset (stablecoin) and place the purchase, sale or exchange of stablecoins in the foreign exchange (FX) market. Drex is the BCB's central bank digital currency (CBDC) project. This page states what the government sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Law 14.478 of 21 December 2022 (Lei nº 14.478): virtual asset service providers may operate in Brazil only with prior authorisation from a federal public administration body or entity. Published in the DOU on 22 December 2022; in force 180 days after official publication. | 180 days after 22 December 2022 | [Planalto](https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm) | | In force | Decree 11.563 of 13 June 2023 (Decreto nº 11.563): the BCB will regulate the operation of virtual asset service providers and is responsible for supervising them. | 20 June 2023 | [Planalto](https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2023/decreto/d11563.htm) | | In force | Resolução BCB 519 of 10 November 2025: authorisation processes for exchange brokers, securities brokers and dealers, and sociedades prestadoras de serviços de ativos virtuais. | 2 February 2026 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=519) | | In force | Resolução BCB 520 of 10 November 2025: constitution and operation of SPSAVs, the stablecoin definition and the stablecoin listing criteria. | 2 February 2026 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520) | | In force | Resolução BCB 521 of 10 November 2025: virtual asset services in the FX market and international capital. Its changes to Art. 76-C and Art. 82-A of Resolução BCB 277 and its Arts. 2 to 4 apply from 4 May 2026; the other provisions from 2 February 2026. | 2 February 2026 and 4 May 2026 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521) | | In force | Phase 1 authorisation requests of virtual asset service providers already active when Resolução BCB 520 entered into force had to be filed by 30 October 2026 (Instrução Normativa BCB 704, Art. 9). No official BCB count or list of filings or authorised SPSAVs was found. | 30 October 2026 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Instru%C3%A7%C3%A3o%20Normativa%20BCB&numero=704), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520) | | In force | Resolução BCB 573 of 10 June 2026: amends Resolução BCB 69 on information sent to the BCB for the calculation of regulatory limits and standards, to include information on virtual asset activities. | 1 July 2026 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=573) | | In force | Resolução BCB 580 of 1 July 2026: classifies sociedades prestadoras de serviços de ativos virtuais, and the prudential conglomerates they lead, as Type 3 (Tipo 3). In force on publication; from 1 January 2027 these firms must observe the circulars and resolutions listed in the Resolution. | On publication (Resolution dated 1 July 2026) | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=580) | | In force | Resolução BCB 594 of 30 September 2026: maximum periods for the BCB's administrative decision on authorisation requests are 1,080 days for sociedades prestadoras de serviços de ativos virtuais already operating (que estiverem em atividade) and 720 days for those not yet operating. It applies to requests filed from its entry into force, on publication. | On publication (Resolution dated 30 September 2026) | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=594) | | In force | Resolução BCB 591 of 30 September 2026: amends Circular 3.978/2020 on anti-money-laundering controls so that transfers of virtual assets to or from self-custodied wallets (carteiras autocustodiadas) of US$10,000 or more are operations that must be reported. Such operations contracted from 1 October to 31 December 2026 must be reported on the first business day of January 2027. It revokes Resolução BCB 588 of 23 September 2026 and is in force on publication. | On publication (Resolution dated 30 September 2026) | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=591) | | In force | Resolução BCB 599 of 8 October 2026: adds FX purpose codes (códigos de classificação da finalidade) to Resolução BCB 277, including one for position adjustments from buying or selling virtual assets with institutions abroad. In force on publication. | On publication (Resolution dated 8 October 2026) | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=599) | | Pending | Financial institutions, payment institutions and other BCB-authorised institutions may not carry out or enable virtual asset market operations with counterparties that provide virtual asset services and are not authorised by the BCB, except as expressly allowed (Art. 91 of Resolução BCB 520 as reworded by Resolução BCB 589, in force 1 October 2026). | 6 November 2026 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589) | | Pending | Resolução BCB 589 of 23 September 2026, other provisions: reporting from the authorisation filing, including verifiable statements in the form of proofs of reserves (provas de reservas) of virtual assets held, broken down by virtual asset, against the quantities and values in custody (Art. 88, III, d). | 1 January 2027 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589) | | Pending | Resolução BCB 584 of 7 August 2026: transfers to virtual asset entities abroad or to self-custody wallets may be executed only 24 hours after the funds are received, as a precautionary hold for risk analysis, for operations above US$10,000 (single or same-day total) or where the institution's risk policies call for it. The institution may end the hold earlier on a reasoned decision (§5). | 1 January 2027 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=584), [BCB](https://www.bcb.gov.br/detalhenoticia/21224/noticia) | | Pending | Resolução BCB 602 of 23 October 2026: minimum requirements for selective consent (autorização seletiva) to receive individual advertising and active offers, covering among others virtual asset services, for products and services offered to individual clients (pessoas naturais). Arts. 11 to 13 are in force on publication; the other provisions from 31 March 2027. | 31 March 2027 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=602) | | Pilot | Drex: per the BCB, a CBDC project created and operated by the BC. The BCB Piloto Drex page marks Phase 1 and Phase 2 as "Encerrada" (closed) and lists the Phase 2 report as "em construção" (under construction). | — | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/drex), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/piloto-drex) | ## Key rules - **Authorisation.** Virtual asset service providers may operate in Brazil only with prior authorisation from a federal public administration body or entity (Law 14.478, Art. 2). The BCB will regulate their operation and is responsible for supervising them (Decree 11.563). ([Planalto](https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm), [Planalto](https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2023/decreto/d11563.htm)) - **Definition of virtual asset (ativo virtual).** A digital representation of value that can be traded or transferred electronically and used for payments or investment; national and foreign currencies are excluded, among other exclusions. ([Planalto](https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm)) - **Securities tokens.** Law 14.478 does not apply to assets representing securities under Law 6.385/1976 and does not change any competence of the Comissão de Valores Mobiliários (CVM). ([Planalto](https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm)) - **Consumer protection.** The Consumer Defence Code (Código de Defesa do Consumidor, Law 8.078/1990) applies, where relevant, to operations in the virtual asset market. ([Planalto](https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm)) - **SPSAV categories.** SPSAVs are classified as virtual asset intermediaries (intermediárias), custodians (custodiantes) or brokers (corretoras). ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520)) - **Stablecoin definition.** Resolução BCB 520 defines a fiat-referenced virtual asset (ativo virtual referenciado em moeda fiduciária, stablecoin) as a virtual asset backed by reserve assets, created to keep its value tied to a reference fiat currency. Reserve assets are the fiat currency and the government securities issued by the same governments that issue those currencies. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520)) - **Algorithmic reserves banned.** Virtual asset service providers operating in Brazil may not offer, directly or on their trading venues, fiat-referenced virtual assets whose reserve-asset control mechanisms are carried out by algorithms. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520)) - **Stablecoin listing criteria.** When selecting fiat-referenced virtual assets for offer or listing, providers must consider at least listed criteria, including the issuer's guidelines for its reserve assets, data attesting the reserves (for example, proof of backing) and the audited financial statements of the issuer, of the custodians and of the reserve assets, in Brazil or abroad, as available (conforme disponíveis). Providers must publish their selection criteria. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520)) - **Stablecoins in the FX market.** The FX market (mercado de câmbio) includes virtual asset services comprising international payments or transfers with virtual assets, transfers to meet obligations from the international use of cards or other electronic payment means, transfers from or to self-custody wallets that do not involve an international payment or transfer, and the purchase, sale or exchange of fiat-referenced virtual assets (Art. 76-A of Resolução BCB 277, inserted by Resolução BCB 521). ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521)) - **No crypto sales paid in foreign currency.** Buying or selling virtual assets with payment or receipt in foreign currency is prohibited, including on an order book. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521)) - **Self-custody wallets.** The provider must identify the owner of a self-custody wallet (carteira autocustodiada) and have documented processes to verify the origin and destination of the virtual assets in the FX-market operations listed in Art. 76-A. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521)) - **Transition for firms already active.** Firms already active when Resolução BCB 520 entered into force must request authorisation within 270 days of that date. Those that do not file in time must stop providing virtual asset services within 30 days after the end of the deadline. Instrução Normativa BCB 704 sets the phase 1 filing date at 30 October 2026. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Instru%C3%A7%C3%A3o%20Normativa%20BCB&numero=704)) - **Unauthorised counterparties (from 6 November 2026).** Financial institutions, payment institutions and other BCB-authorised institutions may not carry out or enable virtual asset market operations whose counterparties provide virtual asset services and are not authorised by the BCB to operate in Brazil, except in the forms expressly allowed in Resolução BCB 520. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589)) - **Transfer hold (from 1 January 2027).** Under Resolução BCB 584 (Art. 2º-B), institutions that provide virtual asset services may execute orders to transfer virtual assets to an entity abroad active in the virtual asset market, or to a self-custody wallet, only 24 hours after the funds are received in the wallet ("vinte e quatro horas após o recebimento dos respectivos recursos de aporte"). The hold is precautionary, for risk analysis of the operation, and applies to operations above US$10,000, alone or with the client's total for the same day, or where the institution's risk-management policies call for it. The institution may end the hold before the 24 hours on a reasoned decision, which must be documented (§§5-6), and the hold covers the virtual asset services of Law 14.478 Art. 5 I to V, stablecoins included (§9). The BCB's news release describes it as a temporary preventive hold of up to 24 hours on transfers to virtual asset service providers based abroad or to self-custody wallets when the operation exceeds US$10,000. The BCB says the measure responds to the growing use of crypto-assets and stablecoins to move proceeds of financial fraud quickly. ([BCB](https://www.bcb.gov.br/detalhenoticia/21224/noticia), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=584)) - **Authorisation decision periods.** Under Resolução BCB 594, the BCB's maximum period to decide on authorisation of a sociedade prestadora de serviços de ativos virtuais is 1,080 days for firms already operating and 720 days for those not yet operating. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=594)) - **Reporting self-custody transfers.** Under Resolução BCB 591, transfers of virtual assets to or from self-custodied wallets of US$10,000 or more ("de valor igual ou superior ao equivalente a US$10.000,00") are operations that must be reported under Circular 3.978/2020. Those contracted from 1 October to 31 December 2026 must be reported on the first business day of January 2027. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=591)) - **Proofs of reserves (from 1 January 2027).** Resolução BCB 589 requires verifiable statements in the form of proofs of reserves of virtual assets held ("provas de reservas de ativos virtuais mantidos"), broken down by virtual asset, against the quantities and financial values of those virtual assets in custody (Art. 88, III, d). ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589)) - **Prudential classification.** Resolução BCB 580 classifies sociedades prestadoras de serviços de ativos virtuais and the prudential conglomerates they lead as Type 3. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=580)) - **Drex.** The BCB describes Drex as a CBDC project created and operated by the BC. Access to the Drex Platform will require an authorised financial intermediary, such as a bank. The Piloto Drex is the test phase for operations with Drex (formerly called Real Digital); on its platform, transactions with digital assets are simulated and settled in retail or wholesale Drex. ([BCB](https://www.bcb.gov.br/estabilidadefinanceira/drex), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/piloto-drex)) ## Timeline | Date | Event | Source | |---|---|---| | 22 December 2022 | Law 14.478/2022 published in the DOU; in force 180 days after official publication | [Planalto](https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm) | | 27 April 2023 | Resolução BCB 315 sets up the Comitê Executivo de Gestão (CEG) of the Real Digital pilot and approves the pilot regulation | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/piloto-drex) | | 13 June 2023 | Decree 11.563/2023 dated 13 June 2023 (in force 20 June 2023) | [Planalto](https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2023/decreto/d11563.htm) | | July 2023 | BCB starts bringing participants onto the Piloto Drex platform | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/piloto-drex) | | 10 November 2025 | BCB adopts Resoluções BCB 519, 520 and 521 (published in the DOU on 11 November 2025) | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=519), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521) | | 14 November 2025 | BCB press note summarises Resoluções BCB 519, 520 and 521 | [BCB](https://www.bcb.gov.br/detalhenoticia/20930/noticia) | | 30 January 2026 | Instrução Normativa BCB 704 (authorisation procedures, documents and deadlines) published in the DOU | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Instru%C3%A7%C3%A3o%20Normativa%20BCB&numero=704) | | 2 February 2026 | Resoluções BCB 519, 520 and 521 in force | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=519), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521) | | 4 May 2026 | Resolução BCB 521 changes to Art. 76-C and Art. 82-A of Resolução BCB 277, and its Arts. 2 to 4, apply | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521) | | 10 June 2026 | Resolução BCB 573 adds virtual asset information to the regulatory-limits reporting under Resolução BCB 69 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=573) | | 1 July 2026 | Resolução BCB 573 in force; Resolução BCB 580 classifies virtual asset service providers as Type 3 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=573), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=580) | | 7 August 2026 | BCB adopts Resolução BCB 584 on the 24-hour transfer hold (published in the DOU on 11 August 2026) | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=584), [BCB](https://www.bcb.gov.br/detalhenoticia/21224/noticia) | | 23 September 2026 | BCB adopts Resolução BCB 589 amending Resolução BCB 520 (published in the DOU on 25 September 2026) | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589) | | 30 September 2026 | Resolução BCB 594 sets authorisation decision periods of 1,080 and 720 days; Resolução BCB 591 adds reporting of self-custody wallet transfers of US$10,000 or more and revokes Resolução BCB 588 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=594), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=591) | | 1 October 2026 | Resolução BCB 589 rewording of Art. 91 of Resolução BCB 520 in force | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589) | | 8 October 2026 | Resolução BCB 599 adds an FX purpose code for position adjustments from virtual asset trades with institutions abroad | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=599) | | 23 October 2026 | Resolução BCB 602 on selective consent to advertising and active offers, covering virtual asset services | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=602) | | 30 October 2026 | Phase 1 filing deadline for providers already active | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Instru%C3%A7%C3%A3o%20Normativa%20BCB&numero=704) | | 6 November 2026 | Ban on BCB-authorised institutions dealing with unauthorised virtual asset service providers applies | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589) | | 1 January 2027 | Resolução BCB 584 in force; other provisions of Resolução BCB 589, including proofs of reserves, in force; Type 3 firms under Resolução BCB 580 must observe the listed rules | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=584), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589), [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=580) | | January 2027 | Self-custody wallet transfers of US$10,000 or more contracted from 1 October to 31 December 2026 reported on the first business day of January 2027 | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=591) | | 31 March 2027 | Remaining provisions of Resolução BCB 602 in force | [BCB](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=602) | ## Not covered here The number of providers that filed by 30 October 2026 and a list of authorised SPSAVs, a BCB rule on issuing a stablecoin in Brazil, and the next stage of Drex after Phase 2 are not stated in the government sources this page uses. The CVM opinion on crypto-assets (Parecer de Orientação CVM 40) was not read in full. ## Sources - https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm - https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2023/decreto/d11563.htm - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=519 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Instru%C3%A7%C3%A3o%20Normativa%20BCB&numero=704 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=589 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=584 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=573 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=580 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=591 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=594 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=599 - https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=602 - https://www.bcb.gov.br/detalhenoticia/21224/noticia - https://www.bcb.gov.br/detalhenoticia/20930/noticia - https://www.bcb.gov.br/estabilidadefinanceira/drex - https://www.bcb.gov.br/estabilidadefinanceira/piloto-drex # Canada: crypto and stablecoin regulation (as of 2 November 2026) Dated status of Canada's stablecoin rules: the Stablecoin Act (S.C. 2026, c. 3, s. 600), assented to on 26 March 2026 and marked not in force, the proposed Stablecoin Regulations prepublished in the Canada Gazette on 24 October 2026, CSA Staff Notice 21-333 for trading platforms and FINTRAC registration and reporting, each line linked to the government source. Canonical: https://achivx.org/regulation/canada/ Updated: 2026-11-02 As of: 2026-11-02 Canada's Stablecoin Act (S.C. 2026, c. 3, s. 600), enacted by the Budget 2025 Implementation Act, No. 1, received Royal Assent on 26 March 2026. The Act is not in force: the Justice Laws consolidation, current to 30 September 2026, notes "[Note: Act not in force.]", and its provisions "come into force on a day or days to be fixed by order of the Governor in Council" (s. 97). Its rules include the rule that a person must not issue a stablecoin unless their name is on the Bank of Canada's list of issuers, the ban on interest or yield, the par redemption rule and the reserve rule. Proposed Stablecoin Regulations were prepublished in Part I of the Canada Gazette on 24 October 2026 for comment; the notice says the intention is for them to come into force in fall 2027, alongside the Act, on a day or days fixed by order of the Governor in Council. The Department of Finance says the framework will only regulate the issuance of fiat-backed stablecoins by non-financial institutions. For trading platforms, the Canadian Securities Administrators (CSA) set out an interim approach in CSA Staff Notice 21-333 of 5 October 2023. The rows on the Stablecoin Act quote enacted text that is marked not in force; the rows marked as proposed quote the Gazette notice, not final law. This page states what the government sources say. It is not legal advice. ## Status as of 2 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Pending | Stablecoin Act, S.C. 2026, c. 3, s. 600, enacted by the Budget 2025 Implementation Act, No. 1. The Justice Laws consolidation (current to 30 September 2026) notes "[Note: Act not in force.]"; under s. 97 its provisions "come into force on a day or days to be fixed by order of the Governor in Council". It includes sections 15 (issuing), 16 (Bank of Canada registry), 32 (interest or yield), 34 (representations), 35 (redemption) and 37 (reserve). | 26 March 2026 (Royal Assent); in force on a day or days fixed by order (none fixed in the sources) | [Justice Laws](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html) | | Proposed | Stablecoin Regulations, prepublished in the Canada Gazette, Part I, Vol. 160, No. 43, with related amendments to the Retail Payment Activities Regulations. Interested persons may make representations within 60 days after the date of publication. The notice says the proposed Regulations would come into force alongside the Act on a day or days fixed by order of the Governor in Council, and that the intention is for them to come into force in fall 2027. Not final law. | 24 October 2026 (prepublication) | [Canada Gazette](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html), [Bank of Canada](https://www.bankofcanada.ca/regulatory-oversight/stablecoins/) | | Statement | Department of Finance: with the legislation having received Royal Assent, it has begun developing supporting regulations; it expects this work to continue over 12-18 months from early 2026, with the stablecoin framework coming into force in 2027. | Page modified 31 March 2026 | [Department of Finance](https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html) | | Pending | FINTRAC, on the Budget 2025 Implementation Act (Royal Assent 26 March 2026): stablecoin issuers will be required to register with FINTRAC as money services businesses dealing in virtual currency. Coming into force: in line with Regulations to be developed and published in the Canada Gazette, Part II. | 26 March 2026 (Royal Assent); entry into force not established | [FINTRAC](https://fintrac-canafe.canada.ca/businesses-entreprises/changes-changements-eng) | | Published | CSA Staff Notice 21-333 "Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients". The CSA describes its approach to value-referenced crypto assets as an interim approach only. The Canada Gazette notice of 24 October 2026 states that under CSA rules, crypto-asset trading platforms may only make certain stablecoins available for trading if the stablecoin complies with CSA rules such as on disclosure, reserve assets and redemption rights. | 5 October 2023 | [CSA notice (OSC copy)](https://www.osc.ca/sites/default/files/2023-10/csa_20231005_21-333_crypto-platforms-vrca.pdf), [Canada Gazette](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html) | | Published | CSA update to the interim approach: the Staff Notice set a deadline of 30 April 2024, by which the CSA expected crypto trading platforms (CTPs) to no longer allow clients to buy, deposit, or enter into crypto contracts to buy or deposit fiat-backed crypto assets (FBCAs) that do not comply with the interim terms and conditions. The CSA extended that deadline to 31 October 2024. | 17 April 2024 | [CSA release (FCNB copy)](https://fcnb.ca/en/news-alerts/canadian-securities-regulators-provide-update-on-interim-approach-to-value-referenced-crypto-assets) | | Published | CSA further update: the CSA extended the 31 October deadline to 31 December 2024. "After December 31, 2024, registered CTPs or CTPs that provided a PRU [pre-registration undertaking] can only offer VRCAs that comply with the conditions of their registration and exemptive relief decisions, or their PRUs." | 26 September 2024 | [CSA release (FCNB copy)](https://fcnb.ca/en/news-alerts/csa-provides-update-to-crypto-asset-trading-platforms-about-value-referenced-crypto-assets) | ## Key rules - **Issuing (Stablecoin Act s. 15, not in force).** A person must not issue a stablecoin unless the person complies with the Act and their name is included in the list of issuers referred to in paragraph 16(a). ([Justice Laws](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html)) - **Registry (Stablecoin Act s. 16, not in force).** The Bank of Canada must maintain a public registry; Justice Laws marks the section as not in force. ([Justice Laws](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html)) - **Scope (Department of Finance).** Canada's stablecoin framework will only regulate the issuance of fiat-backed stablecoins by non-financial institutions. ([Department of Finance](https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html)) - **Foreign issuers (Department of Finance).** The framework will apply to domestic and foreign issuers who make fiat-backed stablecoins available to Canadians, directly or indirectly, and does not distinguish between CAD-denominated and foreign-currency-denominated stablecoins. ([Department of Finance](https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html)) - **Reserve (Stablecoin Act s. 37, not in force).** An issuer must, in accordance with the regulations, if any, maintain a reserve of assets with a value equal to or greater than the par value of outstanding stablecoins (s. 37(1)); the reserve must be composed exclusively of the reference currency or other high-quality liquid assets as the section specifies (s. 37(3)). ([Justice Laws](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html)) - **Reserve custody (proposed Regulations).** Issuers would be required to hold reserve assets at a Canadian-incorporated qualified custodian. ([Canada Gazette](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html)) - **Redemption (Stablecoin Act s. 35, not in force).** An issuer must redeem outstanding stablecoins in the reference currency, at par value and in accordance with the regulations, if any. ([Justice Laws](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html)) - **Redemption timing and fees (proposed Regulations).** Issuers would be required to redeem stablecoins within three business days after the initial request and without a minimum redemption amount; redemption fees would be capped at 1% of the redeemed amount. ([Canada Gazette](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html)) - **Interest or yield (Stablecoin Act s. 32, not in force).** An issuer must not, directly or indirectly, grant or pay to the holder of a stablecoin it has issued any form of interest or yield in respect of that stablecoin, whether in cash, digital assets or other consideration. ([Justice Laws](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html)) - **Use-based rewards (proposed Regulations).** The notice states that a reward or payment tied to only the use and not the holding of a stablecoin, including through income-sharing arrangements, is permitted to encourage adoption of the stablecoin. ([Canada Gazette](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html)) - **Representations (Stablecoin Act s. 34, not in force).** An issuer must not represent a stablecoin in a manner that suggests that it is legal tender, a deposit or proof of a deposit, or insured under a public deposit insurance system or guaranteed or backstopped by a government. ([Justice Laws](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html)) - **Payments (Department of Finance).** The Bank of Canada, under the Retail Payment Activities Act, will supervise payment service providers that perform payment functions in a fiat-backed stablecoin, subject to that stablecoin being prescribed in regulation. ([Department of Finance](https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html)) - **Issuer undertaking: redemption (CSA SN 21-333).** The CSA undertaking form entitles a holder who maintains an account with the issuer to a right of redemption, subject only to reasonable publicly disclosed conditions, on demand directly against the issuer or against the reserve of assets, for the reference fiat currency on a one-to-one basis, less only any fee publicly disclosed by the issuer. The CSA expected issuers to provide the undertaking by 1 December 2023. ([CSA notice (OSC copy)](https://www.osc.ca/sites/default/files/2023-10/csa_20231005_21-333_crypto-platforms-vrca.pdf)) - **"Stablecoin" disclaimer (CSA SN 21-333).** If a crypto trading platform uses the term "stablecoin" in information, communication, advertising or social media targeted at or accessible by Canadian investors, it will also include a statement that, although the term is commonly used, there is no guarantee that the asset will maintain a stable value in relation to the value of the reference asset when traded. ([CSA notice (OSC copy)](https://www.osc.ca/sites/default/files/2023-10/csa_20231005_21-333_crypto-platforms-vrca.pdf)) - **Earlier deadline for other VRCAs (CSA, 26 September 2024).** CTPs were reminded that they were required to no longer allow clients to buy, deposit or enter into crypto contracts to buy or deposit VRCAs other than certain FBCAs by 29 December 2023; the CSA says this requirement is not affected by the extension of the 31 October deadline to 31 December 2024. ([CSA release (FCNB copy)](https://fcnb.ca/en/news-alerts/csa-provides-update-to-crypto-asset-trading-platforms-about-value-referenced-crypto-assets)) - **Dealing in virtual currency (FINTRAC).** For FINTRAC, dealing in virtual currency includes both virtual currency exchange and virtual currency transfer services. ([FINTRAC](https://fintrac-canafe.canada.ca/msb-esm/msb-eng)) - **Large virtual currency transactions (FINTRAC).** A Large Virtual Currency Transaction Report must be submitted to FINTRAC when virtual currency in an amount equivalent to $10,000 or more is received in a single transaction. ([FINTRAC](https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/lvctr/lvctr-eng)) ## Timeline | Date | Event | Source | |---|---|---| | 5 October 2023 | CSA publishes Staff Notice 21-333 on value-referenced crypto assets on trading platforms | [CSA notice (OSC copy)](https://www.osc.ca/sites/default/files/2023-10/csa_20231005_21-333_crypto-platforms-vrca.pdf) | | 1 December 2023 | Date by which the CSA expected issuers to provide the undertaking | [CSA notice (OSC copy)](https://www.osc.ca/sites/default/files/2023-10/csa_20231005_21-333_crypto-platforms-vrca.pdf) | | 29 December 2023 | Date by which CTPs had to stop letting clients buy or deposit VRCAs other than certain FBCAs, per the CSA | [CSA release (FCNB copy)](https://fcnb.ca/en/news-alerts/csa-provides-update-to-crypto-asset-trading-platforms-about-value-referenced-crypto-assets) | | 17 April 2024 | CSA extends the 30 April 2024 deadline for non-compliant FBCAs on trading platforms to 31 October 2024 | [CSA release (FCNB copy)](https://fcnb.ca/en/news-alerts/canadian-securities-regulators-provide-update-on-interim-approach-to-value-referenced-crypto-assets) | | 26 September 2024 | CSA extends the deadline again, to 31 December 2024 | [CSA release (FCNB copy)](https://fcnb.ca/en/news-alerts/csa-provides-update-to-crypto-asset-trading-platforms-about-value-referenced-crypto-assets) | | 31 December 2024 | After this date, registered CTPs or CTPs with a PRU can only offer VRCAs that comply with their registration and exemptive relief decisions or PRUs | [CSA release (FCNB copy)](https://fcnb.ca/en/news-alerts/csa-provides-update-to-crypto-asset-trading-platforms-about-value-referenced-crypto-assets) | | 26 March 2026 | Budget 2025 Implementation Act, which enacts the Stablecoin Act, receives Royal Assent | [Justice Laws](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html), [FINTRAC](https://fintrac-canafe.canada.ca/businesses-entreprises/changes-changements-eng) | | 24 October 2026 | Proposed Stablecoin Regulations prepublished in the Canada Gazette, Part I, with 60 days for representations | [Canada Gazette](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html) | | Fall 2027 | Intended coming into force of the proposed Regulations, per the Gazette notice | [Canada Gazette](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html) | ## Not covered here The sources this page uses name no provision of the Stablecoin Act that is in force and give no in-force date for it; the Gazette notice says it would be fixed by order of the Governor in Council. The final treatment of yield and rewards, and how section 14 exemptions for substantially similar provincial or foreign regimes would be applied, are open questions raised in the Gazette notice. The CSA website returned a bot challenge and was not read: the CSA list of acceptable issuer undertakings is not covered, the notice is quoted from the Ontario Securities Commission copy, and the CSA 2024 updates are quoted from the copies published by the Financial and Consumer Services Commission of New Brunswick (FCNB), a CSA member. CSA updates after September 2024 were not collected. The FINTRAC money services business registry was not opened, and no Bank of Canada registry of stablecoin issuers was found in the sources this page uses. ## Sources - https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html - https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html - https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html - https://www.bankofcanada.ca/regulatory-oversight/stablecoins/ - https://www.osc.ca/sites/default/files/2023-10/csa_20231005_21-333_crypto-platforms-vrca.pdf - https://fintrac-canafe.canada.ca/businesses-entreprises/changes-changements-eng - https://fintrac-canafe.canada.ca/msb-esm/msb-eng - https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/lvctr/lvctr-eng - https://fcnb.ca/en/news-alerts/canadian-securities-regulators-provide-update-on-interim-approach-to-value-referenced-crypto-assets - https://fcnb.ca/en/news-alerts/csa-provides-update-to-crypto-asset-trading-platforms-about-value-referenced-crypto-assets # European Union: crypto and stablecoin regulation (as of 1 November 2026) Dated status of the EU's MiCA rules for e-money tokens, asset-referenced tokens and crypto-asset service providers, the ESMA opinion on non-compliant stablecoins and the interim register count, each line linked to the official source. Canonical: https://achivx.org/regulation/european-union/ Updated: 2026-11-01 As of: 2026-11-01 The European Union regulates crypto-assets under the Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, which applies in full from 30 December 2024. Stablecoins fall under its rules for e-money tokens (EMTs) and asset-referenced tokens (ARTs): an EMT may be offered to the public only by its issuer, authorised as a credit institution or an electronic money institution, or by other persons with the issuer's written consent. ESMA's interim MiCA register, which ESMA's MiCA page shows as last updated on 30 October 2026, lists 25 EMT issuers and no ART issuers. This page states what the official sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | MiCA Titles III (asset-referenced tokens) and IV (e-money tokens) apply. ESMA's interim register (last update 30 October 2026, per ESMA's MiCA page) lists 25 EMT issuers by LEI and no ART issuers. | 30 June 2024 | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj), [ESMA MiCA page](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica), [ESMA EMT register](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv), [ESMA ART register](https://www.esma.europa.eu/sites/default/files/2024-12/ARTZZ.csv) | | In force | MiCA applies in full. | 30 December 2024 | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj) | | In force | The transitional period has ended for crypto-asset service providers (CASPs) that provided their services under applicable law before 30 December 2024: they could continue until 1 July 2026 or until their authorisation under Article 63 was granted or refused, whichever was sooner (Article 143(3)). | 1 July 2026 at the latest | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj) | | Not law | ESMA opinion ESMA75-113276571-1742: CASPs should not provide crypto-asset services in relation to ARTs or EMTs that do not comply with MiCA, and national competent authorities (NCAs) should require remediation of remaining pre-existing exposures no later than three months after the opinion's publication. ESMA issued it under Article 29(1)(a) of the ESMA Regulation; the opinion is addressed primarily to NCAs, and it names no token. | 8 October 2026 | [ESMA opinion](https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf), [ESMA](https://www.esma.europa.eu/press-news/esma-news/esma-sets-out-supervisory-expectations-services-related-unauthorised) | | Not law | MiCA review: in its response to the European Commission's consultation, ESMA recommends explicit rules to prevent regulated crypto firms from offering services linked to stablecoins that do not comply with MiCA. These are recommendations; the outcome of the Commission's review is not in the sources. | 30 September 2026 | [ESMA](https://www.esma.europa.eu/press-news/esma-news/esma-calls-changes-make-mica-clearer-safer-and-ready-emerging-services) | ## Key rules - **Who may issue an e-money token.** A person may offer an EMT to the public or seek its admission to trading in the Union only if it is the issuer, and the issuer must be authorised as a credit institution or as an electronic money institution (Article 48(1)(a)). It must also notify and publish a white paper (Article 48(1)(b)). Upon the written consent of the issuer, other persons may offer the EMT to the public or seek its admission to trading; they must comply with Articles 50 and 53 (Article 48(1), second subparagraph). EMTs are deemed to be electronic money (Article 48(2)). ([Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj)) - **Who may issue an asset-referenced token.** A person may offer an ART to the public or seek its admission to trading in the Union only if it is the issuer, and the issuer must be a legal person established in the Union and authorised under Article 21, or a credit institution that complies with Article 17 (Article 16(1)). Upon the written consent of the issuer, other persons may offer the ART to the public or seek its admission to trading; they must comply with Articles 27, 29 and 40 (Article 16(1), second subparagraph). ([Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj)) - **EMT reserves.** For funds that EMT issuers receive in exchange for EMTs and safeguard under Article 7(1) of Directive 2009/110/EC (the E-Money Directive), at least 30% is always deposited in separate accounts in credit institutions. The rest is invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market, credit and concentration risk, denominated in the same official currency as the one the EMT references (Article 54). ([Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj)) - **ART reserves.** ART issuers must constitute and at all times maintain a reserve of assets (Article 36(1)), legally segregated from the issuer's estate (Article 36(2)). ([Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj)) - **EMT redemption.** On a holder's request, the issuer must redeem the EMT at any time and at par value, paying the monetary value in funds other than electronic money (Article 49(4)). Without prejudice to Article 46, redemption is not subject to a fee (Article 49(6)). ([Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj)) - **ART redemption.** ART holders have a right of redemption at all times against the issuer (Article 39(1)). ([Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj)) - **No interest.** EMT issuers must not grant interest in relation to EMTs (Article 50(1)), and CASPs must not grant interest when providing crypto-asset services related to EMTs (Article 50(2)). Remuneration or other benefits related to the length of time a holder holds EMTs count as interest (Article 50(3)). ART issuers must not grant interest in relation to ARTs (Article 40(1)). ([Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj)) - **EMT marketing.** Marketing communications must contain a clear and unambiguous statement that holders have a right of redemption against the issuer at any time and at par value (Article 53(2)). No marketing communications may be disseminated before the white paper is published (Article 53(6)). ([Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj)) - **Non-compliant stablecoins.** ESMA considers that CASPs should not provide crypto-asset services in relation to ARTs or EMTs that are not compliant with MiCA. ESMA issued the opinion under Article 29(1)(a) of the ESMA Regulation, and it is addressed primarily to national competent authorities. ([ESMA opinion](https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf)) ## Timeline | Date | Event | Source | |---|---|---| | 31 May 2023 | MiCA signed by the European Parliament and the Council | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj) | | 9 June 2023 | MiCA published in the Official Journal (OJ L 150, p. 40); it enters into force on the twentieth day after publication | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj) | | 30 June 2024 | Titles III (ARTs) and IV (EMTs) apply | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj) | | 30 July 2024 | ART issuers other than credit institutions that issued ARTs before 30 June 2024 could continue only if they applied for authorisation under Article 21 before this date | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj) | | 30 December 2024 | MiCA applies in full | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj) | | 1 July 2026 | Latest end of the CASP transitional period (Article 143(3)) | [Official Journal](https://data.europa.eu/eli/reg/2023/1114/oj) | | 30 September 2026 | ESMA responds to the Commission's consultation on the MiCA review | [ESMA](https://www.esma.europa.eu/press-news/esma-news/esma-calls-changes-make-mica-clearer-safer-and-ready-emerging-services) | | 8 October 2026 | ESMA opinion: CASPs authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the EU | [ESMA](https://www.esma.europa.eu/press-news/esma-news/esma-sets-out-supervisory-expectations-services-related-unauthorised) | | 30 October 2026 | Last update of ESMA's interim MiCA register, per ESMA's MiCA page: 25 EMT issuers, no ART issuers | [ESMA MiCA page](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica), [ESMA EMT register](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv), [ESMA ART register](https://www.esma.europa.eu/sites/default/files/2024-12/ARTZZ.csv) | ## Not covered here The sources this page uses do not state the calendar date of MiCA's entry into force (the text gives only the twentieth day after publication in the Official Journal), the outcome of the European Commission's MiCA review, whether the ESMA opinion leads to binding rules on non-compliant stablecoins, or the number of authorised CASPs and non-compliant entities in ESMA's register (not counted here). ESMA's MiCA page says the interim register is available as CSV files until mid-2026, when it will be formally integrated into ESMA's IT systems; on 1 November 2026 it was still published as CSV files ([ESMA MiCA page](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica)). ## Sources - https://data.europa.eu/eli/reg/2023/1114/oj - https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf - https://www.esma.europa.eu/press-news/esma-news/esma-sets-out-supervisory-expectations-services-related-unauthorised - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.esma.europa.eu/sites/default/files/2024-12/ARTZZ.csv - https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica - https://www.esma.europa.eu/press-news/esma-news/esma-calls-changes-make-mica-clearer-safer-and-ready-emerging-services # Hong Kong: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Hong Kong's licensing regime for fiat-referenced stablecoin issuers under the Stablecoins Ordinance (Cap. 656), its first two licences and the HKMA's rules on reserves, redemption, interest and retail offers, each line linked to the HKMA or the Government. Canonical: https://achivx.org/regulation/hong-kong/ Updated: 2026-11-01 As of: 2026-11-01 Hong Kong requires a licence from the Hong Kong Monetary Authority (HKMA) to issue fiat-referenced stablecoins as a business, under the Stablecoins Ordinance (Cap. 656), in effect since 1 August 2025. The HKMA granted the first two licences, to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, on 10 April 2026, and only stablecoins from licensed issuers may be offered to retail investors. This page states what the official sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Stablecoins Ordinance (Cap. 656): the business of issuing fiat-referenced stablecoins is a regulated activity in Hong Kong and a licence is required. | 1 August 2025 | [HKMA](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/), [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) | | In force | HKMA Guideline on Supervision of Licensed Stablecoin Issuers, published with the AML/CFT guideline and licensing explanatory notes on 29 July 2025. | 1 August 2025 | [HKMA guideline](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf), [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) | | In force | The HKMA register lists 2 licensees: Anchorpoint Financial Limited (FRS01) and The Hongkong and Shanghai Banking Corporation Limited (FRS02), both effective 10 April 2026 (register last revised 23 April 2026). | 10 April 2026 | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/), [HKMA register](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | ## Key rules - **Who needs a licence.** Any person who, in the course of business, issues a fiat-referenced stablecoin (FRS) in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars in or outside Hong Kong, needs a licence from the Monetary Authority. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/)) - **Reserves.** The market value of the reserve asset pool for each type of specified stablecoin must at all times be at least equal to the par value of the outstanding coins of that type in circulation (Guideline 2.2.1, citing section 5(2) of Schedule 2 to the Ordinance). ([HKMA guideline](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf)) - **Redemption at par.** A licensee must give holders a right to redeem the specified stablecoins at par value (Guideline 3.3.1, citing section 6 of Schedule 2). Unless otherwise approved, valid redemption requests should be processed within one business day after the day the licensee receives them (Guideline 3.3.3). ([HKMA guideline](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf)) - **No interest.** A licensee must not pay, or permit to be paid, any interest in relation to the specified stablecoins it issues (Guideline 2.6.1, citing section 15 of Schedule 2). It may offer marketing incentives that do not amount to payment of interest. ([HKMA guideline](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf)) - **Who may offer, and to whom.** Only specified licensed institutions may offer an FRS in Hong Kong, and only an FRS issued by a licensed issuer may be offered to a retail investor. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/)) - **Advertising.** At all times, including the six-month non-contravention period, only advertisements of licensed FRS issuance are allowed. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/)) - **Unlicensed stablecoins.** The HKMA warned that members of the public who hold unlicensed stablecoins are at their own risk. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/)) - **Look-alike tokens.** On 28 April 2026 the HKMA warned that tokens with the tickers "HKDAP" or "HSBC" are not issued by or otherwise associated with licensed stablecoin issuers. Both licensees confirmed they had not issued any regulated stablecoins in the market at that moment. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260428-5/)) ## Timeline | Date | Event | Source | |---|---|---| | 21 May 2025 | Legislative Council passes the Stablecoins Bill | [HKMA (Government press release)](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/) | | 29 July 2025 | HKMA publishes the supervision and AML/CFT guidelines and licensing explanatory notes | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) | | 1 August 2025 | Regulatory regime for stablecoin issuers comes into effect | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) | | 30 September 2025 | Date by which applicants wishing to be considered early had to apply | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) | | 10 April 2026 | First two stablecoin issuer licences granted, effective the same day | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/) | | 23 April 2026 | Last revision of the HKMA register of licensees | [HKMA register](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | 28 April 2026 | HKMA alert on "HKDAP" and "HSBC" tickers not linked to licensed issuers | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260428-5/) | | 10 June 2026 | Government reply to LegCo question LCQ6: 36 applications received in the initial application period | [GovHK](https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm) | ## Not covered here The Ordinance text on elegislation.gov.hk could not be read, so section numbers are given only as the HKMA guideline cites them, and the gazette ordinance number is not verified. Whether and when further licences will be granted is open: the HKMA has told applicants it has no definitive inclination regarding the future direction and timing of licensing at this stage, and the Government says that, should additional licences be granted in future, the overall number of licences will remain very limited ([GovHK](https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm)). On 10 June 2026 the Government said that, based on the two licensed issuers' business plans, it expected Hong Kong-regulated stablecoin to be launched as early as the middle of this year ([GovHK](https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm)); whether the licensed issuers have launched stablecoins is not stated in the sources this page uses. ## Sources - https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/ - https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/ - https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/ - https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf - https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/ - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ - https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm # Stablecoin and crypto regulation tracker Country-by-country status of crypto and stablecoin rules, each line dated and linked to the regulator or official gazette. Canonical: https://achivx.org/regulation/ Updated: 2026-11-02 Each page below gives the status of a jurisdiction's crypto and stablecoin rules on a stated date, with every line linked to the regulator, the legislature or the official gazette. The pages describe what the sources say; they are not legal advice. | Jurisdiction | As of | |---|---| | [Australia](/regulation/australia/) | 2 November 2026 | | [Brazil](/regulation/brazil/) | 1 November 2026 | | [Canada](/regulation/canada/) | 2 November 2026 | | [European Union](/regulation/european-union/) | 1 November 2026 | | [Hong Kong](/regulation/hong-kong/) | 1 November 2026 | | [India](/regulation/india/) | 1 November 2026 | | [Indonesia](/regulation/indonesia/) | 1 November 2026 | | [Japan](/regulation/japan/) | 1 November 2026 | | [Kazakhstan](/regulation/kazakhstan/) | 1 November 2026 | | [Mexico](/regulation/mexico/) | 1 November 2026 | | [Nigeria](/regulation/nigeria/) | 2 November 2026 | | [Philippines](/regulation/philippines/) | 2 November 2026 | | [Russia](/regulation/russia/) | 1 November 2026 | | [Singapore](/regulation/singapore/) | 1 November 2026 | | [South Africa](/regulation/south-africa/) | 2 November 2026 | | [South Korea](/regulation/south-korea/) | 1 November 2026 | | [Spain](/regulation/spain/) | 1 November 2026 | | [Switzerland](/regulation/switzerland/) | 2 November 2026 | | [Thailand](/regulation/thailand/) | 2 November 2026 | | [Türkiye](/regulation/turkey/) | 1 November 2026 | | [Ukraine](/regulation/ukraine/) | 1 November 2026 | | [United Arab Emirates](/regulation/united-arab-emirates/) | 1 November 2026 | | [United Kingdom](/regulation/united-kingdom/) | 1 November 2026 | | [United States](/regulation/united-states/) | 1 November 2026 | | [Vietnam](/regulation/vietnam/) | 2 November 2026 | # India: crypto and stablecoin regulation (as of 1 November 2026) Dated status of India's virtual digital asset and stablecoin position: the FIU-IND anti-money-laundering guidelines for virtual digital asset service providers in effect since 10 March 2023, and the Reserve Bank of India's stated views on stablecoins in its Financial Stability Reports and a Deputy Governor's speech, each line linked to the government source. Canonical: https://achivx.org/regulation/india/ Updated: 2026-11-01 As of: 2026-11-01 In India, the Financial Intelligence Unit (FIU-IND) issued AML & CFT Guidelines for reporting entities providing services related to virtual digital assets (VDAs), which took effect on 10 March 2023. Under them, all VDA service providers are required to register as reporting entities with FIU-IND, disclose their bank and financial institution accounts, and include originator and beneficiary information on transfers. The Reserve Bank of India (RBI) has set out its views on stablecoins in its Financial Stability Reports of December 2025 and June 2026 and in a Deputy Governor's speech of 12 December 2025. The RBI rows on this page are policy statements, not law. This page gives no legal status for stablecoins in India. This page states what the government sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | FIU-IND AML & CFT Guidelines for Reporting Entities Providing Services Related to Virtual Digital Assets: "These guidelines shall take effect immediately i.e. from 10th March 2023." In terms of Rule 2(wa) read with Rule 2(sa) of the PMLA, all VDA service providers are required to register as reporting entities with FIU-IND. | 10 March 2023 | [FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf) | | Statement | RBI Financial Stability Report, December 2025, Special Feature "Financial Stability Implications of Stablecoins": "Currently, risks from stablecoins to macrofinancial stability outweigh their purported benefits." The RBI says it maintains a cautious stance on crypto assets, including stablecoins. | 31 December 2025 | [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1310), [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1313) | | Statement | RBI Deputy Governor T Rabi Sankar: "For India, the approach to stablecoins must be guided by caution and an appreciation of domestic imperatives." | 12 December 2025 | [RBI](https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538) | | Statement | RBI Financial Stability Report, June 2026, Chapter III: stablecoins continued to garner close regulatory attention in view of their growing links with traditional financial markets, payment systems and safe-asset markets. | 30 June 2026 | [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1326) | ## Key rules - **Registration (FIU-IND guidelines).** In terms of Rule 2(wa) read with Rule 2(sa) of the PMLA, all VDA service providers are required to register as reporting entities with FIU-IND. ([FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf)) - **Bank accounts (FIU-IND guidelines).** As part of registration as a reporting entity, service providers must disclose their account details with banks and financial institutions where they hold accounts for transactions and for holding client money. ([FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf)) - **Travel rule (FIU-IND guidelines).** In terms of Rule 12(1)(a) of the PMLA, service providers should ensure they include required and accurate originator information, and required beneficiary information, on wire transfers and related messages. The guidelines add: "This applied regardless of whether the value of the VDA transfer is denominated in fiat currency or another VDA." ([FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf)) - **Registration notice (FIU-IND).** The FIU-IND homepage carries a notice on the registration of virtual digital asset service providers with FIU-IND as reporting entities. ([FIU-IND](https://fiuindia.gov.in/)) - **RBI stance (view, December 2025).** The RBI maintains a cautious stance on crypto assets, including stablecoins, prioritising sovereign digital infrastructure to safeguard monetary sovereignty amid global shifts and preserve financial stability. ([RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1313)) - **Foreign-currency stablecoins (RBI view, December 2025).** The RBI report states that the rapid growth in foreign-currency-pegged stablecoins can lead to currency substitution and challenge a country's monetary sovereignty, and that this is especially important for emerging economies like India, where capital flow management frameworks play a key role in preserving external sector stability. ([RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1313)) - **Payments (RBI Deputy Governor, view).** In his speech of 12 December 2025, Deputy Governor T Rabi Sankar said that systems such as UPI, RTGS and NEFT provide fast, low-cost and secure payment capabilities, and that this leaves little justification for integrating stablecoins into the financial system ("leaves little justification for their integration into the financial system"). ([RBI](https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538)) - **International work (RBI view, June 2026).** The June 2026 report says international policy work has increasingly focused on the implications of stablecoins for market functioning, monetary sovereignty, bank funding and cross-border payments. ([RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1326)) ## Timeline | Date | Event | Source | |---|---|---| | 10 March 2023 | FIU-IND AML & CFT guidelines for VDA service providers take effect | [FIU-IND](https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf) | | 12 December 2025 | RBI Deputy Governor T Rabi Sankar speech on stablecoins | [RBI](https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538) | | 31 December 2025 | RBI Financial Stability Report with a special feature on stablecoins | [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1310) | | 30 June 2026 | RBI Financial Stability Report, June 2026 | [RBI](https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1326) | ## Not covered here No law on stablecoin issuance, reserves, redemption or interest was found in the sources this page uses. The March 2023 Ministry of Finance notification bringing VDA service providers under the PMLA was not read and is cited only through the FIU-IND guidelines. No public list or count of FIU-IND-registered VDA service providers was found on fiuindia.gov.in, and the linked registration notice is an image scan that was not quoted. RBI PDF documents (rbidocs.rbi.org.in) could not be reached; the Financial Stability Report text was read from RBI HTML chapter pages. The Press Information Bureau and Ministry of Finance sites could not be reached, so no Ministry of Finance statement or official discussion paper on crypto assets or stablecoins is quoted. A reported July 2026 RBI recommendation on bank exposure to crypto assets and stablecoins appeared in the press only and was not found in an official RBI document. ## Sources - https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf - https://fiuindia.gov.in/ - https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1310 - https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1313 - https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538 - https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1326 # Indonesia: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Indonesia's digital financial asset and stablecoin position: OJK Regulation POJK 27/2024 on trading digital financial assets including crypto assets, in force since 10 January 2025 and amended by POJK 23/2025, the OJK sandbox report naming a Rupiah stablecoin issuer business model, and Bank Indonesia's statements on virtual currency in payments and on the Digital Rupiah, each line linked to the government source. Canonical: https://achivx.org/regulation/indonesia/ Updated: 2026-11-01 As of: 2026-11-01 In Indonesia, the Financial Services Authority (Otoritas Jasa Keuangan, OJK) regulates the trading of digital financial assets, including crypto assets, under Peraturan OJK Nomor 27 Tahun 2024 (POJK 27/2024). It was enacted on 10 December 2024, promulgated on 12 December 2024 and has been in force since 10 January 2025. It was amended by POJK 23/2025, in force since its promulgation on 10 November 2025. The regulation sets an obligation for digital financial asset operators to obtain licence status, and under it the list of tradable assets is set by the exchange. On 5 October 2026 OJK reported that by September 2026 seven regulatory sandbox participants had completed their trial and been declared "Lulus" (passed), with business models that include a Rupiah stablecoin issuer ("penerbit stablecoin Rupiah"). Bank Indonesia (BI) stated on 13 January 2018 that virtual currency, including bitcoin, is not recognised as a legal means of payment and is prohibited for use as payment in Indonesia. Indonesian quotes are given with English renderings. This page states what the government sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | POJK 27/2024 on the trading of digital financial assets including crypto assets (Penyelenggaraan Perdagangan Aset Keuangan Digital Termasuk Aset Kripto): enacted (ditetapkan) on 10 December 2024 and promulgated (diundangkan) on 12 December 2024; "mulai berlaku pada tanggal 10 Januari 2025" (in force from 10 January 2025). It sets an obligation for digital financial asset operators to obtain licence status and to submit periodic and incidental reports. | 10 January 2025 | [OJK](https://ojk.go.id/id/regulasi/Pages/POJK-27-2024-AKD-AK.aspx), [OJK press release](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/POJK-27-Tahun-2024-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto-AKD-AK.aspx) | | In force | POJK 23/2025 amending POJK 27/2024: in force from the date of promulgation, 10 November 2025, per the OJK FAQ. Its changes include turning the Crypto Asset List into the Digital Financial Asset List and placing consumer funds with the clearing, guarantee and settlement institution to improve consumer protection. | 10 November 2025 | [OJK FAQ](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/FAQ%20POJK%2023%20Tahun%202025%20Perubahan%20Atas%20Peraturan%20Otoritas%20Jasa%20Keuangan%20Nomor%2027%20Tahun%202024%20tentang%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf) | | Pilot | OJK regulatory sandbox: OJK reported that, by September 2026, 7 sandbox participants had completed the trial (uji coba) and been declared "Lulus" (passed), with the business models gold tokenisation, tokenisation of securities under a Kontrak Pengelolaan Dana (KPD) scheme, tokenisation of property ownership benefits, a Rupiah stablecoin issuer ("penerbit stablecoin Rupiah"), a non-trading digital financial asset custodian and a crypto fund manager. Referring to POJK 3/2024, OJK says operators with the same business model as these 7 graduated participants have the right to register with OJK without going through a sandbox trial. | 5 October 2026 (OJK press release) | [OJK](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-September-2026.aspx) | | Statement | Bank Indonesia: "Bank Indonesia menegaskan bahwa virtual currency termasuk bitcoin tidak diakui sebagai alat pembayaran yang sah, sehingga dilarang digunakan sebagai alat pembayaran di Indonesia." (virtual currency, including bitcoin, is not recognised as a legal means of payment, and so is prohibited from being used as a means of payment in Indonesia). BI also states that it prohibits all payment system operators and financial technology operators in Indonesia, banks and non-banks, from processing payment transactions with virtual currency, as regulated in PBI 18/40/PBI/2016 and PBI 19/12/PBI/2017. | 13 January 2018 | [Bank Indonesia](https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_200418.aspx) | | Statement | Bank Indonesia, Digital Rupiah page: "Rupiah Digital bukan termasuk dalam aset kripto ataupun stablecoins" (the Digital Rupiah is not a crypto asset or a stablecoin). | — | [Bank Indonesia](https://www.bi.go.id/id/rupiah/digital-rupiah/default.aspx) | ## Key rules - **Licensing (POJK 27/2024).** The regulation sets an obligation for digital financial asset operators (Penyelenggara Aset Keuangan Digital) to obtain licence status and to submit periodic and incidental reports. ([OJK press release](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/POJK-27-Tahun-2024-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto-AKD-AK.aspx)) - **Asset list set by the exchange (POJK 27/2024 FAQ).** "Dalam POJK ini, Daftar Aset Kripto ditetapkan oleh Bursa." (Under this regulation, the Crypto Asset List is set by the exchange.) ([OJK FAQ](https://www.ojk.go.id/id/regulasi/Documents/Pages/POJK-27-2024-AKD-AK/FAQ%20POJK%2027%20Tahun%202024%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto%20AKD%20AK.pdf)) - **Digital Financial Asset List (POJK 23/2025).** POJK 23/2025 changed the Crypto Asset List (Daftar Aset Kripto) into the Digital Financial Asset List (Daftar Aset Keuangan Digital, DAKD). ([OJK FAQ](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/FAQ%20POJK%2023%20Tahun%202025%20Perubahan%20Atas%20Peraturan%20Otoritas%20Jasa%20Keuangan%20Nomor%2027%20Tahun%202024%20tentang%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf)) - **Rupiah pairs (POJK 27/2024 Art. 51(1)(a), original text).** The scope of a trader's (Pedagang) activities in digital financial asset trading includes buying and/or selling between digital financial assets and the Rupiah currency. ([POJK 27/2024](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-27-2024-AKD-AK/POJK%2027%20Tahun%202024%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto%20AKD%20AK.pdf)) - **Consumer funds in Rupiah (POJK 27/2024 Art. 94(4), original text).** "Dana Konsumen sebagaimana dimaksud pada ayat (2) menggunakan mata uang Rupiah." (Consumer funds referred to in paragraph (2) use the Rupiah currency.) ([POJK 27/2024](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-27-2024-AKD-AK/POJK%2027%20Tahun%202024%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto%20AKD%20AK.pdf)) - **Consumer funds at the clearing institution (POJK 23/2025).** POJK 23/2025 provides for placing consumer funds with the clearing, guarantee and settlement institution (Lembaga Kliring Penjaminan dan Penyelesaian) to improve consumer protection. ([OJK FAQ](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/FAQ%20POJK%2023%20Tahun%202025%20Perubahan%20Atas%20Peraturan%20Otoritas%20Jasa%20Keuangan%20Nomor%2027%20Tahun%202024%20tentang%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf)) - **Segregated accounts (OJK on POJK 23/2025 Art. 87).** OJK states that segregated accounts may only be opened at commercial banks that have received a business licence from OJK ("rekening terpisah hanya dapat dibuka pada bank umum yang telah mendapat izin usaha dari OJK"). ([OJK](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-September-2026.aspx)) - **Licensed entities (OJK, 5 October 2026).** OJK has approved licences for 34 entities in the crypto asset trading ecosystem: 2 crypto exchanges, 2 clearing, guarantee and settlement institutions, 2 custodians and 28 digital financial asset traders. ([OJK](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-September-2026.aspx)) - **Exchange lists (OJK, August 2026).** In August 2026, 1,109 digital financial assets and 49 digital financial asset derivatives were recorded on the CFX list, and 867 digital financial assets on the ICEX list, as tradable. ([OJK](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-September-2026.aspx)) - **Rupiah obligation (Bank Indonesia, citing the Currency Law).** BI cites the rule that every transaction for the purpose of payment, or other obligations to be met with money, or other financial transactions carried out in the territory of the Republic of Indonesia must use Rupiah. ([Bank Indonesia](https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_200418.aspx)) ## Timeline | Date | Event | Source | |---|---|---| | 13 January 2018 | Bank Indonesia statement on virtual currency as a means of payment | [Bank Indonesia](https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_200418.aspx) | | 10 December 2024 | POJK 27/2024 enacted | [OJK](https://ojk.go.id/id/regulasi/Pages/POJK-27-2024-AKD-AK.aspx) | | 12 December 2024 | POJK 27/2024 promulgated | [OJK](https://ojk.go.id/id/regulasi/Pages/POJK-27-2024-AKD-AK.aspx) | | 10 January 2025 | POJK 27/2024 enters into force | [OJK](https://ojk.go.id/id/regulasi/Pages/POJK-27-2024-AKD-AK.aspx) | | 12 January 2025 | Deadline under UU P2SK for completing the transfer of digital financial asset regulation and supervision from Bappebti to OJK | [OJK](https://ojk.go.id/id/regulasi/Pages/POJK-27-2024-AKD-AK.aspx) | | 10 November 2025 | POJK 23/2025 promulgated and in force | [OJK FAQ](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/FAQ%20POJK%2023%20Tahun%202025%20Perubahan%20Atas%20Peraturan%20Otoritas%20Jasa%20Keuangan%20Nomor%2027%20Tahun%202024%20tentang%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf) | | 9 January 2026 | Transition date under POJK 23/2025 for moving digital financial asset derivative activity of parties without an OJK trader licence to licensed traders | [OJK FAQ](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/FAQ%20POJK%2023%20Tahun%202025%20Perubahan%20Atas%20Peraturan%20Otoritas%20Jasa%20Keuangan%20Nomor%2027%20Tahun%202024%20tentang%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf) | | 2 July 2026 | OJK, Commission XI of the DPR and stakeholders gather input for the OJK IAKD Roadmap 2026-2031; topics include asset tokenisation and stablecoin development | [OJK](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-Juli-2026.aspx) | | 5 October 2026 | OJK press release on the 30 September 2026 board meeting: 7 graduated sandbox participants, including a Rupiah stablecoin issuer business model; 34 licensed crypto trading entities | [OJK](https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-September-2026.aspx) | ## Not covered here No stablecoin-specific OJK or Bank Indonesia regulation was found in the sources this page uses, and the POJK 27/2024 text used here does not contain the word "stablecoin". The 2018 Bank Indonesia release speaks of virtual currency and does not name stablecoins; whether the regulations it cites (PBI 18/40/PBI/2016 and PBI 19/12/PBI/2017) are still in force was not checked. Only the OJK FAQ on POJK 23/2025 was read, not its full text, and whether it amended Articles 51 and 94 of POJK 27/2024 was not checked. The sources this page uses do not say whether the Rupiah stablecoin sandbox graduate has registered with OJK or issued a token, and do not identify stablecoins on the CFX or ICEX lists. A stablecoin-specific OJK regulation reported in the press and the OJK IAKD Roadmap 2026-2031 were not found on ojk.go.id. ## Sources - https://ojk.go.id/id/regulasi/Pages/POJK-27-2024-AKD-AK.aspx - https://ojk.go.id/id/regulasi/Documents/Pages/POJK-27-2024-AKD-AK/POJK%2027%20Tahun%202024%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto%20AKD%20AK.pdf - https://www.ojk.go.id/id/regulasi/Documents/Pages/POJK-27-2024-AKD-AK/FAQ%20POJK%2027%20Tahun%202024%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto%20AKD%20AK.pdf - https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/POJK-27-Tahun-2024-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto-AKD-AK.aspx - https://ojk.go.id/id/regulasi/Documents/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/FAQ%20POJK%2023%20Tahun%202025%20Perubahan%20Atas%20Peraturan%20Otoritas%20Jasa%20Keuangan%20Nomor%2027%20Tahun%202024%20tentang%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf - https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-September-2026.aspx - https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/RDKB-Juli-2026.aspx - https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_200418.aspx - https://www.bi.go.id/id/rupiah/digital-rupiah/default.aspx # Japan: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Japan's stablecoin rules under the Payment Services Act: electronic payment instruments, the 2022 and 2025 amendments, the 2026 rules on trust-type backing and foreign stablecoins, the 2026 Act moving crypto-asset regulation to the Financial Instruments and Exchange Act, and the FSA register of 2 intermediaries, each line linked to the FSA or e-Gov. Canonical: https://achivx.org/regulation/japan/ Updated: 2026-11-01 As of: 2026-11-01 The Payment Services Act (Act No. 59 of 2009) defines "electronic payment instruments" (電子決済手段), the category the Financial Services Agency (FSA) uses for stablecoins. The Cabinet Orders and Cabinet Office Orders for the 2022 amendment that added these rules were enforced on 1 June 2023 ([FSA](https://www.fsa.go.jp/en/newsletter/weekly2023/540.html)), and the 2025 amendment has been in force since 1 June 2026; per the FSA, issuers must be licensed as a bank, fund transfer service provider or trust company, and the FSA register lists 2 registered intermediaries, not issuers. An Act passed on 15 July 2026 moves crypto-asset (暗号資産) regulation from the Payment Services Act to the Financial Instruments and Exchange Act (FIEA); it takes effect on a day set by Cabinet Order. This page states what the official sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Stablecoin framework under the Act Partially Amending the Payment Services Act, etc. (Act No. 61 of 2022, promulgated 10 June 2022). Per the FSA, the finalized Cabinet Orders, Cabinet Office Orders and others for the 2022 revision were enforced on 1 June 2023. | 1 June 2023 | [FSA](https://www.fsa.go.jp/en/newsletter/weekly2023/540.html) | | In force | 2025 amendment to the Payment Services Act (Act No. 66 of 2025, enacted 6 June 2025), with its Cabinet Order and Cabinet Office Orders. | 1 June 2026 | [FSA](https://www.fsa.go.jp/news/r7/sonota/20251216/20251216.html), [FSA](https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html) | | In force | Amended Cabinet Office Order on electronic payment instruments exchange service providers: trust beneficiary rights under equivalent foreign law count as electronic payment instruments. | 1 June 2026 | [FSA](https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html) | | In force | Electronic payment instruments exchange business requires registration (Article 62-3). The FSA register (27 August 2026) lists 2 providers: SBI VC Trade (handles USDC, RLUSD and JPYSC) and Coincheck (handles USDC). They are intermediaries, not issuers; the FSA says it only confirmed, on the providers' explanations, that the instruments meet the legal definition, and does not guarantee or recommend them. | Register of 27 August 2026 | [e-Gov](https://laws.e-gov.go.jp/law/421AC0000000059), [FSA register](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | | Pending | 金融商品取引法及び資金決済に関する法律の一部を改正する法律 (Act amending the Financial Instruments and Exchange Act and the Payment Services Act), submitted 10 April 2026 and passed 15 July 2026. Per the FSA overview, it moves regulation of crypto-asset transactions from the Payment Services Act to the FIEA (暗号資産取引に係る規制を資金決済法から金商法に移管). It takes effect on a day set by Cabinet Order within one year from promulgation, with listed provisions on their own dates (Supplementary Provisions, Article 1). | Day set by Cabinet Order | [FSA](https://www.fsa.go.jp/common/diet/221/index.html), [FSA (Act text)](https://www.fsa.go.jp/common/diet/221/02/01.pdf), [FSA (overview)](https://www.fsa.go.jp/common/diet/221/02/02.pdf) | ## Key rules - **Definition.** Article 2(5) defines electronic payment instruments (電子決済手段) as: (item 1) currency-denominated property value, recorded electronically, that can be used to pay unspecified persons for goods or services, can be bought from and sold to unspecified persons, and can be transferred through an electronic data processing system (excluding securities, electronically recorded monetary claims, prepaid payment instruments and similar items specified by Cabinet Office Order, and items under item 3); (item 2) property value that can be exchanged with item 1 instruments with unspecified persons and transferred electronically; (item 3) specified trust beneficiary rights (特定信託受益権); and (item 4) items equivalent to these specified by Cabinet Office Order. ([e-Gov](https://laws.e-gov.go.jp/law/421AC0000000059)) - **Who may issue.** Per the FSA (presentation of 7 December 2022), stablecoin issuers must be licensed as a bank, fund transfer service provider or trust company, and must give users clear redemption rights. ([FSA](https://www.fsa.go.jp/inter/etc/20221207/01.pdf)) - **Intermediaries.** Electronic payment instruments exchange business may be carried on only by persons registered with the Prime Minister (Article 62-3). ([e-Gov](https://laws.e-gov.go.jp/law/421AC0000000059)) - **Backing, fund transfer type.** Per the FSA (2022), fund transfer service providers may issue stablecoins as claims on outstanding obligations, and must secure the obligation through money deposits with official depositaries, bank guarantees, or entrusted safe assets such as bank deposits and government bonds. ([FSA](https://www.fsa.go.jp/inter/etc/20221207/01.pdf)) - **Backing, trust type (2022 position).** Per the FSA (2022), trust companies may issue stablecoins as trust beneficiary rights and must hold all the trusted assets as bank deposits. ([FSA](https://www.fsa.go.jp/inter/etc/20221207/01.pdf)) - **Backing, trust type (from 1 June 2026).** In allowing the backing assets of specified trust beneficiary rights to be invested in certain government bonds and in term deposits that allow early withdrawal, the orders under the 2025 amendment set the eligible assets, maximum allocation ratios and specific requirements to prevent loss of principal. ([FSA](https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html)) - **Algorithmic and non-redeemable coins.** Per the FSA (2022), other self-claimed stablecoins, such as algorithmic stablecoins (e.g. Terra) and non-redemption stablecoins (e.g. DAI), fall in the same regulatory category as Bitcoin ("crypto assets"). ([FSA](https://www.fsa.go.jp/inter/etc/20221207/01.pdf)) - **Foreign stablecoins (from 1 June 2026).** Trust beneficiary rights under foreign law that ensures equivalence with Japan's regime are defined as electronic payment instruments, and equivalence with Japan's regime is the standard when exchange service providers judge whether handling a foreign electronic payment instrument is appropriate. ([FSA](https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html)) - **Assets held in Japan.** The 2026 orders set the specific scope of assets that electronic payment instruments exchange service providers and crypto-asset exchange service providers can be ordered to hold in Japan. ([FSA](https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html)) - **Crypto assets and stablecoins after the 2026 Act.** Per the FSA overview, crypto-asset (暗号資産) regulation moves from the Payment Services Act to the FIEA, and the overview diagram shows stablecoins (ステーブルコイン) under the Payment Services Act. The Act also renames the "電子決済手段・暗号資産サービス仲介業" (electronic payment instrument and crypto-asset service intermediary business) in the Payment Services Act to "電子決済手段サービス仲介業" (electronic payment instrument service intermediary business). ([FSA (overview)](https://www.fsa.go.jp/common/diet/221/02/02.pdf), [FSA (Act text)](https://www.fsa.go.jp/common/diet/221/02/01.pdf)) ## Timeline | Date | Event | Source | |---|---|---| | 10 June 2022 | 2022 amendment to the Payment Services Act (Act No. 61 of 2022) promulgated | [FSA](https://www.fsa.go.jp/en/newsletter/weekly2023/540.html) | | 7 December 2022 | FSA presentation on the stablecoin framework (issuer types and backing) | [FSA](https://www.fsa.go.jp/inter/etc/20221207/01.pdf) | | 1 June 2023 | Cabinet Orders and Cabinet Office Orders for the 2022 amendment enforced | [FSA](https://www.fsa.go.jp/en/newsletter/weekly2023/540.html) | | 4 March 2025 | SBI VC Trade registered as an electronic payment instruments exchange service provider (No. 00001) | [FSA register](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | | 6 June 2025 | 2025 amendment to the Payment Services Act (Act No. 66 of 2025) enacted | [FSA](https://www.fsa.go.jp/news/r7/sonota/20251216/20251216.html) | | 19 May 2026 | Amended Cabinet Office Order on foreign trust-type electronic payment instruments promulgated, after a public consultation that drew 16 comments | [FSA](https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html) | | 22 May 2026 | Cabinet Order and Cabinet Office Orders for the 2025 amendment promulgated, after 259 comments from 62 individuals and organisations | [FSA](https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html) | | 1 June 2026 | 2025 amendment and the foreign trust-type rule in force | [FSA](https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html), [FSA](https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html) | | 15 July 2026 | Act amending the FIEA and the Payment Services Act passed by the Diet (submitted 10 April 2026) | [FSA](https://www.fsa.go.jp/common/diet/221/index.html) | | 27 August 2026 | Coincheck registered (No. 00002); the register lists 2 providers | [FSA register](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | ## Not covered here A rule on interest or yield to holders of electronic payment instruments, retail marketing rules specific to electronic payment instruments, and the number of licensed stablecoin issuers (banks, fund transfer service providers and trust companies) are not stated in the sources this page uses, nor are the Act number, the promulgation date and the Cabinet Order date of the 2026 Act amending the FIEA and the Payment Services Act. The FSA register of electronic payment instruments lists intermediaries only, and the FSA register of fund transfer service providers was not checked for stablecoin issuers. The issuer and backing rules marked 2022 come from an FSA presentation that predates the 2025 amendment. ## Sources - https://laws.e-gov.go.jp/law/421AC0000000059 - https://www.fsa.go.jp/common/diet/221/index.html - https://www.fsa.go.jp/common/diet/221/02/01.pdf - https://www.fsa.go.jp/common/diet/221/02/02.pdf - https://www.fsa.go.jp/en/newsletter/weekly2023/540.html - https://www.fsa.go.jp/news/r7/sonota/20251216/20251216.html - https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html - https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html - https://www.fsa.go.jp/inter/etc/20221207/01.pdf - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf # Kazakhstan: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Kazakhstan's digital asset rules: the National Bank framework from 1 May 2026, NBK Resolution No. 39 on stablecoins, and the separate AIFC stablecoin regime, each line linked to the official source. Canonical: https://achivx.org/regulation/kazakhstan/ Updated: 2026-11-01 As of: 2026-11-01 Kazakhstan has two digital asset regimes. Outside the Astana International Financial Centre (AIFC), the National Bank of the Republic of Kazakhstan (NBK) licenses, regulates and supervises the circulation of digital assets and digital asset service providers, under a framework that came into force on 1 May 2026. NBK Board Resolution No. 39 sets the rules for stablecoins backed by money from the same date. Inside the AIFC, the Astana Financial Services Authority (AFSA) applies the AIFC's own regime: the AIFC Rules on Digital Asset Activities (DAA). AFSA's stablecoin framework first took effect on 1 January 2024; the current DAA version, in force since 1 January 2026, covers both fiat stablecoins and commodity stablecoins. The NBK says the AIFC continues to regulate digital asset organisations within its own jurisdiction and legal regime. This page states what the government sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | NBK framework for the circulation of digital assets. The NBK carries out licensing, regulation and supervision of digital asset circulation and of digital asset service providers in Kazakhstan outside the territory of the AIFC (NBK notice of 30 April 2026). | 1 May 2026 | [NBK](https://nationalbank.kz/file/download/125798) | | In force | NBK Board Resolution No. 39 of 10 April 2026 approving the Rules on the issue, placement, circulation and redemption of digital financial assets (Правила выпуска цифровых финансовых активов, их размещения, оборота (обращения) и погашения). Para 1 of the Rules: they set the procedure and conditions for issuing digital financial assets whose underlying asset is money (stablecoins), their placement, circulation and redemption, and the requirements for stablecoin issuers. | 1 May 2026 | [NBK](https://nationalbank.kz/file/download/124521) | | In force | AIFC (own regime): AFSA Stablecoin Framework in the AIFC Rules on Digital Asset Activities, first introduced with effect from 1 January 2024. The current rules are in the next row. | 1 January 2024 | [AFSA](https://afsa.aifc.kz/astana-financial-services-authority-afsa-introduces-stablecoin-framework/) | | In force | AIFC (own regime): AIFC Rules No. FR00062 of 2023 on Digital Asset Activities, with amendments as of 7 December 2025. Part 4 covers the issuance of fiat stablecoins and commodity stablecoins. | 1 January 2026 | [AIFC](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf) | ## Key rules ### National Bank regime (outside the AIFC) - **Types of digital assets.** The NBK notice lists unsecured digital assets (cryptoassets) as one type, and digital financial assets (DFAs) as another; DFAs include stablecoins backed by money. ([NBK](https://nationalbank.kz/file/download/125798)) - **Regulators.** The NBK licenses, regulates and supervises digital asset circulation and digital asset service providers outside the AIFC. Turnover of digital financial assets other than stablecoins is regulated by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market. ([NBK](https://nationalbank.kz/file/download/125798)) - **Issuers.** Resolution No. 39 rules, para 5: stablecoin issuers are legal entities in the form of a joint-stock company or a limited liability partnership. ([NBK](https://nationalbank.kz/file/download/124521)) - **Full reserve before issue.** Para 18: the underlying assets of stablecoins consist only of money. Issuance follows ex-ante full reserving: stablecoins may be minted only after underlying assets of at least 100% of the issue value are actually placed in a bank account. ([NBK](https://nationalbank.kz/file/download/124521)) - **Investment of reserves.** After issuance, the issuer may use up to 50% of the issue value of the money serving as the underlying asset to invest in the highly liquid assets the rules list. ([NBK](https://nationalbank.kz/file/download/124521)) - **Redemption in tenge.** The issuer buys back or redeems stablecoins in the national currency, based on the value of the underlying assets. If the underlying asset is in a foreign currency, the tenge value is calculated on the buy-back or redemption date at the latest market exchange rate. ([NBK](https://nationalbank.kz/file/download/124521)) - **Non-qualified investors.** Para 37: persons not recognised as qualified investors may not buy stablecoins whose issuers have not disclosed financial statements for the last reporting year or information on the state of the underlying and highly liquid assets. ([NBK](https://nationalbank.kz/file/download/124521)) ### Astana International Financial Centre (the AIFC's own regime) - **Fiat stablecoins: one reference currency.** DAA 4.7.1(3): the reserve assets of a fiat stablecoin must consist of only one of the listed fiat currencies: the Australian dollar, British pound sterling, Canadian dollar, Chinese yuan renminbi, euro, Japanese yen, New Zealand dollar, Norwegian krone, Swedish krona, Swiss franc, US dollar, or (4.7.1(3)(l)) "any other currency, except for Kazakhstani tenge, agreed with the AFSA". ([AIFC](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf)) - **Commodity stablecoins.** DAA 4.7.1(3-1): "Issuer of a Commodity stablecoin must issue stablecoins whose reserve assets consist of referenced Commodities only." ([AIFC](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf)) - **Full backing.** DAA 4.7.1(2): an issuer of a Fiat stablecoin or Commodity stablecoin must fully back it with reserve assets. ([AIFC](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf)) - **Monthly reconciliation.** The issuer must reconcile each Fiat or Commodity stablecoin monthly to demonstrate that it is fully backed with reserve assets. ([AIFC](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf)) - **Annual audit.** DAA 4.7.2(1): the issuer must mandate an independent third-party audit of the reserve assets annually, no later than four months after the close of its financial year. ([AIFC](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf)) - **Redemption at par.** Holders should be able to redeem their Fiat or Commodity stablecoins at any moment and at par value against the referenced asset. ([AIFC](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf)) ## Timeline | Date | Event | Source | |---|---|---| | 1 January 2024 | AFSA Stablecoin Framework takes effect in the AIFC | [AFSA](https://afsa.aifc.kz/astana-financial-services-authority-afsa-introduces-stablecoin-framework/) | | 1 January 2026 | AIFC Rules on Digital Asset Activities with amendments as of 7 December 2025 commence | [AIFC](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf) | | 10 April 2026 | NBK Board adopts Resolution No. 39 | [NBK](https://nationalbank.kz/file/download/124521) | | 30 April 2026 | NBK notice on the new digital asset framework | [NBK](https://nationalbank.kz/file/download/125798) | | 1 May 2026 | NBK framework for the circulation of digital assets and Resolution No. 39 in force | [NBK](https://nationalbank.kz/file/download/125798), [NBK](https://nationalbank.kz/file/download/124521) | ## Not covered here The text of the Law "On Digital Assets in the Republic of Kazakhstan" as amended is not quoted: it was not read for this page, so its article numbers and amendment date are not given. How the NBK stablecoin rules and the AIFC stablecoin regime apply to the same token is not stated in the sources this page uses. The NBK registers of service providers and the NBK list of permitted unsecured digital assets, the AFSA public register and the digital tenge are not covered. ## Sources - https://nationalbank.kz/file/download/125798 - https://nationalbank.kz/file/download/124521 - https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf - https://afsa.aifc.kz/astana-financial-services-authority-afsa-introduces-stablecoin-framework/ # Mexico: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Mexico's virtual asset rules: the Ley Fintech chapter on virtual assets, Banco de México Circular 4/2019 and its 2020 amendment, the SPEI 24-hour credit rule, the 2026 report formats for vulnerable activities that include virtual-asset purchase and sale report fields, and the missing stablecoin rule, each line linked to the official source. Canonical: https://achivx.org/regulation/mexico/ Updated: 2026-11-01 As of: 2026-11-01 Mexico regulates virtual assets (activos virtuales) in the Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech) and in rules of the Banco de México. Fintech institutions (instituciones de tecnología financiera, ITFs) may operate only with the virtual assets the Banco de México determines, and need its prior authorisation. Under Banco de México Circular 4/2019, credit institutions and ITFs may carry out only internal operations with virtual assets. The Ley Fintech does not treat as a virtual asset any asset denominated in legal tender or foreign currency. This page states what the official sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Ley Fintech, chapter on operations with virtual assets (Arts. 30-34). The consolidated text (texto vigente) shows the last reform published in the DOF on 14 November 2025. | 9 March 2018 (DOF publication) | [Cámara de Diputados](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf) | | In force | Banco de México Circular 4/2019: credit institutions and ITFs may carry out only virtual-asset operations that are internal operations (Operaciones Internas), subject to prior Banco de México authorisation. It entered into force on the day after its publication in the DOF on 8 March 2019. | From the day after its publication in the DOF on 8 March 2019 | [DOF](https://dof.gob.mx/nota_detalle.php?codigo=5552303&fecha=08/03/2019) | | In force | Banco de México Circular 37/2020 amends Circular 4/2019. Signed on 23 September 2020 and published in the DOF on 30 September 2020. | 1 October 2020 | [Banco de México](https://www.banxico.org.mx/marco-normativo/normativa-emitida-por-el-banco-de-mexico/circular-4-2019/%7B7AB92A88-9308-9EE4-9B02-2AA7C81CD971%7D.pdf) | | Pending | Resolution of the SHCP Unidad de Inteligencia Financiera (UIF), published in the DOF on 24 September 2026, amending the official formats of the notices and reports (avisos e informes) that persons carrying out vulnerable activities (actividades vulnerables) must file. The formats include report fields for purchases and sales of virtual assets ("Datos de la(s) operación(es) de compra de activos virtuales"; "Datos de la(s) operación(es) de venta de activos virtuales"). It enters into force on 1 June 2027, except as its fifth transitional article provides ("salvo lo previsto en el quinto transitorio"). | 1 June 2027 | [DOF](https://dof.gob.mx/nota_detalle.php?codigo=5799445&fecha=24/09/2026) | | Not law | No stablecoin-specific rule in force was found. The Ley Fintech excludes from "activo virtual" legal tender, foreign currencies and any other asset denominated in legal tender or foreign currency. | — | [Cámara de Diputados](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf) | ## Key rules - **What is not a virtual asset.** Legal tender in Mexico, foreign currencies (divisas) and any other asset denominated in legal tender or foreign currency are in no case virtual assets under the Ley Fintech. ([Cámara de Diputados](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf)) - **Which virtual assets ITFs may use.** ITFs may operate only with the virtual assets that the Banco de México determines by general provisions (disposiciones de carácter general). To operate with them, ITFs need the Banco de México's prior authorisation. ([Cámara de Diputados](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf)) - **Risk disclosure.** ITFs that operate with virtual assets must disclose to their clients that the virtual asset is not legal tender and is not backed by the Federal Government or the Banco de México, that operations may be impossible to reverse once executed, the volatility of the virtual asset's value, and the technological, cyber and fraud risks inherent in virtual assets. ([Cámara de Diputados](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf)) - **Banks and ITFs: internal operations only.** Under Circular 4/2019, institutions may carry out only virtual-asset operations that are internal operations, subject to the Banco de México's prior authorisation, and are banned from operating with virtual assets on terms other than those of the authorisation. ([DOF](https://dof.gob.mx/nota_detalle.php?codigo=5552303&fecha=08/03/2019)) - **No client-facing authorisation.** The Banco de México says its regulation sets up an authorisation mechanism for institutions' internal use of virtual assets, without any authorisation for virtual-asset operations facing the client. ([Banco de México](https://www.banxico.org.mx/sistemas-de-pago/6--acciones-regulatorias-po.html)) - **Virtual-asset exchange houses.** The Banco de México says virtual-asset exchange houses (casas de cambio de activos virtuales) that offer buying and selling of virtual assets to the public could continue to offer their services, as long as they do not take deposits (captación) or hold their clients' funds in pesos or foreign currency. ([Banco de México](https://www.banxico.org.mx/sistemas-de-pago/6--acciones-regulatorias-po.html)) - **SPEI 24-hour credit.** The Banco de México says it included in the rules of SPEI, its payment system, a requirement that transfers sent to clients of participants that carry out virtual-asset operations be credited after 24 hours; the page does not date this change. ([Banco de México](https://www.banxico.org.mx/sistemas-de-pago/6--acciones-regulatorias-po.html)) ## Timeline | Date | Event | Source | |---|---|---| | 9 March 2018 | Ley Fintech published in the DOF | [Cámara de Diputados](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf) | | 8 March 2019 | Banco de México Circular 4/2019 published in the DOF; it entered into force on the day after its publication | [DOF](https://dof.gob.mx/nota_detalle.php?codigo=5552303&fecha=08/03/2019) | | 23 September 2020 | Banco de México Circular 37/2020, amending Circular 4/2019, signed | [Banco de México](https://www.banxico.org.mx/marco-normativo/normativa-emitida-por-el-banco-de-mexico/circular-4-2019/%7B7AB92A88-9308-9EE4-9B02-2AA7C81CD971%7D.pdf) | | 30 September 2020 | Circular 37/2020 published in the DOF | [Banco de México](https://www.banxico.org.mx/marco-normativo/normativa-emitida-por-el-banco-de-mexico/circular-4-2019/%7B7AB92A88-9308-9EE4-9B02-2AA7C81CD971%7D.pdf) | | 1 October 2020 | Circular 37/2020 in force | [Banco de México](https://www.banxico.org.mx/marco-normativo/normativa-emitida-por-el-banco-de-mexico/circular-4-2019/%7B7AB92A88-9308-9EE4-9B02-2AA7C81CD971%7D.pdf) | | 14 November 2025 | Last reform of the Ley Fintech published in the DOF, per the consolidated text | [Cámara de Diputados](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf) | | 24 September 2026 | SHCP/UIF resolution amending the report formats for vulnerable activities, including virtual-asset purchase and sale report fields, published in the DOF | [DOF](https://dof.gob.mx/nota_detalle.php?codigo=5799445&fecha=24/09/2026) | | 1 June 2027 | The 24 September 2026 resolution on report formats enters into force, except as its fifth transitional article provides | [DOF](https://dof.gob.mx/nota_detalle.php?codigo=5799445&fecha=24/09/2026) | ## Not covered here The texts this page uses do not state how the Ley Fintech's exclusion of assets denominated in legal tender or foreign currency applies to stablecoins referenced to a fiat currency. The Banco de México pages read for this page publish no list of authorised virtual assets or of authorisations under Circular 4/2019, and no public register of virtual asset service providers was found; the CNBV register of authorised ITFs was not checked. ## Sources - https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf - https://dof.gob.mx/nota_detalle.php?codigo=5552303&fecha=08/03/2019 - https://www.banxico.org.mx/marco-normativo/normativa-emitida-por-el-banco-de-mexico/circular-4-2019/%7B7AB92A88-9308-9EE4-9B02-2AA7C81CD971%7D.pdf - https://www.banxico.org.mx/sistemas-de-pago/6--acciones-regulatorias-po.html - https://dof.gob.mx/nota_detalle.php?codigo=5799445&fecha=24/09/2026 # Nigeria: crypto and stablecoin regulation (as of 2 November 2026) Dated status of Nigeria's digital asset and stablecoin position: the Investments and Securities Act, 2025, which defines securities to include virtual and digital assets, the CBN guidelines of 22 December 2023 on bank accounts for virtual asset service providers, the SEC minimum capital circular with a 30 June 2027 deadline, and the SEC's proposed rules on digital and virtual assets with a stablecoin part, each line linked to the government source. Canonical: https://achivx.org/regulation/nigeria/ Updated: 2026-11-02 As of: 2026-11-02 In Nigeria, the Investments and Securities Act, 2025 (Act No. 2 of 2025, which repeals the Investments and Securities Act No. 29 of 2007) defines "securities" to include virtual and digital assets, and gives the Securities and Exchange Commission (SEC) the task of registering and regulating virtual asset service providers (VASPs) and digital asset operators. The Act was published in the Official Gazette No. 19, Vol. 112, of 2 May 2025. The Central Bank of Nigeria (CBN) issued guidelines on bank accounts for VASPs on 22 December 2023; under them banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on their own account. An SEC circular published on 16 January 2026 revises minimum capital for regulated capital market entities, including VASP categories, with compliance due on or before 30 June 2027. The SEC has also issued an exposure draft of Proposed Rules on Digital and Virtual Assets Operations, Custody and Markets, which contains a stablecoin part. These are proposed rules, not rules in force, and the PDF is undated. This page states what the government sources say. It is not legal advice. ## Status as of 2 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Published | Investments and Securities Act, 2025 (Act No. 2 of 2025; repeals the Investments and Securities Act No. 29 of 2007): published in the Official Gazette, "No. 19 Lagos - 2nd May, 2025. Vol. 112", Government Notice No. 16. The Act prints the date line "[25th Day of March, 2025]" under its long title; the Act text read for this page does not label that date. | 2 May 2025 (Official Gazette) | [SEC Nigeria](https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf) | | In force | CBN Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPs), circular of the CBN Financial Policy & Regulation Department of 22 December 2023: "all banks and other financial institutions are hereby required to immediately comply with the provisions of the Guidelines." "The Guidelines supersedes the CBN’s circulars referenced FPR/DIR/GEN/CIR/06/010 of January 12, 2017 and BSD/DIR/PUB/LAB/014/001 of February 5, 2021 on the subject." | 22 December 2023 | [CBN](https://www.cbn.gov.ng/Out/2024/FPRD/GUIDELINES%20ON%20OPERATIONS%20OF%20BANK%20ACCOUNTS%20FOR%20VIRTUAL%20Asset%20Providers.pdf) | | Published | SEC Rules on Issuance, Offering Platforms and Custody of Digital Assets, listed on the SEC rules page with the date 11 May 2022. | 11 May 2022 | [SEC Nigeria](https://sec.gov.ng/our-mandate/regulation/rules-and-regulations/) | | Scheduled | SEC circular on Revised Minimum Capital (MC) for Regulated Capital Market Entities, published 16 January 2026 under the Investments and Securities Act, 2025. Its scope includes VASP categories, among them Digital Assets Exchange and Digital Assets Custodian: "All affected entities are required to comply with the revised Minimum Capital Requirements on or before 30 June 2027." | Compliance by 30 June 2027 (circular published 16 January 2026) | [SEC Nigeria](https://home.sec.gov.ng/for-investors/keep-track-of-circulars/revised-minimum-capital-mc-for-regulated-capital-market-entities/) | | Proposed | SEC exposure draft: Proposed Rules on Digital and Virtual Assets Operations, Custody and Markets (document 1503), with a stablecoin part that would cover stablecoin tiers, reserve ratios and the recognition of foreign-issued stablecoins. Proposed rules, not in force. | — (the PDF is undated) | [SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf) | | Pilot | SEC FinPort directory of registered FinTech operators (page published 25 May 2025): 7 Regulatory Incubation participants, including Wrapped CBDC Ltd (trading name cNGN) for "Digital Asset (Stablecoin) Offering", and 2 ARIP participants, Busha Digital Limited and Quidax Technologies Limited, both listed for Digital Assets Exchange. This is an incubation directory, not a list of full registrations. The directory does not show the status after 28 August 2025. | cNGN test period 29 August 2024 to 28 August 2025 | [SEC Nigeria](https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/) | ## Key rules - **Digital assets are securities (ISA 2025).** The Act's definition of "securities" includes "(c) virtual and digital assets;". ([SEC Nigeria](https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf)) - **SEC as regulator (ISA 2025 s.3(3)).** The SEC shall register and regulate virtual and digital asset exchanges, and, among others, "virtual asset service providers, digital asset operators". ([SEC Nigeria](https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf)) - **Banks on own account (CBN guidelines).** "However, banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on their own account." ([CBN](https://www.cbn.gov.ng/Out/2024/FPRD/GUIDELINES%20ON%20OPERATIONS%20OF%20BANK%20ACCOUNTS%20FOR%20VIRTUAL%20Asset%20Providers.pdf)) - **No cash withdrawals (CBN guidelines).** For a designated VASP account: "No cash withdrawal shall be allowed from the account." ([CBN](https://www.cbn.gov.ng/Out/2024/FPRD/GUIDELINES%20ON%20OPERATIONS%20OF%20BANK%20ACCOUNTS%20FOR%20VIRTUAL%20Asset%20Providers.pdf)) - **Naira only (CBN guidelines).** "Transactions on the VASP/DA platform shall only be in Naira." ([CBN](https://www.cbn.gov.ng/Out/2024/FPRD/GUIDELINES%20ON%20OPERATIONS%20OF%20BANK%20ACCOUNTS%20FOR%20VIRTUAL%20Asset%20Providers.pdf)) - **Minimum capital (SEC circular, 16 January 2026).** The SEC issued the circular "pursuant to its statutory mandate under the Investments and Securities Act, 2025, to regulate and develop the Nigerian capital market"; the revision applies to all categories of regulated capital market entities, including VASP categories. ([SEC Nigeria](https://home.sec.gov.ng/for-investors/keep-track-of-circulars/revised-minimum-capital-mc-for-regulated-capital-market-entities/)) - **Scope of the stablecoin part (proposed SEC rules).** "This part shall apply to the issuance, offering, admission, trading, custody, reserve management, redemption, recognition or use of stablecoins in connection with capital market activities". ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) - **Four tiers (proposed SEC rules).** Under the proposal, stablecoins may be categorised as "Tier 1: Naira-Backed Stablecoins; (ii) Tier 2: Foreign Currency-Backed Stablecoins; (iii) Tier 3: Commodity-Backed Stablecoins", with crypto-backed stablecoins as the fourth tier. ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) - **Algorithmic stablecoins (proposed SEC rules).** The proposal would prohibit "algorithmic or seigniorage-based stablecoins", among others, "unless otherwise approved by the Commission under exceptional circumstances and subject to such safeguards as the Commission may prescribe". ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) - **Reserves for Naira-backed stablecoins (proposed SEC rules).** "Naira-backed stablecoins shall be backed at all times by not less than one hundred per cent (100%) of outstanding stablecoin liabilities, held in cash or cash equivalent instruments approved by the CBN, the Commission or any other relevant authority". ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) - **Reserves for foreign currency-backed stablecoins (proposed SEC rules).** "foreign currency-backed stablecoins shall be backed at all times by not less than one hundred and twenty per cent (120%) of outstanding stablecoin liabilities, held in the same reference currency or in cash equivalent instruments denominated in that currency". ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) - **Thresholds in a Schedule (proposed SEC rules).** The proposal says the reserve, liquidity, collateral, redemption, concentration and reporting thresholds for stablecoins "shall be as set out in the applicable Schedule on asset-referenced tokens, stablecoins and related capital market activities, and shall be subject to periodic review by the Commission." ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) - **Redemption (proposed SEC rules).** "An issuer shall maintain clear, fair and enforceable redemption arrangements and shall redeem stablecoins within such timeframe as may be prescribed by the Commission." ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) - **Foreign-issued stablecoins (proposed SEC rules).** "A foreign-issued stablecoin shall not be listed, admitted for trading, custodied, settled, promoted or otherwise used by a DAX or other regulated platform in Nigeria unless recognised or authorised by the Commission." ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) - **Representations (proposed SEC rules).** "A regulated entity shall not represent or imply that a stablecoin used for capital market activity is risk-free, guaranteed by the Commission, the Federal Government, legal tender, insured, deposit-like or equivalent to fiat currency unless such representation is expressly permitted by law and approved by the relevant authority." ([SEC Nigeria](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf)) ## Timeline | Date | Event | Source | |---|---|---| | 11 May 2022 | Date of the SEC Rules on Issuance, Offering Platforms and Custody of Digital Assets, per the SEC rules page | [SEC Nigeria](https://sec.gov.ng/our-mandate/regulation/rules-and-regulations/) | | 22 December 2023 | CBN issues the guidelines on bank accounts for VASPs, superseding its circulars of 12 January 2017 and 5 February 2021 | [CBN](https://www.cbn.gov.ng/Out/2024/FPRD/GUIDELINES%20ON%20OPERATIONS%20OF%20BANK%20ACCOUNTS%20FOR%20VIRTUAL%20Asset%20Providers.pdf) | | 29 August 2024 | Start of the cNGN test period in the SEC Regulatory Incubation programme | [SEC Nigeria](https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/) | | 25 March 2025 | Date line printed at the head of the Investments and Securities Act, 2025 | [SEC Nigeria](https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf) | | 2 May 2025 | Investments and Securities Act, 2025 published in the Official Gazette No. 19, Vol. 112 | [SEC Nigeria](https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf) | | 28 August 2025 | End of the cNGN test period in the SEC Regulatory Incubation programme | [SEC Nigeria](https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/) | | 16 January 2026 | SEC publishes the revised minimum capital circular | [SEC Nigeria](https://home.sec.gov.ng/for-investors/keep-track-of-circulars/revised-minimum-capital-mc-for-regulated-capital-market-entities/) | | 30 June 2027 | Deadline to comply with the revised minimum capital requirements | [SEC Nigeria](https://home.sec.gov.ng/for-investors/keep-track-of-circulars/revised-minimum-capital-mc-for-regulated-capital-market-entities/) | ## Not covered here All stablecoin rules on this page are proposals in an SEC exposure draft and are not in force. The draft's PDF has no date, and the SEC listing page that showed its publication date now returns 404, so this page gives the draft no date. The sources this page uses do not say whether or when the proposed rules, including the stablecoin part, will be adopted; the reserve, redemption and other thresholds would be set in a Schedule, and the redemption timeframe would be prescribed by the Commission. No CBN rule on stablecoins in payments was found; the proposed SEC rules say that SEC recognition is not CBN approval for payment activities. The text of the SEC Rules on Issuance, Offering Platforms and Custody of Digital Assets (11 May 2022) was not read; only the SEC rules page entry was. The capital figures in the minimum capital circular are not listed here. The CBN circular is a scanned PDF and its reference number is garbled in the scan. Assent dates for the Investments and Securities Act, 2025 given in the press differ from the date line printed in the Act and are not used. ## Sources - https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf - https://www.cbn.gov.ng/Out/2024/FPRD/GUIDELINES%20ON%20OPERATIONS%20OF%20BANK%20ACCOUNTS%20FOR%20VIRTUAL%20Asset%20Providers.pdf - https://sec.gov.ng/our-mandate/regulation/rules-and-regulations/ - https://home.sec.gov.ng/for-investors/keep-track-of-circulars/revised-minimum-capital-mc-for-regulated-capital-market-entities/ - https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf - https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/ # Philippines: crypto and stablecoin regulation (as of 2 November 2026) Dated status of the Philippines' virtual asset and stablecoin position: the Bangko Sentral ng Pilipinas (BSP) rules for virtual asset service providers in Circular 1108 and Circular 1206, the continued moratorium on new VASP licences from 1 September 2025, and the BSP coin/token listing guidelines with reserve and de-pegging checks for pegged tokens, each line linked to the government source. Canonical: https://achivx.org/regulation/philippines/ Updated: 2026-11-02 As of: 2026-11-02 In the Philippines, the central bank, Bangko Sentral ng Pilipinas (BSP), supervises virtual asset service providers (VASPs). BSP Circular No. 1108 of 2021 set guidelines for VASPs, and BSP Circular No. 1206, approved by the Monetary Board on 28 November 2024, consolidated the rules for money service businesses (MSBs) and moved the VASP rules into Section 161-M of the MORNBFI-M. Under these rules, "A VASP shall secure a COA to operate as an MSB" (a Certificate of Authority). The Monetary Board approved the continued enforcement of the moratorium on new VASP licences, which continues from 1 September 2025, "subject to reassessment based on global and local developments". BSP Memorandum No. M-2026-023 sets coin/token listing guidelines for VASPs: for pegged coins and tokens it expects reliable and verifiable reserves, and it lists de-pegging and inadequacy of reserves among the reasons to suspend or delist a token. No BSP rule specific to stablecoin issuance was found. The Securities and Exchange Commission (SEC) text was not read for this page. This page states what the government sources say. It is not legal advice. ## Status as of 2 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Adopted | BSP Circular No. 1108, Series of 2021: Guidelines for Virtual Asset Service Providers (VASP), which amended Section 902-N of the MORNBFI. The circular takes effect fifteen calendar days after its publication in the Official Gazette or a newspaper of general circulation; the publication date was not read. | — | [BSP](https://www.bsp.gov.ph/Regulations/Issuances/2021/1108.pdf) | | Adopted | BSP Circular No. 1206, Series of 2024: consolidated rules for money service businesses under the MORNBFI-M, with the VASP rules now in Section 161-M. "The Monetary Board, in its Resolution No.1362 dated 28 November 2024, approved the attached consolidated rules for MSBs". | 28 November 2024 (Monetary Board approval) | [BSP](https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf) | | Decision | BSP Memorandum No. M-2025-031: "The Monetary Board, in its Resolution No. 848 dated 20 August 2025, approved the continued enforcement of the moratorium on the issuance of new licenses for VASP." The moratorium continues from 1 September 2025, "subject to reassessment based on global and local developments". | 1 September 2025 | [BSP](https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf) | | Published | BSP Memorandum No. M-2026-023: Coin/Token Listing Guidelines, sent to all VASPs. BSP "seeks to clarify regulatory expectations for VASPs in conducting due diligence reviews of coins and/or tokens offered to their customers". The guidance is organised into six due-diligence pillars, one of which covers redemption, liquidity and reserves. The memorandum number is taken from the PDF address; the PDF carries no issue date. | — | [BSP](https://www.bsp.gov.ph/Regulations/Issuances/2026/M-2026-023.pdf) | ## Key rules - **Definition (BSP Circular 1206).** BSP defines a virtual asset (VA) as "any type of digital unit that can be digitally traded, or transferred, and can be used for payment or investment purposes." ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf)) - **Licensing (BSP Circular 1206).** "A VASP shall secure a COA to operate as an MSB". A VASP must hold a Certificate of Authority (COA) to operate as a money service business. ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf)) - **Transition (BSP Circular 1108).** BSP-registered virtual currency exchanges, and VASPs operating without BSP approval, had to apply for a Certificate of Authority not later than three months from the effectivity of the circular. The effectivity date was not read. ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2021/1108.pdf)) - **Moratorium on new licences (BSP Memorandum M-2025-031).** The moratorium on the issuance of new VASP licences continues from 1 September 2025, "subject to reassessment based on global and local developments". ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf)) - **Scope split with the SEC (BSP Circular 1206).** The BSP VASP guidelines do not cover businesses involved in the participation and provision of financial services related to an issuer's offer and/or sale of a virtual asset; the text says these fall within the jurisdiction of the Securities and Exchange Commission. ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf)) - **Counterparties (BSP Circular 1206).** A VASP may only engage with other VASPs, financial institutions and/or remittance and transfer companies that are duly authorized and licensed by the appropriate regulatory authorities. ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf)) - **Listing due diligence (BSP Circular 1206).** VASPs must establish a robust due diligence and accreditation process for selecting the virtual assets that will be listed or traded on their platform. ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf)) - **Risk disclosure (BSP Circular 1206).** VASPs must disclose all material risks to their clients before entering into an initial transaction and on an ongoing basis, in a manner that is clear, fair and not misleading. ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf)) - **Reserves for pegged tokens (BSP Memorandum M-2026-023).** "For coins/tokens pegged to other assets or instruments, there should be reliable and verifiable reserves to ensure these remain backed by the corresponding assets and promote customer confidence." ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2026/M-2026-023.pdf)) - **Suspension or delisting (BSP Memorandum M-2026-023).** Among the circumstances in which VASPs shall suspend or delist a token, the guidance lists violation of legal or regulatory requirements, "such as but not limited to de-pegging, inadequacy of reserves, failure to comply with disclosure requirements, or subject to adverse regulatory actions". ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2026/M-2026-023.pdf)) - **Privacy coins (BSP Memorandum M-2026-023).** "The offering of anonymity-enhancing VAs, otherwise known as privacy VAs, is prohibited from being listed/supported by VASPs." ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2026/M-2026-023.pdf)) - **Securities overlap (BSP Memorandum M-2026-023).** BSP says VASPs may be required to comply with securities regulations and "the SEC’s CASP Rules and Guidance" should a coin/token be deemed or offered as a security product. ([BSP](https://www.bsp.gov.ph/Regulations/Issuances/2026/M-2026-023.pdf)) - **BSP list of VASPs.** The BSP List of Virtual Asset Service Providers is dated "As of 15 July 2026" (source: TRISD Database). It has 9 numbered entries in three groups: Active - Non-bank VASPs, Inactive/Not operational - Non-bank VASPs, and Active - Bank VASP. The PDF text does not tie each row to its group, so per-group counts are not given here. The date is the date of the list, not a licensing event. ([BSP](https://www.bsp.gov.ph/Lists/Directories/Attachments/19/VASP.pdf)) ## Timeline | Date | Event | Source | |---|---|---| | 28 November 2024 | Monetary Board Resolution No. 1362 approves the consolidated MSB rules (Circular 1206), which move the VASP rules into the MORNBFI-M | [BSP](https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf) | | 20 August 2025 | Monetary Board Resolution No. 848 approves the continued enforcement of the moratorium on new VASP licences | [BSP](https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf) | | 1 September 2025 | The moratorium on new VASP licences continues, subject to reassessment | [BSP](https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf) | ## Not covered here The text of the Securities and Exchange Commission (SEC) of the Philippines Memorandum Circulars on crypto-asset service providers (CASP Rules and Guidelines, 2025) was not read, because sec.gov.ph could not be accessed for this page; their content, dates and any stablecoin provisions are not stated here. No BSP rule or circular specific to stablecoin issuance, reserves or redemption was found; reserve language appears only in the listing due-diligence guidance (M-2026-023). Whether and when the BSP moratorium on new VASP licences ends is not stated in the sources this page uses. The BSP circular PDFs are scanned documents, and their date lines were not readable, so the effectivity date of Circular 1108 and the issue date of M-2026-023 are not given. ## Sources - https://www.bsp.gov.ph/Regulations/Issuances/2021/1108.pdf - https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf - https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf - https://www.bsp.gov.ph/Regulations/Issuances/2026/M-2026-023.pdf - https://www.bsp.gov.ph/Lists/Directories/Attachments/19/VASP.pdf # Russia: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Russia's digital currency rules: Federal Law No. 282-FZ in force from 1 September 2026, the payment and advertising bans, the exchange register, transfer delays and the digital ruble, each line linked to the government source. Canonical: https://achivx.org/regulation/russia/ Updated: 2026-11-01 As of: 2026-11-01 Russia's Federal Law No. 282-FZ "On Digital Currencies and Digital Rights" (О цифровых валютах и цифровых правах) entered into force on 1 September 2026; some of its provisions take effect on 1 July 2027 or 1 September 2027. It prohibits accepting digital currencies and digital rights as payment unless the law provides otherwise, creates a register of organisations exchanging digital currencies and defines foreign digital instruments. The Bank of Russia (Банк России) issues the digital ruble. The term stablecoin was not found in the text of Law No. 282-FZ. This page states what the government sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Federal Law No. 282-FZ of 4 August 2026 "On Digital Currencies and Digital Rights", except provisions with other dates. | 1 September 2026 | [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | | In force | Accepting digital currencies and digital rights as a means of payment or counter-performance for goods, work or services is prohibited unless the law provides otherwise (Art. 1(6)). | 1 September 2026 | [kremlin.ru](http://kremlin.ru/acts/bank/53543), [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | | In force | Distributing information, including by advertising, about the use of digital currencies and digital rights as a means of payment is prohibited unless the law provides otherwise (Art. 1(9)). | 1 September 2026 | [kremlin.ru](http://kremlin.ru/acts/bank/53543), [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | | In force | Only an organisation included in the register of organisations exchanging digital currencies (реестр организаций, осуществляющих обмен цифровых валют) may carry on that activity, except in the case under Part 4 of the article (clearing organisations) (Art. 18(3)). | 1 September 2026 | [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/5), [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | | Repealed | Article 1 of Law No. 259-FZ of 31 July 2020 was repealed by Federal Law No. 283-FZ of 4 August 2026; the effective date of the repeal is not stated in the sources this page uses. | — | [kremlin.ru](http://kremlin.ru/acts/bank/45766) | | Pending | Only the persons listed in Articles 14 to 18 of the law and clearing organisations may organise the circulation of digital currencies (Art. 1(3)). | 1 July 2027 | [kremlin.ru](http://kremlin.ru/acts/bank/53543), [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | | Pending | A digital depository makes certain transfers no earlier than 48 hours after the client's order: above RUB 100,000 to an address not administered by any digital depository, or above RUB 300,000 to third-party recipients (Art. 45(7)). | 1 September 2027 | [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/12), [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | | In force | The digital ruble (цифровой рубль) rests on Federal Law No. 340-FZ of 24 July 2023, the 2023 law introducing digital-ruble rules into banking and payment legislation; it entered into force on 1 August 2023, with some provisions from 1 January 2025 and 1 December 2025 (Art. 8). Per the Bank of Russia, wide use of the digital ruble began in September 2026, when the largest banks and retailers opened their infrastructure for digital ruble transfers and payments. | 1 August 2023; wide use from September 2026 | [kremlin.ru](http://kremlin.ru/acts/bank/49579), [Bank of Russia](https://www.cbr.ru/PSystem/dr/istoriya-proekta/) | ## Key rules - **Digital currency.** Art. 2(1)(1): digital currencies (цифровые валюты) are property represented by electronic data (a digital code or designation) in an information system. It is offered or may be accepted as a means of payment that is not the currency of Russia, of a foreign state or an international monetary or settlement unit, and/or as an investment, and no person is obligated to each holder of it, except the operator and/or nodes of the information system, which are obligated only to ensure that issuing it and making entries about it in the system follow the system's rules. ([kremlin.ru](http://kremlin.ru/acts/bank/53543)) - **Foreign digital instrument.** Art. 2(1)(20): a foreign digital instrument (иностранный цифровой инструмент) is property consisting of obligation and other rights placed not under Russian law in an information system not organised under Russian law, excluding foreign securities. Art. 1(4): organising circulation, accounting and circulation of foreign digital instruments in Russia follow the requirements set for digital currencies; the Bank of Russia may set additional requirements. ([kremlin.ru](http://kremlin.ru/acts/bank/53543)) - **Payment ban and exception.** Art. 1(6) prohibits accepting digital currencies and digital rights as a means of payment, counter-performance or any other method implying payment for goods, information, results of intellectual activity (including exclusive rights to them), work or services, unless the law provides otherwise. Art. 1(7) lists four exceptions to the prohibition: (1) use as payment under foreign trade contracts concluded between residents and non-residents; (2) receiving digital currencies from mining, including mining-pool rewards; (3) using digital currencies to pay fees under the rules of the information system in which the addresses are opened; (4) using digital currencies and digital rights as payment for securities, other digital currencies or other digital rights in compliance with the law. ([kremlin.ru](http://kremlin.ru/acts/bank/53543)) - **Advertising.** Art. 1(9): unless the law provides otherwise, distributing information, including by advertising, about the use of digital currencies and digital rights as a means of payment is prohibited. ([kremlin.ru](http://kremlin.ru/acts/bank/53543)) - **Organised trading.** Art. 14(1): only a trade organiser (организатор торговли) may enable transactions in digital currencies and digital rights on organised trading that transfer them from one holder to another. ([kremlin.ru](http://kremlin.ru/acts/bank/53543/page/5)) - **Exchange register.** Art. 18(3): only an organisation included in the register of organisations exchanging digital currencies may carry on the activity of such an organisation, except in the case under Part 4. Art. 18(4): clearing organisations may, without inclusion in the register and without a broker, buy and sell digital currencies to perform obligations to clearing members, including on deals concluded on organised trading, and in connection with a clearing member's default. ([kremlin.ru](http://kremlin.ru/acts/bank/53543/page/5)) - **Transfer delays (from 1 September 2027).** Art. 45(7): a digital depository carries out the transfer no earlier than 48 hours after receiving the client's order where the value exceeds RUB 100,000 and the transfer goes to an address not administered by any digital depository, or the value exceeds RUB 300,000 and the transfer goes to third-party recipients. Art. 56(3) sets 1 September 2027 for Article 45. ([kremlin.ru](http://kremlin.ru/acts/bank/53543/page/12), [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18)) - **Transitional provisions.** Art. 55(1): special regulation under a Bank of Russia experimental legal regime programme continues on the programme's terms until its deadlines, with exceptions. Art. 55(3), (5) and (7): organisations that, on the day the law entered into force, worked as authorised organisations or liquidity providers under that regime, or were in the Bank of Russia register of information-system operators under Law No. 259-FZ, may apply to the Bank of Russia until 1 September 2027 for inclusion in the register of digital depositories or the register of organisations exchanging digital currencies; once included, they must bring their activity into line with the law no later than 1 September 2027 (Art. 55(4), (6), (8)). ([kremlin.ru](http://kremlin.ru/acts/bank/53543/page/17)) - **Digital financial assets.** On its page on digital financial assets, which describes the regime of Federal Law No. 259-FZ of 31 July 2020, the Bank of Russia states that under the law digital financial assets (цифровые финансовые активы, ЦФА) are not a means of payment, and that only Russian legal entities included in its register may operate information systems in which they are issued. ([Bank of Russia](https://www.cbr.ru/finm_infrastructure/digital_oper/)) - **Digital ruble.** The Bank of Russia states that the digital ruble is a new form of the national currency, issued by the Bank of Russia; cash, non-cash and digital rubles circulate together and are equal. It does not lend in digital rubles and pays no interest on balances. ([Bank of Russia](https://www.cbr.ru/fintech/dr/)) ## Timeline | Date | Event | Source | |---|---|---| | 31 July 2020 | Federal Law No. 259-FZ on digital financial assets and digital currency dated | [kremlin.ru](http://kremlin.ru/acts/bank/45766) | | 11 July 2023 | State Duma adopts Law No. 340-FZ (digital ruble amendments); the Federation Council approves it on 19 July 2023 | [kremlin.ru](http://kremlin.ru/acts/bank/49579) | | 24 July 2023 | Law No. 340-FZ dated | [kremlin.ru](http://kremlin.ru/acts/bank/49579) | | 1 August 2023 | Law No. 340-FZ in force, except provisions with other dates (Art. 8) | [kremlin.ru](http://kremlin.ru/acts/bank/49579) | | 21 July 2026 | State Duma adopts Law No. 282-FZ | [kremlin.ru](http://kremlin.ru/acts/bank/53543) | | 24 July 2026 | Federation Council approves Law No. 282-FZ | [kremlin.ru](http://kremlin.ru/acts/bank/53543) | | 4 August 2026 | Law No. 282-FZ signed; Law No. 283-FZ of the same date repeals Article 1 of Law No. 259-FZ | [kremlin.ru](http://kremlin.ru/acts/bank/53543), [kremlin.ru](http://kremlin.ru/acts/bank/45766) | | 1 September 2026 | Law No. 282-FZ in force, except provisions with other dates | [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | | September 2026 | Bank of Russia: wide use of the digital ruble begins | [Bank of Russia](https://www.cbr.ru/PSystem/dr/istoriya-proekta/) | | 1 July 2027 | Part 3 of Article 1, Article 21 and Part 1 of Article 30 of Law No. 282-FZ in force | [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | | 1 September 2027 | Further listed provisions of Law No. 282-FZ in force, including Article 45 | [kremlin.ru](http://kremlin.ru/acts/bank/53543/page/18) | ## Not covered here How fiat-referenced tokens fall under digital currencies, digital rights or foreign digital instruments is not stated in the text of Law No. 282-FZ; a search of that text found neither "стейблкоин" nor "стабильн". Bank of Russia statements on stablecoins in 2026, the text of Federal Law No. 466-FZ of 15 December 2025 (the official copies are image scans) and a public Bank of Russia page for the register of organisations exchanging digital currencies are not covered. ## Sources - http://kremlin.ru/acts/bank/53543 - http://kremlin.ru/acts/bank/53543/page/5 - http://kremlin.ru/acts/bank/53543/page/12 - http://kremlin.ru/acts/bank/53543/page/17 - http://kremlin.ru/acts/bank/53543/page/18 - http://kremlin.ru/acts/bank/45766 - http://kremlin.ru/acts/bank/49579 - https://www.cbr.ru/fintech/dr/ - https://www.cbr.ru/PSystem/dr/istoriya-proekta/ - https://www.cbr.ru/finm_infrastructure/digital_oper/ # Singapore: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Singapore's stablecoin rules: stablecoins under the digital payment token rules of the Payment Services Act, the MAS single-currency stablecoin framework of 2023 and the proposed Payment Services Act amendments consulted on until 16 October 2026, which are not yet law, each line linked to MAS. Canonical: https://achivx.org/regulation/singapore/ Updated: 2026-11-01 As of: 2026-11-01 Singapore has no stablecoin-issuer law in force; stablecoins currently fall under the digital payment token (DPT) rules of the Payment Services Act 2019. The Monetary Authority of Singapore (MAS) announced its single-currency stablecoin framework (MAS-SCS) as policy on 15 August 2023, and on 1 September 2026 it consulted on proposed amendments to the Payment Services Act 2019 to implement it, with comments due by 16 October 2026; the stablecoin issuer licence, the interest ban and the recognition of foreign stablecoins are proposals. This page states what the official sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Stablecoins that are not MAS-regulated stablecoins fall within scope of the DPT regime of the Payment Services Act 2019, for which all intermediation services are subject to regulation; the proposed amendments would clarify in section 2(1) that stablecoins fall within the broader category of DPTs, in line with MAS' current policy position that stablecoins are a subset of DPTs (consultation paper paras 2.1 and 2.3). | — | [MAS consultation paper](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf) | | Not law | MAS stablecoin regulatory framework for single-currency stablecoins (MAS-SCS), announced as a policy framework, not legislation. | 15 August 2023 | [MAS](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework) | | Not law | Proposed amendments to the Payment Services Act 2019 to implement the framework (draft amendments in Annex C of the consultation paper), including a new stablecoin issuance licence class. Comments were due by 16 October 2026. No date for tabling in Parliament or taking effect is in the sources. | Consultation of 1 September 2026 | [MAS](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework), [MAS consultation](https://www.mas.gov.sg/publications/consultations/2026/consultation-on-proposed-amendments-to-the-payment-services-act-for-stablecoin-regulation) | ## Key rules - **Scope.** The framework will apply to single-currency stablecoins pegged to the Singapore dollar or any G10 currency that are issued in Singapore. ([MAS](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework)) - **Who may use the label (proposed).** Under the proposed amendments, only issuers licensed under the MAS-SCS framework that meet the applicable requirements ("MAS-regulated stablecoin issuers") could label their single-currency stablecoins as "MAS-regulated stablecoins" (consultation paper para 2.1); MAS describes the framework as permitting only such issuers to describe themselves as licensed MAS-regulated stablecoin issuers. ([MAS](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework), [MAS consultation paper](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf)) - **Reserves (proposed).** Core obligations would include requiring issuers to maintain reserve assets at least equal to the par value of all stablecoins in circulation (consultation paper para 2.9). ([MAS consultation paper](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf)) - **Redemption.** Under the 2023 framework, issuers must return the par value of the stablecoin to holders within five business days of a redemption request ([MAS](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework)). Under the 2026 proposals, core obligations would include fulfilling redemption requests in the pegged currency within MAS-prescribed timeframes (consultation paper para 2.9); MAS will consult on the subsidiary legislation at a later date (para 1.2). ([MAS consultation paper](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf)) - **No interest (proposed).** Issuers of MAS-regulated stablecoins would be prohibited from paying a holder interest, return or any other benefit directly or indirectly attributable to holding, or the balance of, MAS-regulated stablecoins. The prohibition is not intended to apply to commercial arrangements between the issuer and a third party (para 3.2). ([MAS consultation paper](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf)) - **Other stablecoins.** Stablecoins that are not MAS-regulated stablecoins will continue to fall within scope of the DPT regime (consultation paper para 2.1), and MAS says they will be treated as DPTs and subject to the same consumer protection safeguards that apply to DPTs. ([MAS](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework), [MAS consultation paper](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf)) - **Foreign-issued stablecoins (proposed).** Recognising cross-border wholesale use cases, MAS proposes to recognise a limited number of foreign-issued stablecoins regulated under a comparable foreign regulatory framework. ([MAS](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework)) - **Misusing the label.** Under the 2023 framework, any person that misrepresents a token as an "MAS-regulated stablecoin" may be subject to penalties and placed on MAS' Investor Alert List. ([MAS](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework)) ## Timeline | Date | Event | Source | |---|---|---| | 15 August 2023 | MAS announces its finalised stablecoin regulatory framework | [MAS](https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework) | | 1 September 2026 | MAS publishes a consultation paper on proposed amendments to the Payment Services Act 2019 to implement the framework; it also seeks feedback on multi-jurisdictional issuance, recognition of foreign-issued stablecoins, an interest prohibition, stress testing and recovery and wind-down plans | [MAS](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework) | | 16 October 2026 | Consultation comment deadline | [MAS](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework) | ## Not covered here The subsidiary legislation with the detailed requirements (MAS will consult on it later), the conditions for recognising foreign-issued stablecoins (to be set out in subsidiary legislation), the date the amendments are tabled in Parliament or take effect, retail requirements for licensed DPT service providers offering non-MAS-regulated stablecoins (which MAS is only considering), and any list of MAS-regulated stablecoins or their issuers are not stated in the MAS sources this page uses. ## Sources - https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework - https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework - https://www.mas.gov.sg/publications/consultations/2026/consultation-on-proposed-amendments-to-the-payment-services-act-for-stablecoin-regulation - https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf # South Africa: crypto and stablecoin regulation (as of 2 November 2026) Dated status of South Africa's crypto asset and stablecoin position: the FSCA declaration of crypto assets as a financial product under the FAIS Act, gazetted on 19 October 2022, FSCA licensing of crypto asset service providers since 1 June 2023, the SARB and FSCA Joint Communication on crypto assets, including stablecoins, for domestic payment purposes, and the FSCA list of licensed providers, each line linked to the government source. Canonical: https://achivx.org/regulation/south-africa/ Updated: 2026-11-02 As of: 2026-11-02 In South Africa, the Financial Sector Conduct Authority (FSCA) declared crypto assets a financial product under the Financial Advisory and Intermediary Services Act, No. 37 of 2002 (FAIS Act). The declaration was gazetted on 19 October 2022, and the FSCA started licensing crypto asset service providers (CASPs) under the FAIS Act on 1 June 2023. As at 31 March 2026 the FSCA had approved 310 of 533 CASP licence applications. A Joint Communication of the South African Reserve Bank (SARB) National Payment System Department and the FSCA on crypto assets for domestic payment purposes states that, for its purposes, crypto assets include stablecoins, that a crypto asset does not have legal tender status, and that the SARB is unlikely to consider foreign currency-pegged stablecoins as payment instruments for domestic transactions. The PDF of the Joint Communication has blank date fields, so this page gives it no date. The same document says the IFWG is analysing the use cases of rand-pegged stablecoins. This page states what the government sources say. It is not legal advice. ## Status as of 2 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Published | FSCA declaration of crypto assets as a financial product under the FAIS Act: "The Financial Sector Conduct Authority (FSCA) has published the declaration of Crypto Assets as a financial product under the FAIS Act, which was gazetted on 19 October 2022." | 19 October 2022 (gazetted) | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28c10f4665-f95f-f111-a826-000d3a64f2c3%29/cr3ad_document/$value) | | In force | Licensing of CASPs as financial services providers (FSPs) under the FAIS Act: the FSCA "commenced the licensing process for crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002 on 1 June 2023." | 1 June 2023 | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28d1c95f7a-9b38-f111-88b4-7c1e5277e2b1%29/cr3ad_document/$value) | | Statement | SARB and FSCA Joint Communication: Crypto assets for domestic payment purposes (File Ref. no.: 18/4/1_Crypto Assets): "For purposes of this Communication, crypto assets include stablecoins." It states that a crypto asset does not have legal tender status, is neither money as defined in the NPS Act nor funds, and that the SARB is unlikely to consider foreign currency-pegged stablecoins as payment instruments for domestic transactions. | — (the PDF date fields are blank) | [SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf) | | Statement | FSCA licensing update: as at 31 March 2026, "the FSCA had received a total of 533 CASP licence applications, of which 310 have been approved and 17 declined." The FSCA also reports 81 investigations into potential unlicensed CASPs. On legal status, the release says: "The South African Reserve Bank does not currently recognise crypto assets as currency." | 15 April 2026 (FSCA press release) | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28d1c95f7a-9b38-f111-88b4-7c1e5277e2b1%29/cr3ad_document/$value) | | Published | FSCA "LIST OF LICENSED CRYPTO ASSET SERVICE PROVIDERS - DECEMBER 2025": section A (CASPs licensed under the FAIS Act) is numbered 1 to 291; section B lists CASPs with product categories removed, section C lapsed licences (1) and section D provisionally withdrawn licences (1). The list predates the FSCA count of 310 approvals as at 31 March 2026. | December 2025 | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28e8230219-bbdb-f011-8544-000d3ab44730%29/cr3ad_document/$value) | ## Key rules - **Definition (Declaration, as quoted in the Joint Communication).** A crypto asset is a digital representation of value that "is not issued by a central bank, but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility", applies cryptographic techniques and uses distributed ledger technology. ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Stablecoins covered (Joint Communication).** "For purposes of this Communication, crypto assets include stablecoins." ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Not legal tender (Joint Communication).** "A crypto asset does not have legal tender status." ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Payments under the NPS Act (Joint Communication).** "A crypto asset is neither money as defined in the NPS Act, nor funds and therefore does not meet the SARB’s interpretation of payment and thus the definition of a payment system." ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Foreign currency-pegged stablecoins (Joint Communication).** "The SARB is thus unlikely to consider foreign currency-pegged stablecoins as payment instruments for domestic transactions." ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Rand-pegged stablecoins (Joint Communication).** "The IFWG is currently analysing the applicable use cases of rand-pegged stablecoins to inform an appropriate policy and regulatory response by relevant regulators." "The SARB is interested in testing domestic stablecoin payment use cases in the IFWG’s Regulatory Sandbox." ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Revision of the NPS Act (Joint Communication).** "The revision of the NPS Act will include provisions that would enable the SARB, at its discretion, to declare and regulate payment instruments other than money, such as crypto assets." ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Licensing of intermediaries and advisers (Joint Communication).** "Intermediaries facilitating crypto asset payment-type activities and persons giving advice related to crypto assets must be authorised by the FSCA as FSPs under the FAIS Act." ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Communication with customers (Joint Communication).** "Licensed CASPs must also communicate clearly and unambiguously with financial customers regarding the limited scope and nature of the activities for which they are licensed by the FSCA (noting that these activities do not constitute legal tender)." ([SARB](https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf)) - **Scope of the FSCA licence (FSCA, 15 April 2026).** The FSCA licence is a FAIS Act licence for advice, intermediary and investment management services; the FSCA release says this excludes the recognition of crypto assets as legal tender, and that "The South African Reserve Bank does not currently recognise crypto assets as currency." ([FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28d1c95f7a-9b38-f111-88b4-7c1e5277e2b1%29/cr3ad_document/$value)) - **Transitional exemption (FSCA, 20 October 2022).** Existing providers could keep operating without a licence if they applied for a licence in the window set by the exemption: "The stipulated period is 1 June 2023 until 30 November 2023." ([FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28c10f4665-f95f-f111-a826-000d3a64f2c3%29/cr3ad_document/$value)) ## Timeline | Date | Event | Source | |---|---|---| | 19 October 2022 | FSCA declaration of crypto assets as a financial product under the FAIS Act gazetted | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28c10f4665-f95f-f111-a826-000d3a64f2c3%29/cr3ad_document/$value) | | 20 October 2022 | FSCA press release on the declaration | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28c10f4665-f95f-f111-a826-000d3a64f2c3%29/cr3ad_document/$value) | | 1 June 2023 | FSCA starts licensing CASPs under the FAIS Act; the transitional application window opens | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28d1c95f7a-9b38-f111-88b4-7c1e5277e2b1%29/cr3ad_document/$value), [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28c10f4665-f95f-f111-a826-000d3a64f2c3%29/cr3ad_document/$value) | | 30 November 2023 | Transitional application window closes | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28c10f4665-f95f-f111-a826-000d3a64f2c3%29/cr3ad_document/$value) | | December 2025 | FSCA list of licensed crypto asset service providers (section A numbered 1 to 291) | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28e8230219-bbdb-f011-8544-000d3ab44730%29/cr3ad_document/$value) | | 31 March 2026 | FSCA count: 533 CASP licence applications received, 310 approved, 17 declined | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28d1c95f7a-9b38-f111-88b4-7c1e5277e2b1%29/cr3ad_document/$value) | | 15 April 2026 | FSCA press release on CASP licensing, enforcement and the legal status of crypto assets | [FSCA](https://www.fsca.co.za/_api/cr3ad_newses%28d1c95f7a-9b38-f111-88b4-7c1e5277e2b1%29/cr3ad_document/$value) | ## Not covered here The IFWG papers, including the IFWG position paper on crypto assets (2021) and its work on rand-pegged stablecoins, were not read, because ifwg.co.za was not reachable; the regulatory treatment of rand-pegged stablecoins is described here only through the Joint Communication. The declaration's own Government Gazette text, including its notice number, was not read; its status and definition are quoted from the FSCA press release of 20 October 2022 and the Joint Communication. The Joint Communication is not dated on this page because the date fields in its PDF are blank. The sources this page uses do not say whether or when the revised NPS Act will be adopted. ## Sources - https://www.fsca.co.za/_api/cr3ad_newses(c10f4665-f95f-f111-a826-000d3a64f2c3)/cr3ad_document/$value - https://www.fsca.co.za/_api/cr3ad_newses(d1c95f7a-9b38-f111-88b4-7c1e5277e2b1)/cr3ad_document/$value - https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf - https://www.fsca.co.za/_api/cr3ad_newses(e8230219-bbdb-f011-8544-000d3ab44730)/cr3ad_document/$value # South Korea: crypto and stablecoin regulation (as of 1 November 2026) Dated status of South Korea's virtual asset rules: FIU registration, the User Protection Act, the travel rule, the 2026 changes and the missing stablecoin law, each line linked to the government source. Canonical: https://achivx.org/regulation/south-korea/ Updated: 2026-11-01 As of: 2026-11-01 South Korea regulates crypto exchanges and wallet providers as virtual asset service providers (VASPs). They must register with the Korea Financial Intelligence Unit (FIU), and the Virtual Asset User Protection Act sets custody and market-abuse rules. There is no legal regime for KRW stablecoins yet. The regulators are the Financial Services Commission (FSC), the Financial Supervisory Service (FSS) and the FIU, which is part of the FSC. This page states what the government sources say. It is not legal advice. For Korean-language detail, see the [achivx.kr overview of Korean crypto regulation](https://achivx.kr/glossary/regulation-%EA%B7%9C%EC%A0%9C/). ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | VASPs must register with the FIU under the Act on Reporting and Using Specified Financial Transaction Information (특정금융정보법). 28 VASPs were registered on 30 June 2026. | 25 March 2021 | [FSC](https://www.fsc.go.kr/no010101/75560), [FSC](https://www.fsc.go.kr/no010101/87835) | | In force | Virtual Asset User Protection Act (가상자산 이용자 보호 등에 관한 법률). Later edits were technical, made by other laws (latest in force 2 October 2026). | 19 July 2024 | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=290735), [Korea.kr](https://www.korea.kr/news/policyNewsView.do?newsId=148931616) | | In force | Stricter registration under amendment No. 21358: major-shareholder vetting and conditional registration. | 20 August 2026 | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=283365) | | In force | Travel rule for transfers of KRW 1,000,000 or more between VASPs. | 25 March 2022 | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=290511) | | Pending | The travel rule applies to transfers of any amount (Decree No. 36592). | 19 February 2027 | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=288765&efYd=20270219) | | In force | Exchanges carry the same duties as financial institutions (금융회사등) under the telecom-fraud refund act (Act No. 21503): account freezes and victim refunds, which can be paid in crypto. | 1 October 2026 | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=285053) | | Pending | VASPs that move crypto across the border must register with the Minister of Economy and Finance (Foreign Exchange Transactions Act, Act No. 21714). | 3 December 2026 | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=286353) | | Not law | No legal regime for KRW stablecoins. On 26 August 2026 the FSC said the government's bill was still being prepared. | — | [FSC](https://www.fsc.go.kr/no010102/87592), [FSC](https://www.fsc.go.kr/no010101/86373) | ## Key rules - **Registration, not a licence.** A VASP files a registration (신고) with the FIU. The FIU may reject a filing without ISMS certification or a real-name bank account, or where there are convictions within 5 years under financial and other listed laws. Since 20 August 2026 the debt ratio must not exceed 200%, there may be no defaults in 3 years, and criminal-record checks cover major shareholders. ([law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=283365), [Korea.kr](https://www.korea.kr/news/policyNewsView.do?newsId=148969860)) - **Real-name bank account.** KRW can move only between the VASP's account and the customer's account at the same financial institution. ([FSC](https://www.fsc.go.kr/no010101/74590), [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=290725)) - **Customer KRW deposits** are kept with a bank at 100% or more of the total and invested only in safe assets such as government or local bonds. ([law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=290171)) - **Cold storage:** at least 80% of the economic value of customer assets (Supervisory Regulation Art. 9(1); the decree sets a floor of 70%). **Hot-wallet cover:** insurance, mutual aid or a reserve of at least 5% of non-cold assets and at least KRW 3 billion (Art. 10(2)). ([law.go.kr](https://www.law.go.kr/admRulInfoP.do?admRulSeq=2100000244180), [decree](https://www.law.go.kr/lsInfoP.do?lsiSeq=290171)) - **Market abuse:** insider trading, price manipulation and fraudulent trading are banned. Penalty: at least 1 year in prison or a fine of 3 to 5 times the illegal gain, plus an FSC penalty of up to twice the gain. ([FSC](https://www.fsc.go.kr/po010101/81968)) - **Operating without registration** is punishable by up to 5 years in prison or a fine of up to KRW 50 million. ([FSC](https://www.fsc.go.kr/no010101/87916)) - **Unregistered foreign exchanges:** a foreign exchange that targets Korean users without registering operates illegally. Registered VASPs may not deal with it, and buying from it by credit card is banned. On 13 October 2026 the FIU said the sites of 27 unregistered operators had been blocked and 44 operators referred to investigators in total. ([FSC](https://www.fsc.go.kr/no010101/87916)) - **Stablecoins:** there is no legal framework for a KRW stablecoin, and the FSC said on 4 March 2026 that the issuer model was under discussion. Asked about reports that issuers of foreign stablecoins such as USDT and USDC would have to open a Korean branch, the FSC said the phase-2 law's content had not been decided. ([FSC](https://www.fsc.go.kr/no010101/86373), [FSC](https://www.fsc.go.kr/no010102/85893)) ## Timeline | Date | Event | Source | |---|---|---| | 25 March 2021 | VASP registration under the 특정금융정보법 amendment comes into force | [FSC](https://www.fsc.go.kr/no010101/75560) | | 24 September 2021 | Registration deadline for existing VASPs | [FSC](https://www.fsc.go.kr/no010101/75560) | | 25 March 2022 | Travel rule in force for transfers of KRW 1 million or more | [FSC](https://www.fsc.go.kr/no010101/74590) | | 17 August 2022 | FIU refers its first 16 unregistered foreign exchanges to investigators | [FSC](https://www.fsc.go.kr/no010101/87916) | | 30 June 2023 | National Assembly passes the User Protection Act | [FSC](https://www.fsc.go.kr/no010101/80309) | | 19 July 2024 | User Protection Act in force | [Korea.kr](https://www.korea.kr/news/policyNewsView.do?newsId=148931616) | | 25 February 2025 | FIU sanctions Dunamu (Upbit) with a 3-month partial suspension | [FSC](https://www.fsc.go.kr/no010101/84051) | | 5 September 2025 | DAXA and FSC guideline on crypto lending | [FSC](https://www.fsc.go.kr/no010101/85247) | | 6 February 2026 | Bithumb mis-credits BTC in a promotional payout; the FSC holds an emergency meeting on 7 February, and the FSC, FIU, FSS and DAXA form a task force on 8 February | [FSC](https://www.fsc.go.kr/no010101/86228) | | 19 February 2026 | Amendment No. 21358 promulgated (in force 20 August 2026) | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=283365) | | 4 March 2026 | Virtual Asset Committee discusses the government's draft Digital Asset Act | [FSC](https://www.fsc.go.kr/no010101/86373) | | 17 March 2026 | FIU announces sanctions on Bithumb: a 6-month partial suspension and a KRW 36.8 billion fine, subject to a comment period (the final amount is not in the sources) | [FSC](https://www.fsc.go.kr/no010101/86467) | | 6 April 2026 | FSC plans to require, after the Bithumb mis-crediting incident, 5-minute balance reconciliation with a kill switch and a monthly external audit | [FSC](https://www.fsc.go.kr/no010101/86636) | | 2 June 2026 | Foreign Exchange Transactions Act No. 21714 promulgated (in force 3 December 2026) | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=286353) | | 15 July 2026 | FSC targets the Digital Asset Act "within the year", including legal issuance of stablecoins | [FSC, attachment](https://www.fsc.go.kr/no010101/87328) | | 18 August 2026 | Enforcement Decree No. 36592 promulgated | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=288765) | | 1 October 2026 | Telecom-fraud refund act applies to exchanges | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=285053) | | 13 October 2026 | FIU: sites of 27 unregistered operators blocked | [FSC](https://www.fsc.go.kr/no010101/87916) | | 3 December 2026 | Cross-border crypto transfer business must register | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=286353) | | 19 February 2027 | Travel rule applies to all amounts | [law.go.kr](https://www.law.go.kr/lsInfoP.do?lsiSeq=288765&efYd=20270219) | ## Not covered here A statute on crypto derivatives, the final outcome of the FSS sanction against Bithumb, the final amount of the FIU fine on Bithumb, and the text of the government's Digital Asset Act are not stated in the government sources this page uses. ## Sources - https://www.fsc.go.kr/no010101/75560 - https://www.law.go.kr/lsInfoP.do?lsiSeq=283365 - https://www.law.go.kr/lsInfoP.do?lsiSeq=290735 - https://www.law.go.kr/lsInfoP.do?lsiSeq=290171 - https://www.law.go.kr/lsInfoP.do?lsiSeq=288765&efYd=20270219 - https://www.law.go.kr/lsInfoP.do?lsiSeq=285053 - https://www.law.go.kr/lsInfoP.do?lsiSeq=286353 - https://www.fsc.go.kr/no010101/87916 - https://www.fsc.go.kr/no010101/86373 # Spain: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Spain's crypto rules under MiCA: the CNMV and Banco de España roles, the end of the transitional period, the crypto advertising power in Ley 6/2023 and the repealed CNMV Circular 1/2022, the CNMV provider list and the draft complaints Circular, each line linked to the official source. Canonical: https://achivx.org/regulation/spain/ Updated: 2026-11-01 As of: 2026-11-01 Spain applies the EU's Markets in Crypto-Assets Regulation (MiCA), described on the [European Union page](/regulation/european-union/). National rules, including the authorities' powers, are in Ley 6/2023 on securities markets and investment services. The Comisión Nacional del Mercado de Valores (CNMV) is the competent authority for supervising MiCA compliance, and the Banco de España supervises, inspects and sanctions the MiCA obligations of issuers of e-money tokens (EMTs) and asset-referenced tokens (ARTs). Since 1 July 2026 only providers authorised by the CNMV or other European authorities may operate in Spain. This page states what the official sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión, published in the BOE on 18 March 2023. | 7 April 2023 | [BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053) | | In force | MiCA rules on asset-referenced tokens (fichas referenciadas a activos) and e-money tokens (fichas de dinero electrónico) apply. For EMTs, no transitional period is provided. | 30 June 2024 | [Banco de España](https://www.bde.es/f/webbe/GAP/Secciones/SalaPrensa/NotasInformativas/24/presbe2024-58.pdf) | | In force | The transitional period in Spain has ended. Only providers authorised by the CNMV or other European authorities may operate in Spain. The CNMV list of crypto-asset service providers (Proveedores de servicios de criptoactivos) showed 195 names on 1 November 2026; the page does not say which are authorised in Spain and which are passported, and for more information it refers to ESMA's register. | 1 July 2026 | [CNMV](https://www.cnmv.es/portal/MiCA/Regulacion-Criptoactivos.aspx), [CNMV list](https://www.cnmv.es/portal/Consultas/Proveedores-Servicios-Criptoactivos.aspx) | | Repealed | CNMV Circular 1/2022 on the advertising of crypto-assets presented as investments, in force from 17 February 2022, was repealed with effect from 28 December 2024 by the sole article of CNMV Circular 1/2024 of 17 December 2024 (BOE-A-2024-27149). | 28 December 2024 | [BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2022-666), [BOE](https://www.boe.es/buscar/doc.php?id=BOE-A-2024-27149) | | Not law | Draft CNMV Circular (proyecto de Circular) that extends the CNMV complaints procedure to claims arising from crypto-asset services; the CNMV put it to public hearing (audiencia pública) on 15 October 2026. Comments may be sent until 16 November 2026. | 15 October 2026 (public hearing opened) | [CNMV](https://www.cnmv.es/webservices/verdocumento/ver?t=%7bcff2b57d-5b54-44e2-98db-057d90acc64b%7d) | ## Key rules - **Who supervises.** The CNMV is the competent authority for supervising MiCA compliance. The Banco de España supervises, inspects and sanctions the MiCA obligations of EMT and ART issuers, under additional provision 23 (disposición adicional vigesimotercera) of Ley 10/2014 on credit institutions. ([CNMV](https://www.cnmv.es/portal/MiCA/Regulacion-Criptoactivos.aspx), [Banco de España](https://www.bde.es/f/webbe/GAP/Secciones/SalaPrensa/NotasInformativas/24/presbe2024-58.pdf)) - **Who may issue an e-money token.** According to the Banco de España, since 30 June 2024 EMTs may be issued only by duly authorised credit institutions or e-money institutions that have published the white paper (libro blanco) after notifying the Banco de España. No transitional period is provided. ([Banco de España](https://www.bde.es/f/webbe/GAP/Secciones/SalaPrensa/NotasInformativas/24/presbe2024-58.pdf)) - **Who may issue an asset-referenced token.** As a rule, only legal persons authorised by the Banco de España, or credit institutions whose white paper the Banco de España has approved, may issue ARTs in Spain (MiCA Article 16(1)). ([Banco de España](https://www.bde.es/f/webbe/GAP/Secciones/SalaPrensa/NotasInformativas/24/presbe2024-58.pdf)) - **Who may provide services.** Since 1 July 2026 only providers authorised by the CNMV or other European authorities may operate in Spain. The CNMV says investors should not deal with entities that are not authorised, as they will not have the protection and supervision mechanisms that MiCA offers. ([CNMV](https://www.cnmv.es/portal/MiCA/Regulacion-Criptoactivos.aspx)) - **Transitional regime.** Persons in the Banco de España register on 30 December 2024 could continue to provide the same services without applying for authorisation until 1 July 2026, or until the date their registration as a MiCA crypto-asset service provider was refused, if earlier. ([CNMV](https://www.cnmv.es/portal/MiCA/Regulacion-Criptoactivos.aspx)) - **Former Banco de España register.** According to the CNMV, the Banco de España register of virtual-asset providers stays for information purposes from 30 December 2024, and no more persons may be entered in it. ([CNMV](https://www.cnmv.es/portal/MiCA/Regulacion-Criptoactivos.aspx)) - **Advertising (statute).** The CNMV may subject the advertising of crypto-assets and other assets presented as investments to authorisation or other forms of administrative control, including risk warnings. ([BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053)) - **Advertising (CNMV Circular 1/2022, repealed).** From 17 February 2022 until its repeal with effect from 28 December 2024, the Circular required advertising of crypto-assets to be clear, balanced, impartial and not misleading. It defined a mass advertising campaign (campaña publicitaria masiva) as one aimed at more than 100,000 people and made such campaigns subject to prior notification to the CNMV. ([BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2022-666)) - **Complaints.** The CNMV put a draft Circular to public hearing on 15 October 2026; it would extend its complaints procedure to claims arising from crypto-asset services. Comments may be sent until 16 November 2026. ([CNMV](https://www.cnmv.es/webservices/verdocumento/ver?t=%7bcff2b57d-5b54-44e2-98db-057d90acc64b%7d)) ## Timeline | Date | Event | Source | |---|---|---| | 17 January 2022 | CNMV Circular 1/2022 on crypto-asset advertising published in the BOE (BOE núm. 14) | [BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2022-666) | | 17 February 2022 | CNMV Circular 1/2022 in force | [BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2022-666) | | 18 March 2023 | Ley 6/2023 published in the BOE (BOE núm. 66) | [BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053) | | 7 April 2023 | Ley 6/2023 in force | [BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053) | | 30 June 2024 | MiCA rules on ARTs and EMTs apply | [Banco de España](https://www.bde.es/f/webbe/GAP/Secciones/SalaPrensa/NotasInformativas/24/presbe2024-58.pdf) | | 10 July 2024 | Banco de España note on the issuance of ARTs and EMTs under MiCA | [Banco de España](https://www.bde.es/f/webbe/GAP/Secciones/SalaPrensa/NotasInformativas/24/presbe2024-58.pdf) | | 28 December 2024 | CNMV Circular 1/2022 repealed by CNMV Circular 1/2024 of 17 December 2024 (BOE-A-2024-27149) | [BOE](https://www.boe.es/buscar/act.php?id=BOE-A-2022-666), [BOE](https://www.boe.es/buscar/doc.php?id=BOE-A-2024-27149) | | 30 December 2024 | The Banco de España virtual-asset register stays for information only; persons registered on this date could continue their services until 1 July 2026 at the latest | [CNMV](https://www.cnmv.es/portal/MiCA/Regulacion-Criptoactivos.aspx) | | 1 July 2026 | End of the transitional period in Spain | [CNMV](https://www.cnmv.es/portal/MiCA/Regulacion-Criptoactivos.aspx) | | 15 October 2026 | CNMV puts the draft complaints Circular to public hearing | [CNMV](https://www.cnmv.es/webservices/verdocumento/ver?t=%7bcff2b57d-5b54-44e2-98db-057d90acc64b%7d) | | 1 November 2026 | CNMV provider list shows 195 names | [CNMV list](https://www.cnmv.es/portal/Consultas/Proveedores-Servicios-Criptoactivos.aspx) | | 16 November 2026 | Deadline for comments on the draft complaints Circular | [CNMV](https://www.cnmv.es/webservices/verdocumento/ver?t=%7bcff2b57d-5b54-44e2-98db-057d90acc64b%7d) | ## Not covered here The sources this page uses do not state a Banco de España register or count of EMT and ART issuers authorised in Spain, which of the 195 names on the CNMV list are authorised in Spain and which are passported (they are not split here), or the final text of the draft complaints Circular. The CNMV statement on the end of the MiCA transitional periods (Declaración sobre el fin de los periodos transitorios en virtud de MiCA) and the former Banco de España register itself were not read for this page. ## Sources - https://www.boe.es/buscar/doc.php?id=BOE-A-2024-27149 - https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053 - https://www.boe.es/buscar/act.php?id=BOE-A-2022-666 - https://www.bde.es/f/webbe/GAP/Secciones/SalaPrensa/NotasInformativas/24/presbe2024-58.pdf - https://www.cnmv.es/portal/MiCA/Regulacion-Criptoactivos.aspx - https://www.cnmv.es/portal/Consultas/Proveedores-Servicios-Criptoactivos.aspx - https://www.cnmv.es/webservices/verdocumento/ver?t=%7bcff2b57d-5b54-44e2-98db-057d90acc64b%7d # Switzerland: crypto and stablecoin regulation (as of 2 November 2026) Dated status of Switzerland's stablecoin rules: FINMA Guidance 06/2024 on stablecoin issuers and bank default guarantees, the Federal Council consultation draft amending the Financial Institutions Act for payment instrument institutions, FINMA Guidance 01/2026 on custody, the A7A5 transaction ban and the SNB view, each line linked to the government source. Canonical: https://achivx.org/regulation/switzerland/ Updated: 2026-11-02 As of: 2026-11-02 The Swiss Financial Market Supervisory Authority (FINMA) set out its practice on stablecoins in FINMA Guidance 06/2024 of 26 July 2024. FINMA states that stablecoin holders generally have a payment claim against the issuer at any time, and that these claims are usually categorised as deposits under banking law or as collective investment schemes. FINMA also notes that various Swiss stablecoin issuers use default guarantees from banks, and sets minimum requirements for those guarantees. On 22 October 2025 the Federal Council opened a consultation, which ran until 6 February 2026, on an amendment to the Financial Institutions Act (FinIA) that would regulate the issuance of "stable crypto-based payment instruments" and restrict it to payment instrument institutions. That amendment is a consultation draft, not law. The State Secretariat for International Finance (SIF) fact sheet says the Federal Council will submit a dispatch to Parliament in the second half of 2026 at the earliest. The rows on current practice quote FINMA guidance; the rows marked as a consultation draft quote the draft and the SIF fact sheet. This page states what the government sources say. It is not legal advice. ## Status as of 2 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Published | FINMA Guidance 06/2024 "Stablecoins: risks and challenges for issuers of stablecoins and banks providing guarantees": FINMA guidance on the issuance of stablecoins, covering the classification of holders' claims, bank default guarantees and anti-money-laundering requirements. | 26 July 2024 | [FINMA](https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/), [FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A) | | Proposed | Amendment to the Financial Institutions Act (payment instrument institutions and crypto-institutions), with consequential amendments to the Financial Services Act (FinSA): consultation draft (Vernehmlassung) of 22 October 2025. The bill would regulate the issuance of stable crypto-based payment instruments and restrict their issuance to payment instrument institutions. Not enacted. | Consultation 22 October 2025 to 6 February 2026 | [Federal Council](https://www.admin.ch/en/newnsb/x4TMWQ1SWofNoFx7XyHhY), [SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf), [consultation draft](https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf) | | Statement | SIF fact sheet: the Federal Council will submit a dispatch to Parliament for approval in the second half of 2026 at the earliest. The fact sheet gives no fixed date. | Fact sheet of 22 October 2025 | [SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf) | | Published | FINMA Guidance 01/2026: how FINMA assesses the risks associated with the custody of cryptobased assets. The announcement concerns custody of cryptobased assets and does not mention stablecoins. | 12 January 2026 | [FINMA](https://www.finma.ch/en/news/2026/01/20260112-mm-am-01-26/) | | In force | Sanctions: on 25 February 2026 the Federal Council decided to adopt the further measures contained in the European Union's 19th package of sanctions against Russia with effect from 26 February, and decided "to ban transactions involving certain rouble-backed cryptocurrencies, such as stablecoin A7A5". | 26 February 2026 | [Federal Council](https://www.admin.ch/en/newnsb/O5M0QLVwbVE7A1uwQIJj-), [FINMA](https://www.finma.ch/en/news/2026/02/20260226-sanktionsmeldung-russland-belarus/) | | In force | Sanctions: the Federal Department of Economic Affairs, Education and Research (EAER) release of 22 May 2026 says that "participation in transactions involving the Russian cryptocurrency RUBx and the digital rouble will be prohibited from 26 May 2026". | 26 May 2026 | [EAER](https://www.admin.ch/en/newnsb/Byvj7-WGL93MiOgIL-f2p) | | In force | Sanctions: on 19 August 2026 the Federal Council decided to adopt the further measures of the European Union's 20th sanctions package against Russia. In the financial sector, it "banned the use of Russian platforms for the transfer and exchange of crypto-assets". The new measures take effect on 20 August 2026. | 20 August 2026 | [Federal Council](https://www.admin.ch/en/newnsb/XuqpJCrrV3oZ6ho1bqUuo) | | Statement | Swiss National Bank (SNB) Financial Stability Report 2026: "Stablecoins are currently a niche phenomenon in Switzerland and therefore not a risk to financial stability." | 2026 (the page shows no publication date) | [SNB](https://www.snb.ch/en/particular/landing-pages/fsb-2026) | ## Key rules - **Holders' claims (FINMA guidance).** FINMA states that stablecoin holders generally have a payment claim against the issuer at any time. ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A)) - **Classification (FINMA guidance).** FINMA states that these claims are usually categorised as deposits under banking law or as collective investment schemes. ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A)) - **Bank default guarantees (FINMA guidance).** FINMA notes that various stablecoin issuers in Switzerland use default guarantees from banks, which means that they do not require a FINMA banking licence on the basis of Article 5 para. 3 let. f of the Banking Ordinance, but instead only need to be affiliated to a self-regulatory organisation as a financial intermediary. ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A)) - **Guarantee: own claim (FINMA minimum requirement).** If the stablecoin issuer goes bankrupt, each customer must have their own claim against the Swiss bank issuing the default guarantee, and customers must be informed of the default guarantee. ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A)) - **Guarantee: amount (FINMA minimum requirement).** The default guarantee must cover at least the total of all public deposits, including any interest earned by customers. ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A)) - **No deposit protection (FINMA guidance).** FINMA states that stablecoin holders do not benefit from deposit protection under banking law in accordance with Article 37a of the Banking Act. ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A)) - **Identity of holders (FINMA guidance).** For issuance by supervised institutions, the identity of all persons holding the stablecoins must be adequately verified by the issuing institution or by appropriately supervised financial intermediaries. ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A)) - **Transfer restrictions (FINMA guidance).** FINMA states that contractual and technological transfer restrictions are required for the issuance of stablecoins by supervised institutions. ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A)) - **Definition (consultation draft).** Under the draft, stable crypto-based payment instruments are cryptoassets that are issued in Switzerland and are intended to retain a stable value in relation to a single state currency; there must be a right to reimbursement. ([SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf)) - **Issuers (consultation draft).** The bill would restrict the issuance of stable crypto-based payment instruments to payment instrument institutions. The draft lets the Federal Council provide exceptions where the protective purpose of the law is not impaired. ([SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf), [consultation draft](https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf)) - **No interest (consultation draft).** The activities of licensed payment instrument institutions entail taking deposits from customers without paying interest and without engaging in active business with such deposits, such as lending. ([SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf)) - **Reserves (consultation draft, Art. 51i draft FinIA).** Assets for stable crypto-based payment instruments must be held separately for each payment instrument issued (para. 4). One of the listed forms for holding accepted client funds is high-quality liquid assets with short residual maturities (para. 2 let. b). ([consultation draft](https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf)) - **Redemption (consultation draft, Art. 51m draft FinIA).** The holder may at any time demand repayment of the nominal value from the payment instrument institution (para. 1). Repayment must take place within a short period (para. 3). The Federal Council regulates the redemption modalities (para. 4). ([consultation draft](https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf)) - **White paper (consultation draft).** Payment instrument institutions that issue stable crypto-based payment instruments must meet various requirements and publish a white paper (information sheet). ([SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf)) - **Advertising (consultation draft, Art. 71k para. 1 draft FinSA).** Advertising for cryptoassets for trading or for stable crypto-based payment instruments must be clearly recognisable as such. ([consultation draft](https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf)) - **Stablecoins issued abroad (consultation draft).** The fact sheet describes "cryptoassets for trading" as any cryptoassets that are neither utility tokens within the meaning of current FINMA practice nor a financial instrument, a stable crypto-based financial instrument within the meaning of the bill or a deposit under banking law, and says this also includes stablecoins issued abroad. ([SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf)) - **Secondary trading (consultation draft).** As stable crypto-based payment instruments issued by payment instrument institutions are treated as payment instruments, the fact sheet says secondary trading in them is not subject to further regulation, apart from custody and anti-money-laundering aspects. ([SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf)) - **Public directory (consultation draft, Art. 51l para. 3 draft FinIA).** FINMA would keep a publicly accessible directory of the stable crypto-based payment instruments issued by each payment instrument institution. ([consultation draft](https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf)) ## Timeline | Date | Event | Source | |---|---|---| | 26 July 2024 | FINMA publishes Guidance 06/2024 on the issuance of stablecoins | [FINMA](https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/) | | 22 October 2025 | Federal Council opens the consultation on the amendment to the Financial Institutions Act | [Federal Council](https://www.admin.ch/en/newnsb/x4TMWQ1SWofNoFx7XyHhY) | | 12 January 2026 | FINMA publishes Guidance 01/2026 on the custody of cryptobased assets | [FINMA](https://www.finma.ch/en/news/2026/01/20260112-mm-am-01-26/) | | 6 February 2026 | Consultation on the Financial Institutions Act amendment closes | [Federal Council](https://www.admin.ch/en/newnsb/x4TMWQ1SWofNoFx7XyHhY) | | 26 February 2026 | Sanctions measures including the ban on transactions involving certain rouble-backed cryptocurrencies such as stablecoin A7A5 take effect | [Federal Council](https://www.admin.ch/en/newnsb/O5M0QLVwbVE7A1uwQIJj-), [FINMA](https://www.finma.ch/en/news/2026/02/20260226-sanktionsmeldung-russland-belarus/) | | 26 May 2026 | Ban on participation in transactions involving RUBx and the digital rouble applies | [EAER](https://www.admin.ch/en/newnsb/Byvj7-WGL93MiOgIL-f2p) | | 20 August 2026 | 20th sanctions package measures take effect, including the ban on using Russian platforms for the transfer and exchange of crypto-assets | [Federal Council](https://www.admin.ch/en/newnsb/XuqpJCrrV3oZ6ho1bqUuo) | | Second half of 2026 at the earliest | Planned dispatch of the Financial Institutions Act amendment to Parliament, per the SIF fact sheet | [SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf) | ## Not covered here No stablecoin-specific Swiss statute in force was found in the sources this page uses; the rows on current practice are FINMA guidance. No dispatch (Botschaft) on the Financial Institutions Act amendment was found on the SIF pages read for this page, and the consultation results report was not found. The Banking Ordinance text, the explanatory report on the consultation draft and FINMA's list of authorised institutions were not read. Which exceptions the Federal Council would provide and the redemption modalities are left to the Federal Council in the draft and are not stated in the sources this page uses. The legal texts of the sanctions ordinance amendments were not read; the sanctions rows quote the Federal Council and EAER press releases. ## Sources - https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/ - https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A - https://www.admin.ch/en/newnsb/x4TMWQ1SWofNoFx7XyHhY - https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf - https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf - https://www.finma.ch/en/news/2026/01/20260112-mm-am-01-26/ - https://www.finma.ch/en/news/2026/02/20260226-sanktionsmeldung-russland-belarus/ - https://www.snb.ch/en/particular/landing-pages/fsb-2026 - https://www.admin.ch/en/newnsb/O5M0QLVwbVE7A1uwQIJj- - https://www.admin.ch/en/newnsb/Byvj7-WGL93MiOgIL-f2p - https://www.admin.ch/en/newnsb/XuqpJCrrV3oZ6ho1bqUuo # Thailand: crypto and stablecoin regulation (as of 2 November 2026) Dated status of Thailand's digital asset and stablecoin position: the Emergency Decree on Digital Asset Businesses B.E. 2561 in force since 14 May 2018 and its 2025 amendment, the Bank of Thailand's 2021 statements on baht-backed stablecoins, and the proposed SEC stablecoin-transfer principles and Bank of Thailand THB stablecoin principles, each line linked to the government source. Canonical: https://achivx.org/regulation/thailand/ Updated: 2026-11-02 As of: 2026-11-02 In Thailand, digital asset businesses are regulated under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), which was published in the Royal Gazette on 13 May 2018 and has been in force since 14 May 2018, according to the summary of the Securities and Exchange Commission (SEC). Under section 26 of the decree, a digital asset business operator must obtain a licence from the Minister upon the recommendation of the SEC. An amending decree, the Emergency Decree on Digital Asset Businesses (No. 2) B.E. 2568, was given on 11 April 2025. In 2021 the Bank of Thailand (BOT) said that a baht-backed stablecoin used as a medium of payment may fall within e-money under the Payment Systems Act B.E. 2560. In 2026 the SEC and the BOT each published proposals on stablecoins: the SEC proposed principles for stablecoin transfers through digital asset business operators (consultation closed 25 September 2026), and the BOT proposed principles for THB stablecoin issuers and wallet providers (public hearing until 17 November 2026). Both are proposals, not rules in force. Section quotes from the decree come from the SEC-hosted unofficial English translation; only the Thai text has legal force. Thai-language sources are given here in English rendering. This page states what the government sources say. It is not legal advice. ## Status as of 2 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Emergency Decree on Digital Asset Businesses B.E. 2561 (2018): published in the Royal Gazette on 13 May 2018 and in force from 14 May 2018, per the SEC explanatory summary. It requires digital asset business operators to obtain a licence. | 14 May 2018 | [SEC Thailand](https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/explan-digital.docx), [SEC Thailand (unofficial translation)](https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/translate-digital.docx) | | Adopted | Emergency Decree on Digital Asset Businesses (No. 2) B.E. 2568 (2025): "Given this 11th day of April B.E. 2568 (2025)". It comes into force on the day after its publication in the Royal Gazette; the publication date was not read from an official page. | 11 April 2025 (signing date) | [SEC Thailand (unofficial translation)](https://www.sec.or.th/EN/Documents/ActandRoyalEnactment/RoyalEnactment/enactment-digitalasset2025.pdf) | | Statement | BOT policy on supervising stablecoins (BOT news No. 16/2564): a baht-backed stablecoin used as a medium of payment may fall within e-money under the Payment Systems Act B.E. 2560, and those who want to provide such a service should consult the BOT first. | 19 March 2021 | [Bank of Thailand](https://www.bot.or.th/th/news-and-media/news/news-20210319-2.html) | | Statement | BOT on THT (BOT news No. 15/2564): if THT or similar stablecoins were used widely to replace the baht, the BOT considers it illegal under section 9 of the Currency Act B.E. 2501. | 17 March 2021 | [Bank of Thailand](https://www.bot.or.th/th/news-and-media/news/news-20210317-2.html) | | Statement | SEC and BOT meeting with digital asset business operators on the supervision of stablecoin transactions, "particularly stablecoin-related transactions such as USDT and USDC". The SEC says: "The relevant regulations are expected to be issued within this year." | 7 August 2026 | [SEC Thailand](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13185) | | Proposed | SEC principles for supervising stablecoin transactions through digital asset business operators: approved by the SEC Board on 3 September 2026 and put to public consultation on 11 September 2026. "The public hearing ends on 25 September 2026." Not in force. | Consultation 11 September 2026 to 25 September 2026 | [SEC Thailand (Board)](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13285), [SEC Thailand (consultation)](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13319), [SEC Thailand (English release)](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13335) | | Proposed | BOT consultation paper on principles for supervising businesses related to THB stablecoin (BOT Payment Systems Policy and FinTech Department, October 2026). Public hearing from 19 October to 17 November 2026; the BOT page shows the hearing as still open. Not in force. | Public hearing 19 October 2026 to 17 November 2026 | [Bank of Thailand](https://www.bot.or.th/th/laws-and-rules/public-hearing/public-hearing-20261020-Stablecoin.html), [Bank of Thailand (consultation paper)](https://www.bot.or.th/content/dam/bot/documents/th/laws-and-rules/hearing/public-hearing-20261019-THB-stablecoin.pdf) | ## Key rules - **Licensing (Decree section 26, unofficial translation).** A digital asset business operator "shall obtain a licence from the Minister upon the recommendation of the SEC." ([SEC Thailand (unofficial translation)](https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/translate-digital.docx)) - **Operators abroad (Decree section 26, third paragraph, unofficial translation).** "A digital asset business operator under the first paragraph shall include a digital asset business operator who operates its business outside the Kingdom of Thailand but provides services to persons within the Kingdom of Thailand, except for the services as specified in the notification of the SEC." ([SEC Thailand (unofficial translation)](https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/translate-digital.docx)) - **Baht-backed stablecoins in payments (BOT, 2021).** A baht-backed stablecoin used as a medium of payment may fall within e-money under the Payment Systems Act B.E. 2560, which the BOT supervises; those who want to provide such a service are asked to consult the BOT before starting. ([Bank of Thailand](https://www.bot.or.th/th/news-and-media/news/news-20210319-2.html)) - **Other stablecoins (BOT, 2021).** FX-backed, asset-backed and algorithmic stablecoins that are not illegal were left for a later public consultation before the BOT decides on an appropriate supervisory approach. ([Bank of Thailand](https://www.bot.or.th/th/news-and-media/news/news-20210319-2.html)) - **Baht substitutes (BOT, 17 March 2021).** If THT or similar stablecoins were used to replace the baht widely, the BOT considers it illegal, as making, distributing, using or issuing objects or signs in place of money, an offence under section 9 of the Currency Act B.E. 2501. ([Bank of Thailand](https://www.bot.or.th/th/news-and-media/news/news-20210317-2.html)) - **Proposed: own wallets only (SEC, September 2026).** Under the SEC proposal, stablecoin transfers into and out of a customer's account at a digital asset business operator must come from, or go to, accounts or wallets of that same customer; transfers from or to other persons' accounts are prohibited. ([SEC Thailand](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13319)) - **Proposed: daily limit (SEC, September 2026).** Under the SEC proposal, inbound and outbound stablecoin transfers are each limited to 5 million baht per day per person per digital asset business operator. Transfers between customer accounts through Thai digital asset business operators, where both operators use the Travel Rule, are not subject to that limit. ([SEC Thailand](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13319)) - **Proposed: liquidity providers (SEC, September 2026).** For digital asset brokers, the SEC proposes to "Supervise LPs by prohibiting LPs for stablecoin/Thai baht transaction pairs." ([SEC Thailand](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13335)) - **Proposed: backing assets and redemption (BOT, October 2026).** Under the BOT proposal, an issuer must have a mechanism that always keeps the value of a THB stablecoin equal to the baht; in the initial phase 100% of the backing assets must be deposits, and holders must be able to redeem coins for baht at 1 to 1 within 1 business day. ([Bank of Thailand](https://www.bot.or.th/content/dam/bot/documents/th/laws-and-rules/hearing/public-hearing-20261019-THB-stablecoin.pdf)) - **Proposed: no interest (BOT, October 2026).** Under the BOT proposal, issuers may not pay interest, returns or any incentive calculated on the holding period or holding value of a THB stablecoin, directly or indirectly, because the coin is for payment only, not for saving or investment. ([Bank of Thailand](https://www.bot.or.th/content/dam/bot/documents/th/laws-and-rules/hearing/public-hearing-20261019-THB-stablecoin.pdf)) - **Proposed: segregation and disclosure (BOT, October 2026).** Under the BOT proposal, issuers must keep backing assets separate from the company's other assets, publish daily the status of the backing assets and the total number of coins issued, and have the backing assets checked by an external auditor at least once a year. ([Bank of Thailand](https://www.bot.or.th/content/dam/bot/documents/th/laws-and-rules/hearing/public-hearing-20261019-THB-stablecoin.pdf)) - **Proposed: limited number of issuers (BOT, October 2026).** Under the BOT proposal, in the initial phase the THB stablecoin ecosystem will limit the number of issuers, so that the coins issued are stable, credible, transparent and closely supervised. ([Bank of Thailand](https://www.bot.or.th/th/laws-and-rules/public-hearing/public-hearing-20261020-Stablecoin.html)) - **Proposed: offshore exchanges (BOT, October 2026).** Under the BOT proposal, wallet providers must not serve or connect to digital asset exchanges abroad that are outside the supervision of the SEC. ([Bank of Thailand](https://www.bot.or.th/content/dam/bot/documents/th/laws-and-rules/hearing/public-hearing-20261019-THB-stablecoin.pdf)) - **Licensed operators (SEC licence check).** The SEC licence check for digital asset business operators, read on 1 November 2026, shows no as-of date. It lists company rows per licence type: Digital Asset Exchange 7, Broker 14, Dealer 5, Fund Manager 3, Advisory Service 2 and Custodial Wallet Provider 11; some companies appear in several sections. It has no stablecoin-issuer category. ([SEC Thailand](https://market.sec.or.th/LicenseCheck/views/DABusiness)) ## Timeline | Date | Event | Source | |---|---|---| | 13 May 2018 | Emergency Decree on Digital Asset Businesses B.E. 2561 published in the Royal Gazette | [SEC Thailand](https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/explan-digital.docx) | | 14 May 2018 | Emergency Decree on Digital Asset Businesses enters into force | [SEC Thailand](https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/explan-digital.docx) | | 17 March 2021 | BOT statement on THT and stablecoins used to replace the baht | [Bank of Thailand](https://www.bot.or.th/th/news-and-media/news/news-20210317-2.html) | | 19 March 2021 | BOT publishes its policy on supervising stablecoins | [Bank of Thailand](https://www.bot.or.th/th/news-and-media/news/news-20210319-2.html) | | 11 April 2025 | Emergency Decree on Digital Asset Businesses (No. 2) B.E. 2568 given (signed) | [SEC Thailand (unofficial translation)](https://www.sec.or.th/EN/Documents/ActandRoyalEnactment/RoyalEnactment/enactment-digitalasset2025.pdf) | | 7 August 2026 | SEC and BOT meet digital asset business operators on supervising stablecoin transactions | [SEC Thailand](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13185) | | 3 September 2026 | SEC Board approves the proposed principles for supervising stablecoin transactions through digital asset business operators | [SEC Thailand](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13285) | | 11 September 2026 | SEC opens the public consultation on the proposed stablecoin transaction principles | [SEC Thailand](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13319) | | 25 September 2026 | SEC public hearing on the proposed stablecoin transaction principles ends | [SEC Thailand](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13335) | | 19 October 2026 | BOT opens the public hearing on the proposed THB stablecoin principles | [Bank of Thailand](https://www.bot.or.th/th/laws-and-rules/public-hearing/public-hearing-20261020-Stablecoin.html) | | 17 November 2026 | BOT public hearing on the proposed THB stablecoin principles closes | [Bank of Thailand](https://www.bot.or.th/th/laws-and-rules/public-hearing/public-hearing-20261020-Stablecoin.html) | ## Not covered here The Royal Gazette copies of the decree and its 2025 amendment could not be read, so the section quotes come from the SEC-hosted unofficial English translation, and the publication and in-force date of the 2025 amendment are not given. When the SEC stablecoin transfer regulations will be issued is not known; the SEC said in August 2026 that they are expected within the year. The outcome of the BOT THB stablecoin hearing is not known; the BOT page shows the hearing as still open. The BOT paper says it may later consider proposing changes to the relevant laws, and whether high-quality liquid assets such as short-term government bonds will later be allowed as backing assets is not decided in the sources this page uses. The SEC consultation paper itself was not read; the SEC proposal rows follow the Thai text of the SEC release, and the Thai and English versions of the release word the exemption from the 5 million baht limit differently. An SEC release on adding USDT and USDC to the cryptocurrency list in 2025 was not located and is not covered here. ## Sources - https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/explan-digital.docx - https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/translate-digital.docx - https://www.sec.or.th/EN/Documents/ActandRoyalEnactment/RoyalEnactment/enactment-digitalasset2025.pdf - https://www.bot.or.th/th/news-and-media/news/news-20210319-2.html - https://www.bot.or.th/th/news-and-media/news/news-20210317-2.html - https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13185 - https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13285 - https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13319 - https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=13335 - https://www.bot.or.th/th/laws-and-rules/public-hearing/public-hearing-20261020-Stablecoin.html - https://www.bot.or.th/content/dam/bot/documents/th/laws-and-rules/hearing/public-hearing-20261019-THB-stablecoin.pdf - https://market.sec.or.th/LicenseCheck/views/DABusiness # Türkiye: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Türkiye's crypto asset rules: Law No. 7518 and CMB permission for service providers, the central bank ban on crypto in payments, the CMB communiqués and the CMB decision on Bitexen, each line linked to the government source. Canonical: https://achivx.org/regulation/turkey/ Updated: 2026-11-01 As of: 2026-11-01 Türkiye regulates crypto-asset service providers (kripto varlık hizmet sağlayıcılar) under the Capital Markets Law No. 6362, as amended by Law No. 7518 in 2024. A service provider must obtain permission from the Capital Markets Board (Sermaye Piyasası Kurulu, SPK, also CMB) to be established and to start operating. A 2021 regulation of the Central Bank of the Republic of Türkiye (TCMB, also CBRT) bans the use of crypto assets in payments. No stablecoin-specific provision was found in the texts this page uses. This page states what the government sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | Crypto assets cannot be used, directly or indirectly, in payments, and no service may be offered for such use. CBRT Regulation on the Non-Use of Crypto Assets in Payments (Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik). | 30 April 2021 | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm) | | In force | Law No. 7518 amends the Capital Markets Law No. 6362 and adds Articles 35/B and 35/C and Provisional Article 11 on crypto-asset service providers. It entered into force on its publication date. | 2 July 2024 | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm) | | In force | CMB Communiqué III-35/B.1 on the establishment and operation of crypto-asset service providers (Kuruluş ve Faaliyet Esasları Hakkında Tebliğ), Official Gazette No. 32840. Under its Art. 56, Articles 10, 11, 12, 24, 39, 41, 46 and 47 entered into force on 31 March 2025, a further list of articles on 30 June 2025, and the other provisions on publication. | 13 March 2025 (staged: 31 March 2025, 30 June 2025) | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-5.htm) | | In force | CMB Communiqué III-35/B.2 on working procedures and capital adequacy of crypto-asset service providers (Çalışma Usul ve Esasları ile Sermaye Yeterliliği Hakkında Tebliğ), same issue. Under its Art. 55, a listed set of articles entered into force on 30 June 2025 and the other articles on publication. | 13 March 2025 (staged: 30 June 2025) | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-6.htm) | | In force | CMB Communiqué III-42.1.b amends III-42.1 on remote identification and electronic contracts, including for crypto-asset service providers. It entered into force on its publication date. | 3 September 2026 | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2026/09/20260903-3.htm) | | Decision | Until further notice, Bitexen Kripto Varlık Alım Satım Platformu AŞ may accept no new customers and list no new crypto assets; only its existing customers' transactions may be carried out (CMB meeting No. 61). | 23 September 2026 | [SPK](https://spk.gov.tr/kurumlar/kripto-varlik-hizmet-saglayicilar/faaliyette-bulunanlar-listesi) | ## Key rules - **Definition.** Law 6362 Art. 3(bb), as amended: a crypto asset (kripto varlık) is an intangible asset that can be created and stored electronically using distributed ledger or similar technology, is distributed over digital networks and can express value or rights. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm)) - **Permission from the CMB.** Art. 35/B(1): crypto-asset service providers must obtain permission from the Board to be established and to start operating, and they carry out only the activities the Board determines. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm)) - **Foreign platforms.** Art. 99/A(1): activity by platforms resident abroad directed at persons resident in Türkiye, or offering them a crypto-asset activity prohibited under Board rules, also counts as unauthorised crypto-asset service provision. Activities are deemed directed at persons resident in Türkiye if a foreign platform opens a workplace in Türkiye, creates a Turkish-language website, or promotes or markets its crypto-asset services directly or through persons or institutions resident in Türkiye. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm)) - **Own initiative.** III-35/B.2 Art. 9(1): provided no promotion, advertising or marketing is directed at persons resident in Türkiye, services that residents obtain from foreign crypto-asset service providers entirely on their own initiative, the accounts they open there, the cash and crypto assets sent to those accounts and the transactions on them are outside the scope of the Communiqué. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-6.htm)) - **Custody.** Art. 35/C(6): custody of crypto assets that customers do not keep in their own wallets must be provided by banks authorised under Board rules and approved by the Banking Regulation and Supervision Board (BDDK, also BRSA), or by other institutions the Board authorises for crypto custody. Customer cash must be held at banks. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm)) - **No deposit insurance.** Crypto assets kept at banks and the related customer cash are not subject to the deposit and participation fund insurance provisions of Art. 63 of Law No. 5411. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm)) - **Segregation.** Art. 35/C(7): customers' cash and crypto assets are separate from the service provider's own assets, and records are kept accordingly. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm)) - **Listing.** III-35/B.2: platforms may not intermediate the initial sale or distribution of crypto assets assessed as not meeting the Communiqué's minimum listing criteria. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-6.htm)) - **Payments ban.** CBRT regulation Art. 3(2) and 3(3): crypto assets cannot be used, directly or indirectly, in payments, and no service may be offered for that use. Art. 4(2): payment and e-money institutions cannot intermediate platforms that offer buying, selling, custody, transfer or issuance services for crypto assets, or fund transfers from such platforms. ([Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm)) - **CMB temporary list.** The CMB publishes a temporary list (Faaliyette Bulunanlar Listesi, Geçici Liste) of entities that declared they will operate under Provisional Art. 11 of Law 6362; it had 49 rows on 1 November 2026. The CMB states that the list does not mean the entities on it are authorised under the legislation. ([SPK](https://spk.gov.tr/kurumlar/kripto-varlik-hizmet-saglayicilar/faaliyette-bulunanlar-listesi)) ## Timeline | Date | Event | Source | |---|---|---| | 16 April 2021 | CBRT regulation on the non-use of crypto assets in payments published, Official Gazette No. 31456 | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm) | | 30 April 2021 | CBRT regulation in force | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm) | | 26 June 2024 | Law No. 7518 accepted | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm) | | 2 July 2024 | Law No. 7518 published in Official Gazette No. 32590 and in force | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm) | | 13 March 2025 | CMB Communiqués III-35/B.1 and III-35/B.2 published, Official Gazette No. 32840, and in force except for their staged articles | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-5.htm), [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-6.htm) | | 31 March 2025 | III-35/B.1 Articles 10, 11, 12, 24, 39, 41, 46 and 47 in force | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-5.htm) | | 30 June 2025 | The remaining staged articles of III-35/B.1 and the listed articles of III-35/B.2 in force | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-5.htm), [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-6.htm) | | 3 September 2026 | CMB Communiqué III-42.1.b published in Official Gazette No. 33359 and in force | [Resmî Gazete](https://www.resmigazete.gov.tr/eskiler/2026/09/20260903-3.htm) | | 23 September 2026 | CMB decision on Bitexen Kripto Varlık Alım Satım Platformu AŞ: no new customers and no new listings until further notice | [SPK](https://spk.gov.tr/kurumlar/kripto-varlik-hizmet-saglayicilar/faaliyette-bulunanlar-listesi) | ## Not covered here How fiat-referenced tokens are classified is not stated in the sources this page uses: Law No. 7518, Communiqués III-35/B.1 and III-35/B.2 and the CBRT regulation were searched and no term for stablecoins was found. Amendments to III-35/B.1 or III-35/B.2 in 2026, the CMB list of entities in liquidation (Tasfiye Sürecinde Olanlar Listesi) and the reasons for the CMB decision on Bitexen are not covered. ## Sources - https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm - https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm - https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-5.htm - https://www.resmigazete.gov.tr/eskiler/2025/03/20250313-6.htm - https://www.resmigazete.gov.tr/eskiler/2026/09/20260903-3.htm - https://spk.gov.tr/kurumlar/kripto-varlik-hizmet-saglayicilar/faaliyette-bulunanlar-listesi # Ukraine: crypto and stablecoin regulation (as of 1 November 2026) Dated status of Ukraine's virtual asset rules: the 2022 Law "On Virtual Assets", bill No. 10225-д and the securities regulator's position on e-money tokens, each line linked to the government source. Canonical: https://achivx.org/regulation/ukraine/ Updated: 2026-11-01 As of: 2026-11-01 Ukraine's Law "On Virtual Assets" (Про віртуальні активи) (No. 2074-IX of 17 February 2022) was adopted by the Verkhovna Rada and signed by the President, as the National Securities and Stock Market Commission (НКЦПФР, NSSMC) reported on 16 March 2022. It enters into force when the Tax Code amendments on taxing virtual-asset operations take effect. The law assigns all powers to regulate the virtual asset market to the NSSMC, except virtual assets secured by currency values, which fall to the National Bank of Ukraine (НБУ, NBU). In September 2026 the NSSMC said the virtual asset market in Ukraine already operates without state authorisation ("без державного дозволу"). A new bill, No. 10225-д, was adopted by the Verkhovna Rada as a basis at first reading and is being prepared for second reading; it is not law. The NSSMC says the basis of future regulation is the EU MiCA regulation. Apart from the law's own text, the lines on this page quote the NSSMC; the rows on bill No. 10225-д give the NSSMC's position, not adopted law. This page states what the government sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Adopted | Law of Ukraine "On Virtual Assets" (Про віртуальні активи), No. 2074-IX of 17 February 2022, adopted by the Verkhovna Rada and signed by the President. Under its final provisions it enters into force on the day the law amending the Tax Code of Ukraine on the taxation of virtual-asset operations enters into force, but not before its own publication; the sanctions in Article 23 apply to violations committed three months after the State register of virtual asset service providers is launched. The source does not state that the Tax Code condition has been met. | 17 February 2022 (adopted); entry into force not established | [zakon.rada.gov.ua](https://zakon.rada.gov.ua/laws/show/2074-20), [archived copy, 2 February 2026](https://web.archive.org/web/20260202202928/https://zakon.rada.gov.ua/laws/show/2074-20/print), [NSSMC](https://www.nssmc.gov.ua/prezydent-ukrainy-pidpysav-zakonu-ukrainy-pro-virtualni-aktyvy-iakyi-u-liutomu-buv-pryiniatyi-verkhovnoiu-radoiu/) | | Not law | Bill No. 10225-д: on 16 September 2026 the NSSMC said the Verkhovna Rada had adopted it as a basis at first reading ("ухвалила за основу") a year earlier and that it was being prepared for second reading; the NSSMC submitted 80 comments and proposals. | Adopted as a basis about one year before 16 September 2026 | [NSSMC](https://www.nssmc.gov.ua/ua-holova-nktspfr-pytannia-ne-v-tomu-chy-rehuliuvaty-virtualni-aktyvy-a-iak/) | | Statement | NSSMC Chair: preparation of the bill to regulate the virtual asset market is practically complete; the document is in the final stages of inter-agency approval and checks against European standards. The source gives no bill number. | 31 July 2026 | [NSSMC](https://www.nssmc.gov.ua/ua-oleksii-semeniuk-pidhotovku-zakonoproiektu-pro-virtualni-aktyvy-praktychno-zaversheno/) | | Statement | The NSSMC targets adoption of the law in 2026, followed by secondary acts, registers, a reporting system and a transition period for business. It deliberately names no exact launch date for the regulated market. | 16 September 2026 | [NSSMC](https://www.nssmc.gov.ua/ua-holova-nktspfr-pytannia-ne-v-tomu-chy-rehuliuvaty-virtualni-aktyvy-a-iak/) | ## Key rules - **Regulators under the 2022 law.** The law gives all powers to regulate the virtual asset market to the NSSMC, except virtual assets secured by currency values, which fall under the powers of the NBU. ([NSSMC](https://www.nssmc.gov.ua/prezydent-ukrainy-pidpysav-zakonu-ukrainy-pro-virtualni-aktyvy-iakyi-u-liutomu-buv-pryiniatyi-verkhovnoiu-radoiu/)) - **NSSMC role under the 2022 law.** The NSSMC said in 2022 that it would set the procedure for the circulation of virtual assets, license market participants, protect the rights and interests of investors and carry out financial monitoring in this area. ([NSSMC](https://www.nssmc.gov.ua/prezydent-ukrainy-pidpysav-zakonu-ukrainy-pro-virtualni-aktyvy-iakyi-u-liutomu-buv-pryiniatyi-verkhovnoiu-radoiu/)) - **E-money tokens (NSSMC proposal for bill No. 10225-д).** E-money tokens (EMT), close in economic nature to money and payments, remain with the National Bank. The NSSMC takes the other categories of virtual assets, their public offering and admission to trading, and the authorisation and supervision of service providers. ([NSSMC](https://www.nssmc.gov.ua/ua-holova-nktspfr-pytannia-ne-v-tomu-chy-rehuliuvaty-virtualni-aktyvy-a-iak/)) - **Foreign service providers (NSSMC position).** The NSSMC opposes automatic recognition of foreign service providers without national authorisation. ([NSSMC](https://www.nssmc.gov.ua/ua-holova-nktspfr-pytannia-ne-v-tomu-chy-rehuliuvaty-virtualni-aktyvy-a-iak/)) - **MiCA as the basis.** The NSSMC says the basis of future regulation is the EU MiCA regulation, which sets common rules for the crypto-asset market in the European Union. ([NSSMC](https://www.nssmc.gov.ua/ua-oleksii-semeniuk-pidhotovku-zakonoproiektu-pro-virtualni-aktyvy-praktychno-zaversheno/)) - **No state authorisation yet.** The NSSMC says the virtual asset market in Ukraine already operates, without state authorisation ("без державного дозволу"). ([NSSMC](https://www.nssmc.gov.ua/ua-holova-nktspfr-pytannia-ne-v-tomu-chy-rehuliuvaty-virtualni-aktyvy-a-iak/)) - **Registers.** The NSSMC says that after the law is adopted, the start of the market awaits secondary acts, registers, a reporting system and a transition period. ([NSSMC](https://www.nssmc.gov.ua/ua-holova-nktspfr-pytannia-ne-v-tomu-chy-rehuliuvaty-virtualni-aktyvy-a-iak/)) ## Timeline | Date | Event | Source | |---|---|---| | 17 February 2022 | Verkhovna Rada adopts the Law "On Virtual Assets" (No. 2074-IX) | [NSSMC](https://www.nssmc.gov.ua/prezydent-ukrainy-pidpysav-zakonu-ukrainy-pro-virtualni-aktyvy-iakyi-u-liutomu-buv-pryiniatyi-verkhovnoiu-radoiu/) | | 16 March 2022 | NSSMC reports that the President signed the law | [NSSMC](https://www.nssmc.gov.ua/prezydent-ukrainy-pidpysav-zakonu-ukrainy-pro-virtualni-aktyvy-iakyi-u-liutomu-buv-pryiniatyi-verkhovnoiu-radoiu/) | | 31 July 2026 | NSSMC Chair: preparation of the virtual assets bill practically complete (no bill number given) | [NSSMC](https://www.nssmc.gov.ua/ua-oleksii-semeniuk-pidhotovku-zakonoproiektu-pro-virtualni-aktyvy-praktychno-zaversheno/) | | 16 September 2026 | NSSMC: bill No. 10225-д, adopted as a basis at first reading a year earlier, is being prepared for second reading; target adoption in 2026, no launch date named | [NSSMC](https://www.nssmc.gov.ua/ua-holova-nktspfr-pytannia-ne-v-tomu-chy-rehuliuvaty-virtualni-aktyvy-a-iak/) | ## Not covered here The law's final provisions are quoted from a 2 February 2026 archive capture of zakon.rada.gov.ua, which could not be reached directly; the sources this page uses do not show whether the Tax Code amendments on which the law's entry into force depends have taken effect. The text of bill No. 10225-д is not quoted, and this page does not say whether the bill has passed a later stage than the NSSMC reported on 16 September 2026. The exact date the bill was adopted as a basis is not stated in the sources this page uses. National Bank of Ukraine statements on stablecoins or e-money tokens were not collected. A search of nssmc.gov.ua for this page found no register of virtual asset service providers. ## Sources - https://zakon.rada.gov.ua/laws/show/2074-20 - https://web.archive.org/web/20260202202928/https://zakon.rada.gov.ua/laws/show/2074-20/print - https://www.nssmc.gov.ua/prezydent-ukrainy-pidpysav-zakonu-ukrainy-pro-virtualni-aktyvy-iakyi-u-liutomu-buv-pryiniatyi-verkhovnoiu-radoiu/ - https://www.nssmc.gov.ua/ua-holova-nktspfr-pytannia-ne-v-tomu-chy-rehuliuvaty-virtualni-aktyvy-a-iak/ - https://www.nssmc.gov.ua/ua-oleksii-semeniuk-pidhotovku-zakonoproiektu-pro-virtualni-aktyvy-praktychno-zaversheno/ # United Arab Emirates: crypto and stablecoin regulation (as of 1 November 2026) Dated status of stablecoin rules in the UAE: the CBUAE Payment Token Services Regulation, the VARA issuance rulebook for Dubai, the ADGM framework for fiat-referenced tokens and its accepted-token list, each line linked to the regulator's source. Canonical: https://achivx.org/regulation/united-arab-emirates/ Updated: 2026-11-01 As of: 2026-11-01 This page covers three of the UAE's virtual asset regimes, each with its own scope. The Central Bank of the UAE (CBUAE) Payment Token Services Regulation (Circular 2/2024), in force from 31 August 2024, sets the rules for a licence or registration to provide Payment Token Services within the UAE or directed to persons in the UAE. The Virtual Assets Regulatory Authority (VARA) regulates the issuance of fiat-referenced virtual assets (FRVAs) in the Emirate, which its rulebook defines as all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre (DIFC). The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has its own framework for issuing fiat-referenced tokens (FRTs) in ADGM and publishes a list of accepted FRTs. Under the VARA rules, tokens that aim at a stable value against the UAE dirham (AED) remain under the sole and exclusive regulatory purview of the CBUAE. This page states what the government sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | In force | CBUAE Payment Token Services Regulation (Circular 2/2024): the rules and conditions set by the Central Bank for granting a License or Registration to provide Payment Token Services. The CBUAE rulebook shows "Effective from 31/8/2024 Status: In-Force". | 31 August 2024 | [CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation) | | In force | CBUAE Payment Token Services Regulation, Article 2(1): no person may perform a Payment Token Service within the UAE or directed to persons in the UAE unless Licensed or Registered by the Central Bank to perform it. | 31 August 2024 | [CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation) | | In force | CBUAE Payment Token Services Regulation, Article 2(2): no person may perform, within the UAE or directed to persons in the UAE, a service similar or equivalent to a Payment Token Service with a Means of Payment that is not a Payment Token. The ban applies to all persons, including those licensed or regulated for Virtual Asset activities by SCA (the UAE Securities & Commodities Authority) or a "Local Licensing Authority", defined in the Regulation as "any authority competent to regulate Virtual Assets in the concerned Emirate in accordance with Cabinet Resolution No. (111) of 2022". | 31 August 2024 | [CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation) | | In force | CBUAE Payment Token Services Regulation, Article 2(3): no person may, within the UAE or directed to persons in the UAE, issue Algorithmic Stablecoins or Privacy Tokens or perform services relating to them. The ban applies to all persons, including those licensed or regulated for Virtual Asset activities by SCA or a Local Licensing Authority. | 31 August 2024 | [CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation) | | In force | CBUAE Payment Token Services Regulation, Article 2(7): a merchant or other person in the UAE selling goods or services in the course of business may accept a Virtual Asset as payment only if it is a Dirham Payment Token issued by a Licensed Payment Token Issuer, or a Foreign Payment Token issued by a Registered Foreign Payment Token Issuer used as a Means of Payment for the purchase of a Virtual Asset or Virtual Asset derivative. | 31 August 2024 | [CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation) | | In force | VARA Virtual Asset Issuance Rulebook, including Annex 1, the Fiat-Referenced Virtual Assets Issuance Rules (FRVA Rules); current version. Scope: the Emirate of Dubai excluding the DIFC. | 19 June 2025 | [VARA](https://rulebooks.vara.ae/rulebook/virtual-asset-issuance-rulebook), [VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf) | | In force | VARA: issuing FRVAs is a Category 1 VA Issuance, which requires a VARA Licence. | Rulebook version of 19 June 2025 | [VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf) | | In force | VARA FRVA Rules, rule I.B.5: FRVAs issued under the FRVA Rules may not be used as a means of payment for goods or services within the UAE. | Rulebook version of 19 June 2025 | [VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf) | | Published | ADGM FSRA framework for the issuance of fiat-referenced tokens in ADGM; FRT issuance is a distinct Regulated Activity. The announcement does not state a commencement date. | 5 December 2024 (announced) | [ADGM](https://www.adgm.com/media/announcements/fsra-introduces-a-regulatory-framework-to-support-the-issuance-of-fiat-referenced-tokens-in-adgm) | | Published | ADGM FSRA consolidated list of Accepted Fiat-Referenced Tokens (AFRTs) for Authorised Persons carrying on a Regulated Activity in ADGM: EURC, PYUSD, RLUSD, USD1, USDC, USDG, USDP, USDT, USDU. | 1 September 2026 | [ADGM](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | ## Key rules - **CBUAE licence or registration.** Under Article 2(1) of the Payment Token Services Regulation, no person may perform any Payment Token Service within the UAE or directed to persons in the UAE unless Licensed or Registered by the Central Bank. ([CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation)) - **No look-alike services without Payment Tokens.** Article 2(2) bans services similar or equivalent to a Payment Token Service that use a Means of Payment that is not a Payment Token, for all persons, including those licensed or regulated by SCA or a "Local Licensing Authority" ("any authority competent to regulate Virtual Assets in the concerned Emirate in accordance with Cabinet Resolution No. (111) of 2022"). ([CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation)) - **Algorithmic stablecoins and privacy tokens banned.** Article 2(3): no person may, within the UAE or directed to persons in the UAE, issue Algorithmic Stablecoins or Privacy Tokens or perform services relating to them, including persons licensed or regulated by SCA or a Local Licensing Authority. ([CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation)) - **Merchant payments.** Article 2(7): merchants in the UAE may accept a Virtual Asset towards payment only if it is a Dirham Payment Token issued by a Licensed Payment Token Issuer, or a Foreign Payment Token issued by a Registered Foreign Payment Token Issuer used as a Means of Payment for the purchase of a Virtual Asset or Virtual Asset derivative. ([CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation)) - **VARA scope.** The rulebook defines the Emirate as all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. ([VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf)) - **Licence.** Issuance of FRVAs is a Category 1 VA Issuance, and Category 1 VA Issuances require a VARA Licence. ([VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf)) - **AED-referenced tokens.** FRVA Rules, rule I.B.4: the issuance of any virtual asset that purports to maintain a stable value in relation to the AED remains under the sole and exclusive regulatory purview of the CBUAE. Entities seeking to issue such a virtual asset in the Emirate must comply with any applicable CBUAE regulation. ([VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf)) - **Use in the VA ecosystem only.** FRVA Rules, rule I.B.5: FRVAs may only be used for the purchase or sale of assets in the VA ecosystem and may not be used as a means of payment for goods or services within the UAE. ([VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf)) - **Sanctioned currencies.** FRVA Rules, rule I.B.6: VASPs may not have as a Reference Currency any currency issued by a country or territory subject to sanctions under Federal AML-CFT Laws. ([VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf)) - **Redemption at par.** FRVA Rules III.C: licensed FRVA issuers must at all times ensure that holders have a valid, legally enforceable right to redeem at par. Redemption requests from holders with valid Client Agreements must be completed within one Working Day of the request or, where trading or settlement of the Reserve Assets is subject to significant disruption events beyond the issuer's control, within one Working Day of the disruption no longer significantly affecting them. ([VARA rulebook](https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf)) - **ADGM framework components.** The FSRA framework sets requirements on the constituents of reserve assets, on detailed whitepapers and ongoing disclosures, and on FRT holders' rights to redeem FRTs at par value within defined timeframes. ([ADGM](https://www.adgm.com/media/announcements/fsra-introduces-a-regulatory-framework-to-support-the-issuance-of-fiat-referenced-tokens-in-adgm)) - **Tokens issued outside ADGM.** An FSRA consultation paper announced at Abu Dhabi Finance Week 2024 invited input on criteria for accepting non-ADGM-issued fiat-referenced tokens. ([ADGM](https://www.adgm.com/media/announcements/adgm-fsra-showcases-a-series-of-regulatory-enhancements-at-adfw)) - **Accepted FRTs.** Under COBS 17.2A.1 the FSRA accepts the listed FRTs as AFRTs for Authorised Persons carrying on a Regulated Activity in ADGM, only on the networks specified, and the list is subject to change. Inclusion on the list does not imply acceptance of that FRT for use when serving clients in jurisdictions outside ADGM. ([ADGM](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec)) ## Timeline | Date | Event | Source | |---|---|---| | 7 February 2023 | VARA Virtual Asset Issuance Rulebook, version 1 | [VARA](https://rulebooks.vara.ae/rulebook/virtual-asset-issuance-rulebook) | | 19 September 2023 | VARA Virtual Asset Issuance Rulebook, version 2 | [VARA](https://rulebooks.vara.ae/rulebook/virtual-asset-issuance-rulebook) | | 31 August 2024 | CBUAE Payment Token Services Regulation (Circular 2/2024) effective | [CBUAE](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation) | | 1 October 2024 | VARA Virtual Asset Issuance Rulebook, version 3 | [VARA](https://rulebooks.vara.ae/rulebook/virtual-asset-issuance-rulebook) | | 5 December 2024 | ADGM FSRA introduces its framework for the issuance of fiat-referenced tokens, after Consultation Paper No. 7 of 2024 | [ADGM](https://www.adgm.com/media/announcements/fsra-introduces-a-regulatory-framework-to-support-the-issuance-of-fiat-referenced-tokens-in-adgm) | | 11 December 2024 | ADGM reports that a consultation paper inviting input on accepting non-ADGM-issued FRTs was announced at Abu Dhabi Finance Week 2024 | [ADGM](https://www.adgm.com/media/announcements/adgm-fsra-showcases-a-series-of-regulatory-enhancements-at-adfw) | | 19 June 2025 | Current VARA Virtual Asset Issuance Rulebook version effective | [VARA](https://rulebooks.vara.ae/rulebook/virtual-asset-issuance-rulebook) | | 1 September 2026 | ADGM FSRA consolidated list of Accepted Fiat-Referenced Tokens dated | [ADGM](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | ## Not covered here Only Article 2(1), (2), (3) and (7) of the CBUAE Payment Token Services Regulation are summarised here; its other provisions, other CBUAE rules on payment tokens, the CBUAE law and any transition deadlines are not covered. The ADGM rulebook texts themselves, including any later amendments to its conduct of business rules, were not read. The Dubai International Financial Centre and its regulator, the VARA Virtual Assets and Related Activities Regulations 2023, Dubai Law No. (4) of 2022, and the VARA and CBUAE public registers are not covered. ## Sources - https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation - https://rulebooks.vara.ae/rulebook/virtual-asset-issuance-rulebook - https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_293_VER20250619.pdf - https://www.adgm.com/media/announcements/fsra-introduces-a-regulatory-framework-to-support-the-issuance-of-fiat-referenced-tokens-in-adgm - https://www.adgm.com/media/announcements/adgm-fsra-showcases-a-series-of-regulatory-enhancements-at-adfw - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec # United Kingdom: crypto and stablecoin regulation (as of 1 November 2026) Dated status of the UK cryptoasset regime: S.I. 2026/102 (in force for preparatory purposes since late February 2026, full commencement on 25 October 2027), the FCA's final stablecoin issuance rules (PS26/10) and the Bank of England's draft code for systemic stablecoins, each line linked to the official source. Canonical: https://achivx.org/regulation/united-kingdom/ Updated: 2026-11-01 As of: 2026-11-01 The United Kingdom brings a broad range of cryptoasset activities, including issuing a qualifying stablecoin, within the regulatory perimeter of the Financial Conduct Authority (FCA) through the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), made on 4 February 2026. They came into force for preparatory purposes only in late February 2026 (21 days after they were made), and the full commencement day is 25 October 2027. The FCA published its final rules on 30 June 2026, including PS26/10 on stablecoin issuance, which come into force on 25 October 2027; the Bank of England's rules for systemic sterling stablecoins are still a draft. This page states what the official sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Pending | The Cryptoassets Regulations 2026 (S.I. 2026/102), made by the Treasury on 4 February 2026 after a draft was approved by each House of Parliament. Subject to paragraph (3), they come into force on 25 October 2027, the "full commencement day"; issuing a qualifying stablecoin becomes a specified activity from that day. | 25 October 2027 | [legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/made) | | In force (preparatory purposes) | Paragraph (3) of regulation 1 brings S.I. 2026/102 into force early only for preparatory purposes: enabling the FCA to make or approve rules, give guidance, give directions and take other preparatory steps, and enabling applications for permissions and approvals under the Financial Services and Markets Act 2000, including Part 4A permissions. | Late February 2026 (21 days after the Regulations were made) | [legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/regulation/1/made) | | Pending | FCA final rules for the cryptoasset regime, including PS26/10 Stablecoin issuance (CRYPTO 2 and CASS 16 rules for UK-issued qualifying stablecoins), published 30 June 2026. PS26/10: "These instruments all come into force on 25 October 2027". | 25 October 2027 | [FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime), [FCA PS26/10](https://www.fca.org.uk/publication/policy/ps26-10.pdf) | | Scheduled (as stated by the FCA on 30 June 2026) | FCA application window for firms that wish to rely on the savings provisions, scheduled to open on 30 September 2026 and close on 28 February 2027. Whether it opened is not stated in the sources this page uses. | 30 September 2026 to 28 February 2027 | [FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime) | | Not law | Bank of England policy statement and draft Code of Practice (rules) for systemic stablecoin issuers. Feedback was due by 22 September 2026, and the Bank intends to finalise the Code by the end of 2026. | Draft of 22 June 2026 | [Bank of England](https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins) | | Not law | Government draft SI (April 2026) proposing to exclude activities involving UK-issued qualifying stablecoins from arranging and dealing, intending to bring them under a modernised future payments regime (per the FCA). | — | [FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime) | ## Key rules - **Who may issue.** Issuing a qualifying stablecoin is a specified kind of activity under the Regulated Activities Order (new article 9M) from the full commencement day. A person issues a qualifying stablecoin if it offers it for sale or subscription from an establishment in the UK, the coin was created by or for it or its group, and it carries on both redemption and holding of the backing assets from a UK establishment (article 9M(2)). ([legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/made)) - **Definition.** A qualifying stablecoin is a qualifying cryptoasset that seeks or purports to maintain a stable value in relation to a particular fiat currency, with fiat currency or other assets held for that purpose (article 88G(2)). ([legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/made)) - **Full backing.** Under the FCA final rules, UK-issued qualifying stablecoins must be fully backed and redeemable at par. In PS26/10 the FCA is proceeding with the requirement that UK stablecoin issuers must fully back all UK-issued qualifying stablecoins from the point at which they are minted, including those they own themselves. ([FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime), [FCA PS26/10](https://www.fca.org.uk/publication/policy/ps26-10.pdf)) - **Separate backing pools.** The FCA is maintaining the requirement to have separate trusts for each UK-issued qualifying stablecoin product, so that each backing asset pool is isolated. ([FCA PS26/10](https://www.fca.org.uk/publication/policy/ps26-10.pdf)) - **Redemption.** UK stablecoin issuers must redeem any amount of UK-issued qualifying stablecoin within T+1. Under the final rules the T+1 timeline starts when the issuer receives the stablecoin being redeemed in its wallet. The timeline will not apply if it would lead to a breach of the money laundering legislation. ([FCA PS26/10](https://www.fca.org.uk/publication/policy/ps26-10.pdf)) - **No interest from the backing pool.** Issuers may not pay interest or income from the backing asset pool to tokenholders (PS26/10, para 10.7). The final rules do not prohibit third parties from paying rewards to their own customers from their own account, provided no interest or income from the backing asset pool is passed on (para 10.6). ([FCA PS26/10](https://www.fca.org.uk/publication/policy/ps26-10.pdf)) - **Systemic vs non-systemic.** The Bank of England's regime covers systemic stablecoins only. Stablecoins used for non-systemic purposes, such as buying and selling cryptoassets, are supervised solely by the FCA. ([Bank of England](https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins)) - **Systemic stablecoin backing (draft).** Under the Bank of England's draft rules, up to 70% of backing may be held in interest-bearing short-term UK government debt (up from 60%), with the rest in central bank deposits. ([Bank of England](https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins)) - **Systemic stablecoin issuance limit (draft).** The draft replaces the holding limits consulted on with a temporary issuance guardrail for each systemic stablecoin, initially set at £40 billion. ([Bank of England](https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins)) ## Timeline | Date | Event | Source | |---|---|---| | 4 February 2026 | S.I. 2026/102 made, after approval of the draft by each House of Parliament | [legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/made) | | Late February 2026 | S.I. 2026/102 in force for preparatory purposes only, 21 days after it was made (regulation 1(3)) | [legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/regulation/1/made) | | April 2026 | Government publishes a draft SI on stablecoin arranging and dealing (per the FCA) | [FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime) | | 22 June 2026 | Bank of England publishes its policy statement and draft Code of Practice for systemic stablecoin issuers | [Bank of England](https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins) | | 30 June 2026 | FCA publishes its cryptoasset regime policy statements, including PS26/10 Stablecoin issuance | [FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime) | | 22 September 2026 | Feedback deadline for the Bank of England draft Code | [Bank of England](https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins) | | 30 September 2026 | FCA application window for firms relying on the savings provisions scheduled to open (as stated by the FCA on 30 June 2026) | [FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime) | | End of 2026 | Bank of England intends to finalise the Code of Practice | [Bank of England](https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins) | | 28 February 2027 | FCA application window scheduled to close | [FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime) | | 25 October 2027 | Full commencement day: the regime, including issuing qualifying stablecoins, comes into force; the FCA's cryptoasset instruments come into force the same day | [legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/made), [FCA PS26/10](https://www.fca.org.uk/publication/policy/ps26-10.pdf) | ## Not covered here The treatment of overseas-issued stablecoins offered in the UK, the number of authorised UK stablecoin issuers (the FCA register was not read, and the issuing activity starts on 25 October 2027), the final Bank of England Code of Practice, the outcome of the April 2026 draft SI, the dates on which each House approved the draft Regulations, and whether the FCA application window opened on 30 September 2026 are not stated in the sources this page uses. The FCA said on 30 June 2026 that it will consult later in 2026 on firm failure, including distribution rules for a failed stablecoin issuer, and that further work is planned on payments use and on resolution of stablecoin issuers ([FCA](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime)). It is also exploring the competition and economic implications of offering interest, and says this does not imply its position on prohibiting interest is due to change ([FCA PS26/10](https://www.fca.org.uk/publication/policy/ps26-10.pdf)). ## Sources - https://www.legislation.gov.uk/uksi/2026/102/made - https://www.legislation.gov.uk/uksi/2026/102/regulation/1/made - https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime - https://www.fca.org.uk/publication/policy/ps26-10.pdf - https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins # United States: crypto and stablecoin regulation (as of 1 November 2026) Dated status of the US GENIUS Act for payment stablecoins: the 18 January 2027 effective date, the OCC final rule, the pending Treasury and FDIC proposals, and the 18 July 2028 date from which digital asset service providers generally may not offer or sell payment stablecoins unless they are issued by a licensed issuer, each line linked to the federal source. Canonical: https://achivx.org/regulation/united-states/ Updated: 2026-11-01 As of: 2026-11-01 The United States regulates payment stablecoins under the GENIUS Act (Public Law 119-27), approved on 18 July 2025. The OCC says it takes effect on 18 January 2027, which the Treasury calls the expected effective date. Under the Act only a permitted payment stablecoin issuer may issue a payment stablecoin in the United States; the OCC adopted its final implementing rule on 21 October 2026, while the Treasury and FDIC rules are still proposals. This page found no federal register of permitted payment stablecoin issuers. This page states what the official sources say. It is not legal advice. ## Status as of 1 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Pending | GENIUS Act, Public Law 119-27, 139 Stat. 419 (S. 1582), approved 18 July 2025. Section 20 sets the effective date as the earlier of 18 months after enactment or 120 days after the primary federal payment stablecoin regulators issue final implementing regulations; the OCC states the date as 18 January 2027, and the Treasury calls it the expected effective date. | 18 January 2027 | [govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm), [OCC](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html), [Treasury](https://home.treasury.gov/news/press-releases/sb0605) | | Pending | OCC final rule implementing the Act (new 12 CFR 15, OCC Bulletin 2026-50), announced 21 October 2026. Rules on the Bank Secrecy Act, anti-money laundering and OFAC sanctions will come in a separate rulemaking. The OCC will announce in a separate news release when it will begin accepting and processing applications and waiver requests from prospective permitted payment stablecoin issuers; this page found no federal register of issuers. | 18 January 2027 | [OCC](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html), [OCC Bulletin](https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html) | | Pending | Digital asset service providers generally may not offer, sell or otherwise make available foreign-issued payment stablecoins unless the foreign issuer has the technological capability to comply, and will comply, with any lawful order and any reciprocal arrangement (per the Treasury). | 18 January 2027 | [Treasury](https://home.treasury.gov/news/press-releases/sb0605) | | Pending | Digital asset service providers generally may not offer or sell any payment stablecoin to persons in the United States unless it is issued by a licensed issuer (per the Treasury). | 18 July 2028 | [Treasury](https://home.treasury.gov/news/press-releases/sb0605) | | Not law | Proposed rules: the Treasury on section 3 (issuing, offering and selling payment stablecoins in the US), 17 August 2026; the FDIC on prudential standards for FDIC-supervised permitted payment stablecoin issuers, 7 April 2026. | — | [Treasury](https://home.treasury.gov/news/press-releases/sb0605), [FDIC](https://www.fdic.gov/news/press-releases/2026/fdic-approves-proposal-implement-genius-act-requirements-and-standards) | ## Key rules - **Who may issue.** It is unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States (section 3(a)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Licence types.** A permitted payment stablecoin issuer is a person formed in the United States that is (A) a subsidiary of an insured depository institution approved to issue payment stablecoins under section 5, (B) a Federal qualified payment stablecoin issuer, or (C) a State qualified payment stablecoin issuer (section 2(23)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Reserves.** Issuers must maintain identifiable reserves backing outstanding payment stablecoins on an at least 1 to 1 basis (section 4(a)(1)(A)). Permitted reserves include US coins and currency, Federal Reserve balances, demand deposits, Treasury bills, notes or bonds with a maturity of 93 days or less, certain overnight repurchase and reverse repurchase agreements, registered government money market funds, any other similarly liquid Federal Government-issued asset approved by the primary Federal payment stablecoin regulator (clause (vii)), and reserves described in clauses (i) to (iii) or (vi) to (vii) in tokenized form (clause (viii)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Reserve disclosure.** Issuers must publish the monthly composition of their reserves on their website, including the total number of outstanding payment stablecoins and the amount and composition of reserves (section 4(a)(1)(C)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **No reuse of reserves.** Required reserves may not be pledged, rehypothecated or reused, directly or indirectly, except for the purposes the Act lists (section 4(a)(2)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Redemption.** Issuers must publicly disclose a redemption policy that establishes clear and conspicuous procedures for timely redemption (section 4(a)(1)(B)(i)), and disclose all purchase and redemption fees, which may change only on at least 7 days' prior notice (section 4(a)(1)(B)(ii)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **No interest from issuers.** No permitted or foreign payment stablecoin issuer may pay the holder any form of interest or yield (in cash, tokens or other consideration) solely in connection with the holding, use or retention of the payment stablecoin (section 4(a)(11)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Foreign-issued stablecoins.** From 18 January 2027, digital asset service providers generally may not offer, sell or otherwise make available foreign-issued payment stablecoins unless the foreign issuer can and will comply with any lawful order and any reciprocal arrangement between the United States and its home jurisdiction (section 3(b)(2), per the Treasury). ([Treasury](https://home.treasury.gov/news/press-releases/sb0605)) - **Section 18 exception.** The section 3 prohibitions do not apply to a foreign issuer that meets all section 18(a) conditions, including a home regime the Treasury determines to be comparable, registration with the Comptroller, reserves in a US financial institution sufficient for US customers' liquidity demands (unless a reciprocal arrangement permits otherwise), and a home country that is not subject to comprehensive US sanctions or designated a primary money laundering concern. ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Stablecoins not from a permitted issuer** may not be treated as cash or a cash equivalent for accounting purposes, may not be eligible cash or cash-equivalent margin and collateral for the listed intermediaries, and may not be an acceptable settlement asset for wholesale payments between banking organizations (section 3(g)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Penalty for unlicensed issuance.** Whoever knowingly participates in a violation of section 3(a) can be fined up to $1,000,000 for each violation, imprisoned for up to 5 years, or both (section 3(f)(1)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Marketing.** It is unlawful to market a product in the United States as a payment stablecoin unless it is issued under the Act (section 4(e)(3)(A)); knowing and willful violations carry a Treasury fine of up to $500,000 for each violation (section 4(e)(3)(B)). It is also unlawful to represent that payment stablecoins are backed by the full faith and credit of the United States, guaranteed by the US Government, or covered by federal deposit or share insurance (section 4(e)(2)(A)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) - **Exempt transactions.** Section 3 does not apply to direct transfers between 2 individuals acting on their own behalf without an intermediary, certain transfers between an individual's own accounts, or transactions through a self-custody software or hardware wallet (section 3(h)(1)). ([govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm)) ## Timeline | Date | Event | Source | |---|---|---| | 17 July 2025 | House of Representatives considers and passes S. 1582; the legislative history records Senate consideration and passage on 21 May and 2, 9, 11, 12 and 17 June 2025 | [govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | 18 July 2025 | GENIUS Act approved as Public Law 119-27 | [govinfo](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | | 25 February 2026 | OCC issues a proposed rule to implement the Act | [OCC](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-9.html) | | 7 April 2026 | FDIC Board approves a proposed rule on prudential standards for FDIC-supervised issuers (reserve assets, redemption, capital, risk management) | [FDIC](https://www.fdic.gov/news/press-releases/2026/fdic-approves-proposal-implement-genius-act-requirements-and-standards) | | 17 August 2026 | Treasury issues a proposed rule on section 3 | [Treasury](https://home.treasury.gov/news/press-releases/sb0605) | | 21 October 2026 | OCC announces its final rule (new 12 CFR 15) | [OCC](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html) | | 18 January 2027 | GENIUS Act and OCC final rule take effect (per the OCC) | [OCC](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html) | | 18 July 2028 | Ban on digital asset service providers offering or selling payment stablecoins not issued by a licensed issuer applies (per the Treasury) | [Treasury](https://home.treasury.gov/news/press-releases/sb0605) | ## Not covered here New York (NYDFS) and other state regimes were not checked. The final Treasury section 3 rule, the final FDIC rules, the separate Bank Secrecy Act, anti-money laundering and OFAC rulemaking, the Treasury's section 18 comparability determinations for foreign regimes, and the date the OCC starts accepting issuer applications are not stated in the federal sources this page uses. ## Sources - https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm - https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html - https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html - https://home.treasury.gov/news/press-releases/sb0605 - https://www.fdic.gov/news/press-releases/2026/fdic-approves-proposal-implement-genius-act-requirements-and-standards # Vietnam: crypto and stablecoin regulation (as of 2 November 2026) Dated status of Vietnam's crypto-asset rules: Government Resolution 05/2025/NQ-CP on a five-year pilot crypto-asset market, in force since 9 September 2025, which excludes securities and fiat currency as underlying assets; the Law on the Digital Technology Industry 71/2025/QH15, in force since 1 January 2026; and Decree 284/2026/NĐ-CP on administrative penalties, in force since 1 September 2026, each line linked to the government source. Canonical: https://achivx.org/regulation/vietnam/ Updated: 2026-11-02 As of: 2026-11-02 In Vietnam, Government Resolution 05/2025/NQ-CP (Nghị quyết số 05/2025/NQ-CP) sets up a pilot crypto-asset market. It was issued on 9 September 2025 and has been in force since that day, and the pilot runs for 5 years from its entry into force. Under the Resolution, crypto assets must be issued on underlying real assets that are not securities or fiat currency, may only be offered and issued to foreign investors, and must be traded through crypto-asset service providers licensed by the Ministry of Finance, in Vietnamese dong. The Law on the Digital Technology Industry (Luật Công nghiệp công nghệ số, 71/2025/QH15), in force since 1 January 2026, defines digital assets as assets under the Civil Code. Decree 284/2026/NĐ-CP on administrative penalties for crypto assets has been in force since 1 September 2026. The government texts are image scans; the Vietnamese quotes on this page come from a text recognition (OCR) reading of the signed PDFs and are given with English renderings. Rules whose recognised text contains errors are given in English only. This page states what the government sources say. It is not legal advice. ## Status as of 2 November 2026 | Status | Rule | Since / from | Source | |---|---|---|---| | Pilot | Resolution 05/2025/NQ-CP of the Government on the pilot crypto-asset market in Vietnam: issued and effective 9 September 2025 per the government document portal; "Nghị quyết này có hiệu lực thi hành kể từ ngày 09 tháng 9 năm 2025" (this Resolution takes effect from 9 September 2025). "Thời gian thực hiện thí điểm: 5 năm kể từ thời điểm Nghị quyết có hiệu lực thi hành" (pilot period: 5 years from the time the Resolution takes effect). | 9 September 2025 | [Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=215249), [Resolution 05 (PDF)](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf) | | In force | Law 71/2025/QH15 on the Digital Technology Industry (National Assembly): issued 14 June 2025, effective 1 January 2026 per the government document portal. "Luật này có hiệu lực thi hành từ ngày 01 tháng 01 năm 2026, trừ trường hợp quy định tại khoản 2 Điều này" (this Law takes effect from 1 January 2026, except as provided in paragraph 2 of this Article). Chapter V covers digital assets. | 1 January 2026 | [Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=214609), [Law 71 (PDF)](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/7/71qh15.signed.pdf) | | In force | Decree 284/2026/NĐ-CP on administrative penalties for crypto assets and the crypto-asset market: issued 16 July 2026. "Nghị định này có hiệu lực thi hành từ ngày 01 tháng 9 năm 2026 đến ngày Nghị quyết số 05/2025/NQ-CP hết hiệu lực thi hành" (this Decree takes effect from 1 September 2026 until the date Resolution 05/2025/NQ-CP ceases to have effect). | 1 September 2026 | [Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=218906), [Decree 284 (PDF)](https://datafiles.chinhphu.vn/cpp/files/vbpq/2026/7/284-ndcp.signed.pdf) | ## Key rules - **Underlying assets exclude securities and fiat currency (Resolution 05).** Crypto assets must be issued based on underlying assets that are real assets, not including assets that are securities or fiat currency (tiền pháp định). ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Who may issue (Resolution 05).** Crypto-asset issuers must be Vietnamese enterprises registered as limited liability companies or joint-stock companies under the Law on Enterprises. ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Offering to foreign investors only (Resolution 05).** "Tài sản mã hóa chỉ được chào bán, phát hành cho nhà đầu tư nước ngoài." (Crypto assets may only be offered and issued to foreign investors.) ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Trading between foreign investors through licensed providers (Resolution 05).** "Tài sản mã hóa quy định tại khoản 1 Điều này chỉ được giao dịch giữa các nhà đầu tư nước ngoài thông qua tổ chức cung cấp dịch vụ tài sản mã hóa được Bộ Tài chính cấp phép." (The crypto assets in paragraph 1 of this Article may only be traded between foreign investors through crypto-asset service providers licensed by the Ministry of Finance.) ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Accounts at licensed providers (Resolution 05).** "Nhà đầu tư trong nước đang có tài sản mã hóa, nhà đầu tư nước ngoài được mở tài khoản tại tổ chức cung cấp dịch vụ tài sản mã hóa do Bộ Tài chính cấp phép để lưu ký, mua, bán tài sản mã hóa tại Việt Nam." (Domestic investors who hold crypto assets, and foreign investors, may open accounts at crypto-asset service providers licensed by the Ministry of Finance to custody, buy and sell crypto assets in Vietnam.) ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Licensed venues only (Resolution 05).** "Các giao dịch tài sản mã hóa phải được thực hiện thông qua các tổ chức cung cấp dịch vụ tài sản mã hóa do Bộ Tài chính cấp phép." (Crypto-asset transactions must be carried out through crypto-asset service providers licensed by the Ministry of Finance.) ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Vietnamese dong (Resolution 05).** "Việc chào bán, phát hành, giao dịch, thanh toán tài sản mã hóa phải được thực hiện bằng Đồng Việt Nam." (The offering, issuance, trading and payment of crypto assets must be carried out in Vietnamese dong.) ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Purpose (Resolution 05).** Crypto assets are used for exchange or investment purposes as provided in the Resolution. ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Foreign ownership of providers (Resolution 05).** "Tổng mức góp vốn, mua cổ phần của các nhà đầu tư nước ngoài vào tổ chức cung cấp dịch vụ tài sản mã hóa không được vượt quá 49% vốn điều lệ của tổ chức cung cấp dịch vụ tài sản mã hóa." (Total capital contributions and share purchases by foreign investors in a crypto-asset service provider may not exceed 49% of its charter capital.) ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Tax (Resolution 05).** Until there is a tax policy for the crypto-asset market in Vietnam, tax on crypto-asset transactions, transfers and business follows the tax rules for securities. ([Resolution 05](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf)) - **Digital asset definition (Law 71, Art. 46).** "Tài sản số là tài sản theo quy định của Bộ luật Dân sự, được thể hiện dưới dạng dữ liệu số" (a digital asset is an asset under the Civil Code, expressed in the form of digital data). ([Law 71](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/7/71qh15.signed.pdf)) - **Virtual assets (Law 71, Art. 47).** "Tài sản ảo trên môi trường điện tử là một loại tài sản số có thể được dùng cho mục đích trao đổi hoặc đầu tư. Tài sản ảo không bao gồm chứng khoán, các dạng số của tiền pháp định và tài sản tài chính khác theo quy định của pháp luật về dân sự" (virtual assets in the electronic environment are a type of digital asset that can be used for exchange or investment; virtual assets do not include securities, digital forms of fiat currency or other financial assets under civil law). ([Law 71](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/7/71qh15.signed.pdf)) - **Implementing rules (Law 71, Art. 48).** The competence and content of digital asset management, and the classification of digital assets under point c of paragraph 1 and point c of paragraph 2 of Article 47, are as regulated by the Government. ([Law 71](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/7/71qh15.signed.pdf)) - **Maximum fines (Decree 284).** "Mức phạt tiền tối đa đối với hành vi vi phạm quy định tại Nghị định này là 200.000.000 đồng đối với tổ chức, 100.000.000 đồng đối với cá nhân." (The maximum fine for violations under this Decree is VND 200,000,000 for organisations and VND 100,000,000 for individuals.) ([Decree 284](https://datafiles.chinhphu.vn/cpp/files/vbpq/2026/7/284-ndcp.signed.pdf)) - **Trading outside licensed providers (Decree 284).** "Phạt tiền từ 30.000.000 đồng đến 50.000.000 đồng đối với nhà đầu tư trong nước giao dịch tài sản mã hóa không thông qua tổ chức cung cấp dịch vụ tài sản mã hóa do Bộ Tài chính cấp phép theo quy định tại khoản 2 Điều 7 Nghị quyết số 05/2025/NQ-CP." (A fine of VND 30,000,000 to VND 50,000,000 for domestic investors who trade crypto assets not through crypto-asset service providers licensed by the Ministry of Finance, as provided in Article 7(2) of Resolution 05/2025/NQ-CP.) ([Decree 284](https://datafiles.chinhphu.vn/cpp/files/vbpq/2026/7/284-ndcp.signed.pdf)) ## Timeline | Date | Event | Source | |---|---|---| | 14 June 2025 | Law 71/2025/QH15 on the Digital Technology Industry issued | [Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=214609) | | 9 September 2025 | Resolution 05/2025/NQ-CP issued and in force; the 5-year pilot starts | [Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=215249) | | 1 January 2026 | Law 71/2025/QH15 enters into force (except as provided in paragraph 2 of its effectivity article) | [Law 71 (PDF)](https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/7/71qh15.signed.pdf) | | 16 July 2026 | Decree 284/2026/NĐ-CP on administrative penalties for crypto assets issued | [Government of Vietnam](https://vanban.chinhphu.vn/?pageid=27160&docid=218906) | | 1 September 2026 | Decree 284/2026/NĐ-CP enters into force | [Decree 284 (PDF)](https://datafiles.chinhphu.vn/cpp/files/vbpq/2026/7/284-ndcp.signed.pdf) | ## Not covered here The sources this page uses contain no rule on stablecoins by name. Resolution 05 excludes fiat currency as an underlying asset for issuance; the quoted text has no rule on trading foreign-issued stablecoins on licensed venues. No Ministry of Finance licence for a crypto-asset service provider, and no official licence register, was found on the Ministry of Finance or government document portals, so the number of licensed providers is not stated. Resolution 05 sets a 6-month period counted from the first provider's licence, after which domestic investors who trade crypto assets not through a licensed provider are sanctioned; because no licence was found, the start of that period is not stated. Two Resolution 05 rules, the minimum charter capital for providers (Art. 8(2)) and the rule on advertising crypto-asset services (Art. 4(4)), are not described because the recognised text of those passages contains errors. All three signed PDFs are image scans and no text-layer copy was found; the Vietnamese quotes come from OCR. ## Sources - https://vanban.chinhphu.vn/?pageid=27160&docid=215249 - https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf - https://vanban.chinhphu.vn/?pageid=27160&docid=214609 - https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/7/71qh15.signed.pdf - https://vanban.chinhphu.vn/?pageid=27160&docid=218906 - https://datafiles.chinhphu.vn/cpp/files/vbpq/2026/7/284-ndcp.signed.pdf # DAI stablecoin data DAI on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Arbitrum, Base, Ethereum and Optimism. Canonical: https://achivx.org/stablecoins/dai/ Updated: 2026-11-01 As of: 2026-10-31 Data card for DAI: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about DAI, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | Sky Protocol. Skybase International’s terms of use say Skybase International does not control or operate any version of the Sky Protocol on any blockchain network and that the Sky Protocol is not part of its Services. Quote: "For the avoidance of doubt, Skybase International does not control or operate any version of the Sky Protocol or Other Protocol on any blockchain network and the Sky Protocol or Other Protocol is not part of the Services." | [docs.sky.money](https://docs.sky.money/legal/skybase-international/terms-of-use) | | Type | Category: crypto-collateralised. Sky’s developer docs describe DAI as part of the Multi-Collateral Dai (MCD) System and say DAI was designed to represent any token the core system considers equal in value to its internal debt unit. | [developers.sky.money](https://developers.sky.money/protocol/tokens/dai/) | | Redemption | Sky’s docs say DAI or USDS holders can convert between the two at any time with no liquidity restrictions, and that fees have not been activated for DAI to USDC and USDC to DAI swaps in the LitePSM (fees could change in the future). | [developers.sky.money](https://developers.sky.money/quick-start/protocol-token-routes/), [developers.sky.money](https://developers.sky.money/protocol/liquidity/litepsm/) | | Reserves | As of 1 November 2026. No accountant’s report. Collateral is shown on Sky’s on-chain dashboard (info.skyeco.com); the dashboard data read on 1 November 2026 is dated 1 November 2026. | [info.skyeco.com](https://info.skyeco.com/) | | Yield to holders | Sky’s docs say the DSR (DAI Savings Rate) is set by Sky Governance and will typically be less than the base stability fee. | [developers.sky.money](https://developers.sky.money/protocol/rates/pot/) | | Regulation: Japan | In a December 2022 FSA presentation marked “Discussion purpose only” (URL path 20221207), the FSA gave DAI as an example of “non-redemption stablecoins”, which it said are categorized as “Crypto Assets” in Japan, the same category as Bitcoin. | [fsa.go.jp](https://www.fsa.go.jp/inter/etc/20221207/01.pdf) | | Regulation: United Arab Emirates (ADGM) | Not found in the ADGM FSRA list of Accepted Fiat-Referenced Tokens dated September 1, 2026 (checked 2026-11-01; searched for "DAI", "Sky"). | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "DAI", "Sky"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "DAI", "Sky"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "DAI", "Sky"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/dai](https://revain.org/coins/dai/) - Glossary: [Crypto-collateralised stablecoin](/glossary/crypto-collateralised-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Freeze (address freeze)](/glossary/freeze/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/), [Peg / depeg](/glossary/peg-depeg/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$60.9 bn | US$60.9 bn | -US$40.1 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/dai-explorer](https://stablescan.achivx.com/dai-explorer) | | Ethereum | US$60.9 bn | US$60.9 bn | -US$40.4 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum/stablecoin/dai](https://stablescan.achivx.com/ethereum/stablecoin/dai) | | Base | US$70,636 | US$58,891 | US$11,744 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base/stablecoin/dai](https://stablescan.achivx.com/base/stablecoin/dai) | | Optimism | US$1,102 | US$168,459 | -US$167,357 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/dai](https://stablescan.achivx.com/optimism/stablecoin/dai) | | Arbitrum | US$505,561 | US$0 | US$505,561 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum/stablecoin/dai](https://stablescan.achivx.com/arbitrum/stablecoin/dai) | Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts The scanner indexes no issuer acts for DAI. ## Freeze function in the contract What the DAI contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | Arbitrum | `0xda10009cbd5d07dd0cecc66161fc93d7c9000da1` | bridged | no freeze function | [stablescan.achivx.com/arbitrum/stablecoin/dai](https://stablescan.achivx.com/arbitrum/stablecoin/dai) | | Base | `0x50c5725949a6f0c72e6c4a641f24049a917db0cb` | bridged | no freeze function | [stablescan.achivx.com/base/stablecoin/dai](https://stablescan.achivx.com/base/stablecoin/dai) | | Ethereum | `0x6b175474e89094c44da98b954eedeac495271d0f` | native | no freeze function | [stablescan.achivx.com/ethereum/stablecoin/dai](https://stablescan.achivx.com/ethereum/stablecoin/dai) | | Optimism | `0xda10009cbd5d07dd0cecc66161fc93d7c9000da1` | bridged | no freeze function | [stablescan.achivx.com/optimism/stablecoin/dai](https://stablescan.achivx.com/optimism/stablecoin/dai) | ## Settlement volume The scanner publishes no organic settlement figure for DAI alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/dai-explorer](https://stablescan.achivx.com/dai-explorer) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/sky.html](https://achivx.com/academy/issuers/sky.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/dai/ ## Sources - https://achivx.com/academy/issuers/sky.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://developers.sky.money/protocol/liquidity/litepsm/ - https://developers.sky.money/protocol/rates/pot/ - https://developers.sky.money/protocol/tokens/dai/ - https://developers.sky.money/quick-start/protocol-token-routes/ - https://docs.sky.money/legal/skybase-international/terms-of-use - https://info.skyeco.com/ - https://stablescan.achivx.com/arbitrum/stablecoin/dai - https://stablescan.achivx.com/base/stablecoin/dai - https://stablescan.achivx.com/dai-explorer - https://stablescan.achivx.com/ethereum/stablecoin/dai - https://stablescan.achivx.com/optimism/stablecoin/dai - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/inter/etc/20221207/01.pdf - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ # FDUSD stablecoin data FDUSD on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on BNB Chain. Canonical: https://achivx.org/stablecoins/fdusd/ Updated: 2026-11-02 As of: 2026-10-31 Data card for FDUSD: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about FDUSD, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | First Digital Labs. Legal entity: FD121 (BVI) Limited. Quote: "FD121 means FD121 (BVI) Limited, a company limited by shares incorporated in the British Virgin Islands;" | [firstdigitallabs.com](https://www.firstdigitallabs.com/legal/fdd-terms) | | Type | Category: fiat-backed. First Digital Labs describes FDUSD as a 1:1 USD-backed stablecoin issued by FD121 (BVI) Limited and custodied by FDT. | [firstdigitallabs.com](https://www.firstdigitallabs.com/) | | Redemption | To redeem FDUSD a holder must first become a First Digital Labs client and pass AML/CTF checks; the FDD terms condition selling 1 FDD for 1 Dollar on holding an FD121 Account. | [firstdigitallabs.com](https://www.firstdigitallabs.com/transparency), [firstdigitallabs.com](https://www.firstdigitallabs.com/legal/fdd-terms) | | Reserves | As of 30 September 2026. Attester: AOGB CPA Limited (ISAE 3000 (Revised), limited assurance). FD121 (BVI) Limited’s reserve accounts report as of 30 September 2026, with a limited-assurance report by AOGB CPA Limited: total assets held in reserve accounts US$326,311,744.04 against 325,042,596.91 FDUSD issued and in circulation. | [cdn.prod.website-files.com](https://cdn.prod.website-files.com/675ab99bf1f7ea944d49a55b/6ad828758ca468da1c9db6e6_Attestation%20Report%20on%20Reserves%20Account%20Sept.pdf) | | Freeze | The issuer can freeze addresses. Quote: "FD121 may decide to freeze the associated FDUSD (temporarily or permanently). Also, when FD121 is directed by a competent authority to freeze FDUSD, FD121 will comply with such a request." | [cdn.prod.website-files.com](https://cdn.prod.website-files.com/67343e8ae0825a566f704bb0/689f4ee63e948a1098ef51dd_FDL%20Whitepaper%2015.08.pdf) | | Regulation: not named by the issuer | First Digital Labs says it is actively working to secure regulatory authorisation for its stablecoin issuance activities from a recognised financial regulatory authority. | [firstdigitallabs.com](https://www.firstdigitallabs.com/transparency) | | Regulation: Hong Kong (reserve custodian, not the issuer) | The white paper says the reserve custodian First Digital Trust Limited (FDT) is a trust company registered in Hong Kong under the Trustee Ordinance and a TCSP licensed by the Hong Kong Companies Registry (no. TC006771). | [cdn.prod.website-files.com](https://cdn.prod.website-files.com/67343e8ae0825a566f704bb0/689f4ee63e948a1098ef51dd_FDL%20Whitepaper%2015.08.pdf) | | Regulation: United Arab Emirates (ADGM) | Not found in the ADGM FSRA list of Accepted Fiat-Referenced Tokens dated September 1, 2026 (checked 2026-11-01; searched for "FDUSD", "First Digital", "FD121"). | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "FDUSD", "First Digital", "FD121"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "FDUSD", "First Digital", "FD121"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "FDUSD", "First Digital", "FD121"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/fdusd](https://revain.org/coins/fdusd/) - Glossary: [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Reserve attestation](/glossary/reserve-attestation/), [Freeze (address freeze)](/glossary/freeze/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$0 | US$466,795 | -US$466,795 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | BNB Chain | US$0 | US$466,795 | -US$466,795 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts Acts the issuer carried out on BNB Chain, the networks where the scanner indexes FDUSD issuer acts. | Measure | Value | Window | Scanner build | Source | |---|---|---|---|---| | Freeze acts | 6 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | Unfreeze acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | Seize acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | Seized | US$0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | Addresses acted on | 6 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | Latest act in the ledger: 30 October 2026. | Date | Network | Act | Scanner page | |---|---|---|---| | 30 October 2026 | BNB Chain | freeze | [stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae](https://stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae) | | 30 October 2026 | BNB Chain | freeze | [stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae](https://stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae) | | 30 October 2026 | BNB Chain | freeze | [stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae](https://stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae) | | 30 October 2026 | BNB Chain | freeze | [stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae](https://stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae) | | 30 October 2026 | BNB Chain | freeze | [stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae](https://stablescan.achivx.com/bnb-chain/freeze/0x75d0f710981ba031186731a5845fa7bc923e35ff91a1fb6f7d067d180360feae) | The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. ## Freeze function in the contract What the FDUSD contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | BNB Chain | `0xc5f0f7b66764f6ec8c8dff7ba683102295e16409` | native | freeze only | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | ## Settlement volume The scanner publishes no organic settlement figure for FDUSD alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/first-digital.html](https://achivx.com/academy/issuers/first-digital.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/fdusd/ ## Sources - https://achivx.com/academy/issuers/first-digital.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://cdn.prod.website-files.com/67343e8ae0825a566f704bb0/689f4ee63e948a1098ef51dd_FDL%20Whitepaper%2015.08.pdf - https://cdn.prod.website-files.com/675ab99bf1f7ea944d49a55b/6ad828758ca468da1c9db6e6_Attestation%20Report%20on%20Reserves%20Account%20Sept.pdf - https://stablescan.achivx.com/bnb-chain/freezes - https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.firstdigitallabs.com/ - https://www.firstdigitallabs.com/legal/fdd-terms - https://www.firstdigitallabs.com/transparency - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ # Stablecoin data cards On-chain data cards for the 11 stablecoins the Stablecoin Scanner (ACHIVX) covers: issuance, issuer freezes and seizures, and freeze functions per network. Canonical: https://achivx.org/stablecoins/ Updated: 2026-11-01 As of: 2026-10-31 One data card per stablecoin the scanner covers (11 coins), with issuance, issuer acts and the freeze function of each contract. The table gives net issuance for the 30 days to 31 October 2026. ## Coins | Coin | Net issuance | Window | Scanner build | Source | |---|---|---|---|---| | [USDT](/stablecoins/usdt/) | -US$139 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | [USDC](/stablecoins/usdc/) | -US$1.52 bn | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | [DAI](/stablecoins/dai/) | -US$40.1 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/dai-explorer](https://stablescan.achivx.com/dai-explorer) | | [FDUSD](/stablecoins/fdusd/) | -US$466,795 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/fdusd](https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd) | | [PYUSD](/stablecoins/pyusd/) | US$9.34 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | [TUSD](/stablecoins/tusd/) | no issuance figure | | | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | | [USD1](/stablecoins/usd1/) | -US$535 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | [USDC.e](/stablecoins/usdc-e/) | -US$4.30 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | [USDe](/stablecoins/usde/) | -US$427 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usde-explorer](https://stablescan.achivx.com/usde-explorer) | | [USDS](/stablecoins/usds/) | -US$401 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usds-explorer](https://stablescan.achivx.com/usds-explorer) | | [USDT0](/stablecoins/usdt0/) | -US$30.9 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## Sources - https://stablescan.achivx.com/bnb-chain/stablecoin/fdusd - https://stablescan.achivx.com/bnb-chain/stablecoin/tusd - https://stablescan.achivx.com/dai-explorer - https://stablescan.achivx.com/optimism/stablecoin/usdc-e - https://stablescan.achivx.com/optimism/stablecoin/usdt0 - https://stablescan.achivx.com/pyusd-explorer - https://stablescan.achivx.com/usd1-explorer - https://stablescan.achivx.com/usdc-explorer - https://stablescan.achivx.com/usde-explorer - https://stablescan.achivx.com/usds-explorer - https://stablescan.achivx.com/usdt-explorer # PYUSD stablecoin data PYUSD on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Arbitrum, Ethereum and Solana. Canonical: https://achivx.org/stablecoins/pyusd/ Updated: 2026-11-02 As of: 2026-10-31 Data card for PYUSD: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about PYUSD, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | Paxos. Legal entity: Paxos Trust Company, N.A. Quote: "Issued by Paxos Trust Company N.A., PayPal USD (PYUSD) is PayPal’s stablecoin designed for payments." | [paxos.com](https://www.paxos.com/pyusd-transparency) | | Type | Category: fiat-backed. Paxos’s terms say its USD stablecoins are fully backed by an equivalent amount of U.S. Dollar-denominated assets held with regulated financial institutions in segregated accounts. | [paxos.com](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) | | Redemption | Only Paxos customers may buy PYUSD from Paxos or redeem it with Paxos. Paxos says it does not charge fees for redeeming its USD stablecoins. | [paxos.com](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) | | Reserves | As of 30 September 2026. Attester: KPMG LLP (examination). Paxos’s PYUSD redemption-assets report examined by KPMG LLP: total redemption assets $2,754,709,360 at the 30 September 2026 report date. | [framerusercontent.com](https://framerusercontent.com/assets/UZ8Eke3FvB5npXyceLEmiLRV6k.pdf) | | Freeze | The issuer can freeze addresses. Quote: "As part of the Services, Paxos has the ability and the right to freeze and upgrade all USD Stablecoins tokens (on an aggregate basis), regardless of where the USD Stablecoins are being held." | [paxos.com](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) | | Regulation: United States (federal) | Paxos says Paxos Trust issues USD stablecoins pursuant to specific approval from the OCC. | [paxos.com](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) | | Regulation: United States (federal) | Paxos says that on December 12, 2025 Paxos Trust Company converted from a New York limited purpose trust company to a national bank limited to the operations of a trust company. | [framerusercontent.com](https://framerusercontent.com/assets/UZ8Eke3FvB5npXyceLEmiLRV6k.pdf) | | Regulation: United Arab Emirates (ADGM) | Listed in the ADGM FSRA Consolidated List of Accepted Fiat-Referenced Tokens as of September 1, 2026 (list date), checked 2026-11-01. Accepted networks on the list: Ethereum. List note: "Inclusion of an FRT on this list does not imply acceptance of that FRT for use when serving clients in jurisdictions outside ADGM." | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "PYUSD", "PayPal"). The register lists Paxos Issuance Europe Oy for other white papers (EUROe, eUSD, USDG and a generic Paxos white paper); none names PYUSD. | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "PYUSD", "Paxos"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "PYUSD", "Paxos"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/pyusd](https://revain.org/coins/pyusd/) - Glossary: [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Reserve attestation](/glossary/reserve-attestation/), [Freeze (address freeze)](/glossary/freeze/), [Seizure](/glossary/seizure/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$1.29 bn | US$1.28 bn | US$9.34 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | Ethereum | US$1.19 bn | US$1.10 bn | US$92.5 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum/stablecoin/pyusd](https://stablescan.achivx.com/ethereum/stablecoin/pyusd) | | Arbitrum | US$106 m | US$189 m | -US$83.2 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum/stablecoin/pyusd](https://stablescan.achivx.com/arbitrum/stablecoin/pyusd) | The scanner does not index issuance on Solana yet, so the PYUSD total excludes Solana. Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts Acts the issuer carried out on Ethereum and Arbitrum, the networks where the scanner indexes PYUSD issuer acts. | Measure | Value | Window | Scanner build | Source | |---|---|---|---|---| | Freeze acts | 4 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | Unfreeze acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | Seize acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | Seized | US$0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | | Addresses acted on | 3 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) | Latest act in the ledger: 30 October 2026. | Date | Network | Act | Scanner page | |---|---|---|---| | 30 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x39d29e27781d511e96b1eea2f3a9b1922b1d8a914ae827fec149aff9fbe2de8d](https://stablescan.achivx.com/ethereum/freeze/0x39d29e27781d511e96b1eea2f3a9b1922b1d8a914ae827fec149aff9fbe2de8d) | | 29 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x51a9a3a6de8f9e67d71a42a0a4eaec189fc6aad264aadc81167c3b2b8f300d5f](https://stablescan.achivx.com/ethereum/freeze/0x51a9a3a6de8f9e67d71a42a0a4eaec189fc6aad264aadc81167c3b2b8f300d5f) | | 5 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x2a2174e4f0f142905b5c4d96c1e68fafd9c0186fa910bf8444a49723281cc805](https://stablescan.achivx.com/ethereum/freeze/0x2a2174e4f0f142905b5c4d96c1e68fafd9c0186fa910bf8444a49723281cc805) | | 5 October 2026 | Arbitrum | freeze | [stablescan.achivx.com/arbitrum/freeze/0xfc68ed31d2e5291d343c9e2875b620321edf5a586a66f1d7f6e3c074163a6c8a](https://stablescan.achivx.com/arbitrum/freeze/0xfc68ed31d2e5291d343c9e2875b620321edf5a586a66f1d7f6e3c074163a6c8a) | | 14 September 2026 | Ethereum | seize | [stablescan.achivx.com/ethereum/freeze/0x6aceae7a0fedb59bb9e6c9283f72ca696112e399ca10270fc587f970ad1f94ca](https://stablescan.achivx.com/ethereum/freeze/0x6aceae7a0fedb59bb9e6c9283f72ca696112e399ca10270fc587f970ad1f94ca) | The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. ## Freeze function in the contract What the PYUSD contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | Arbitrum | `0x46850ad61c2b7d64d08c9c754f45254596696984` | native | freeze and seize | [stablescan.achivx.com/arbitrum/stablecoin/pyusd](https://stablescan.achivx.com/arbitrum/stablecoin/pyusd) | | Ethereum | `0x6c3ea9036406852006290770bedfcaba0e23a0e8` | native | freeze and seize | [stablescan.achivx.com/ethereum/stablecoin/pyusd](https://stablescan.achivx.com/ethereum/stablecoin/pyusd) | | Solana | `2b1kV6DkPAnxd5ixfnxCpjxmKwqjjaYmCZfHsFu24GXo` | native | freeze and seize | [stablescan.achivx.com/solana/stablecoin/pyusd](https://stablescan.achivx.com/solana/stablecoin/pyusd) | ## Settlement volume The scanner publishes no organic settlement figure for PYUSD alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/pyusd-explorer](https://stablescan.achivx.com/pyusd-explorer) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/paxos.html](https://achivx.com/academy/issuers/paxos.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/pyusd/ ## Sources - https://achivx.com/academy/issuers/paxos.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://framerusercontent.com/assets/UZ8Eke3FvB5npXyceLEmiLRV6k.pdf - https://stablescan.achivx.com/arbitrum/freezes - https://stablescan.achivx.com/arbitrum/stablecoin/pyusd - https://stablescan.achivx.com/ethereum/freezes - https://stablescan.achivx.com/ethereum/stablecoin/pyusd - https://stablescan.achivx.com/pyusd-explorer - https://stablescan.achivx.com/solana/stablecoin/pyusd - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ - https://www.paxos.com/pyusd-transparency - https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions # TUSD stablecoin data TUSD on-chain data: issuer freeze and seize acts and contract freeze functions on BNB Chain; no issuance figure from the scanner. Canonical: https://achivx.org/stablecoins/tusd/ Updated: 2026-11-04 As of: 2026-10-31 Data card for TUSD: issuer freeze and seize acts and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). The scanner gives no issuance figure for it in this window. ## Issuer and rules What issuer documents and public registers say about TUSD, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | Techteryx (acquired the business of owning and administering TrueUSD in December 2020, per a Singapore High Court judgment). Legal entity: Techteryx Ltd. Quote: "The respondent is a company incorporated in the British Virgin Islands and carries on business in Hong Kong. In December 2020, the respondent acquired the business of owning and administering TrueUSD." | [elitigation.sg](https://www.elitigation.sg/gd/s/2024_SGHC_329) | | Type | Category: fiat-backed. TrueUSD’s transparency page compares TUSD with “other fiat-backed stablecoins” and says TUSD provides attestation reports “on a daily basis”. | [tusd.io](https://tusd.io/transparency) | | Redemption | To have TUSD issued or redeemed by the company, a holder must be a verified customer with an account that passed bank verification and KYC/AML checks; the company may refuse redemption requests under US$1,000, and says it charges no fees for minting or redeeming. | [app.tusd.io](https://app.tusd.io/terms-of-use) | | Reserves | As of 31 October 2026. Attester: Moore Hong Kong. tusd.io/transparency shows TUSD’s reserves through a live VeriNumus widget, so the values on that page change. Read from the widget’s snapshot at 31 October 2026 08:30 UTC (snapshot timestamp 2026-10-31T08:30:48Z), it showed a trust total of 501,928,900.88 against a token total of 494,515,082.75 TUSD. The snapshot gives per-chain token amounts only. tusd.io says the attestation process is executed by Moore Hong Kong. | [tusd.io](https://tusd.io/transparency) | | Regulation: not named (user’s jurisdiction) | TrueUSD’s terms say TrueUSD tokens are not financial instruments and the company may not be regulated as a financial institution in the user’s jurisdiction. | [app.tusd.io](https://app.tusd.io/terms-of-use) | | Regulation: United Arab Emirates (ADGM) | Not found in the ADGM FSRA list of Accepted Fiat-Referenced Tokens dated September 1, 2026 (checked 2026-11-01; searched for "TUSD", "TrueUSD", "Techteryx"). | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "TUSD", "TrueUSD", "Techteryx"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "TUSD", "TrueUSD", "Techteryx"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "TUSD", "TrueUSD", "Techteryx"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/tusd](https://revain.org/coins/tusd/) - Glossary: [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve attestation](/glossary/reserve-attestation/), [Freeze (address freeze)](/glossary/freeze/) ## Issuance, 30 days The scanner gives no issuance figure for TUSD in this window. ## Issuer acts Acts the issuer carried out on BNB Chain, the networks where the scanner indexes TUSD issuer acts. | Measure | Value | Window | Scanner build | Source | |---|---|---|---|---| | Freeze acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | | Unfreeze acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | | Seize acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | | Seized | US$0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | | Addresses acted on | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. ## Freeze function in the contract What the TUSD contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | BNB Chain | `0x40af3827f39d0eacbf4a168f8d4ee67c121d11c9` | bridged | freeze only | [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) | ## Settlement volume The scanner publishes no organic settlement figure for TUSD alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/bnb-chain/stablecoin/tusd](https://stablescan.achivx.com/bnb-chain/stablecoin/tusd) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/trueusd.html](https://achivx.com/academy/issuers/trueusd.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/tusd/ ## Sources - https://achivx.com/academy/issuers/trueusd.html - https://app.tusd.io/terms-of-use - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://stablescan.achivx.com/bnb-chain/freezes - https://stablescan.achivx.com/bnb-chain/stablecoin/tusd - https://tusd.io/transparency - https://www.elitigation.sg/gd/s/2024_SGHC_329 - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ # USD1 stablecoin data USD1 on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on BNB Chain, Ethereum and Tron. Canonical: https://achivx.org/stablecoins/usd1/ Updated: 2026-11-02 As of: 2026-10-31 Data card for USD1: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about USD1, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | BitGo. Legal entity: BitGo Bank & Trust, N.A. Quote: "USD1 is issued and redeemed by the Company, and the USD1 brand and certain associated trademarks are owned and controlled by World Liberty Financial, Inc. and SC Financial Technologies, LLC" | [landing.bitgo.com](https://landing.bitgo.com/rs/552-OGK-141/images/USD1_Reserve_Attestation_Report_Sept_2026.pdf) | | Issuer (second source) | Quote: "World Liberty Financial does not issue or custody USD1 directly." | [docs.worldlibertyfinancial.com](https://docs.worldlibertyfinancial.com/usd1-token/what-is-usd1) | | Type | Category: fiat-backed. BitGo says USD1 is 100% backed by short-term US government treasuries, US dollar deposits and other cash equivalents. | [bitgo.com](https://www.bitgo.com/usd1/) | | Redemption | Minting and redemption are available only to registered BitGo customers with an active account in good standing; holders without a BitGo account can transfer USD1 but have no direct redemption right. BitGo says it typically initiates transfers within two business days of a compliant redemption request. | [landing.bitgo.com](https://landing.bitgo.com/rs/552-OGK-141/images/USD1_Reserve_Attestation_Report_Sept_2026.pdf), [bitgo.com](https://www.bitgo.com/legal/bitgo-coin-minting-services-terms/) | | Reserves | As of 30 September 2026. Attester: KPMG LLP (examination). BitGo’s USD1 reserve report for September 2026, examined by KPMG LLP: at the 30 September 2026 report date, total redemption assets $4,416,592,901 against 4,416,180,490 USD1 redeemable tokens outstanding. | [landing.bitgo.com](https://landing.bitgo.com/rs/552-OGK-141/images/USD1_Reserve_Attestation_Report_Sept_2026.pdf) | | Freeze | The issuer can freeze addresses. Quote: "BitGo reserves the right to block certain blockchain wallet addresses from transacting the Coins, and, if such addresses are BitGo custodied addresses, freeze associated Coins (temporarily or permanently) that BitGo determines, in its sole discretion, may be associated with illegal activity or activity that otherwise violates these Terms ("Blocked Address")." | [bitgo.com](https://www.bitgo.com/legal/bitgo-coin-minting-services-terms/) | | Regulation: United States (federal) | BitGo says BitGo Bank & Trust, National Association is a national trust bank chartered and regulated by the OCC. | [bitgo.com](https://www.bitgo.com/usd1/) | | Regulation: United Arab Emirates (ADGM) | Listed in the ADGM FSRA Consolidated List of Accepted Fiat-Referenced Tokens as of September 1, 2026 (list date), checked 2026-11-01. Accepted networks on the list: BNB Smart Chain, Ethereum, Tron, Solana, Plume. List note: "Inclusion of an FRT on this list does not imply acceptance of that FRT for use when serving clients in jurisdictions outside ADGM." | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "USD1", "BitGo", "World Liberty"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "USD1", "BitGo", "World Liberty"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "USD1", "BitGo", "World Liberty"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | The ADGM list names "World Liberty Financial" in its AFRT Issuer column. World Liberty Financial’s own docs say “BitGo is responsible for the issuance, custody, minting, and redemption of USD1, subject to applicable regulatory and compliance requirements.” and “World Liberty Financial does not issue or custody USD1 directly.” BitGo’s report says USD1 is issued and redeemed by BitGo Bank & Trust, N.A. (the Company). BitGo and World Liberty Financial therefore agree; the only difference is the ADGM AFRT Issuer column. Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/usd1](https://revain.org/coins/usd1/) - Glossary: [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Reserve attestation](/glossary/reserve-attestation/), [Freeze (address freeze)](/glossary/freeze/), [Blacklist (issuer blacklist)](/glossary/blacklist/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$30.9 m | US$566 m | -US$535 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | Ethereum | US$27.6 m | US$335 m | -US$308 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum/stablecoin/usd1](https://stablescan.achivx.com/ethereum/stablecoin/usd1) | | BNB Chain | US$3.31 m | US$231 m | -US$228 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/usd1](https://stablescan.achivx.com/bnb-chain/stablecoin/usd1) | The scanner snapshot has no per-network breakdown for USD1 on Tron; the USD1 total includes it. Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts Acts the issuer carried out on Ethereum, BNB Chain and Tron, the networks where the scanner indexes USD1 issuer acts. | Measure | Value | Window | Scanner build | Source | |---|---|---|---|---| | Freeze acts | 7 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | Unfreeze acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | Seize acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | Seized | US$0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | | Addresses acted on | 5 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) | Latest act in the ledger: 30 October 2026. | Date | Network | Act | Scanner page | |---|---|---|---| | 30 October 2026 | Tron | freeze | [stablescan.achivx.com/tron/freeze/e5826065f1d073cf51d008537a7cec9671c515c62e194faf544210ea42ce21ad](https://stablescan.achivx.com/tron/freeze/e5826065f1d073cf51d008537a7cec9671c515c62e194faf544210ea42ce21ad) | | 30 October 2026 | BNB Chain | freeze | [stablescan.achivx.com/bnb-chain/freeze/0x512ae78506121f1d84ca0020d9837c72c04c68470ed7272c54cc73087c0eab94](https://stablescan.achivx.com/bnb-chain/freeze/0x512ae78506121f1d84ca0020d9837c72c04c68470ed7272c54cc73087c0eab94) | | 30 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x3e1957f7cb9b5abc2383741bd0dc55073c4ca83ee76146b571c6d3497bd79fbd](https://stablescan.achivx.com/ethereum/freeze/0x3e1957f7cb9b5abc2383741bd0dc55073c4ca83ee76146b571c6d3497bd79fbd) | | 29 October 2026 | BNB Chain | freeze | [stablescan.achivx.com/bnb-chain/freeze/0x5a2c5c51e6a4a91bb700ab4467a6e6ce46a3a4ce61c97055061cd83931c89c44](https://stablescan.achivx.com/bnb-chain/freeze/0x5a2c5c51e6a4a91bb700ab4467a6e6ce46a3a4ce61c97055061cd83931c89c44) | | 29 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x8cea3c6d369afc25357af07c6c0270771e338cf4ba98eec611fffa1d8050c62f](https://stablescan.achivx.com/ethereum/freeze/0x8cea3c6d369afc25357af07c6c0270771e338cf4ba98eec611fffa1d8050c62f) | The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. ## Freeze function in the contract What the USD1 contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | BNB Chain | `0x8d0d000ee44948fc98c9b98a4fa4921476f08b0d` | native | freeze and seize | [stablescan.achivx.com/bnb-chain/stablecoin/usd1](https://stablescan.achivx.com/bnb-chain/stablecoin/usd1) | | Ethereum | `0x8d0d000ee44948fc98c9b98a4fa4921476f08b0d` | native | freeze and seize | [stablescan.achivx.com/ethereum/stablecoin/usd1](https://stablescan.achivx.com/ethereum/stablecoin/usd1) | | Tron | `TPFqcBAaaUMCSVRCqPaQ9QnzKhmuoLR6Rc` | native | freeze only | [stablescan.achivx.com/tron/stablecoin/usd1](https://stablescan.achivx.com/tron/stablecoin/usd1) | ## Settlement volume The scanner publishes no organic settlement figure for USD1 alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/usd1-explorer](https://stablescan.achivx.com/usd1-explorer) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/bitgo.html](https://achivx.com/academy/issuers/bitgo.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/usd1/ ## Sources - https://achivx.com/academy/issuers/bitgo.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://docs.worldlibertyfinancial.com/usd1-token/what-is-usd1 - https://landing.bitgo.com/rs/552-OGK-141/images/USD1_Reserve_Attestation_Report_Sept_2026.pdf - https://stablescan.achivx.com/bnb-chain/freezes - https://stablescan.achivx.com/bnb-chain/stablecoin/usd1 - https://stablescan.achivx.com/ethereum/freezes - https://stablescan.achivx.com/ethereum/stablecoin/usd1 - https://stablescan.achivx.com/tron/freezes - https://stablescan.achivx.com/tron/stablecoin/usd1 - https://stablescan.achivx.com/usd1-explorer - https://www.bitgo.com/legal/bitgo-coin-minting-services-terms/ - https://www.bitgo.com/usd1/ - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ # USDC stablecoin data USDC on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Arbitrum, Base, BNB Chain, Ethereum, Optimism and Solana. Canonical: https://achivx.org/stablecoins/usdc/ Updated: 2026-11-02 As of: 2026-10-31 Data card for USDC: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about USDC, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | Circle. Legal entity: Circle Internet Financial, LLC and Circle Internet Financial Europe SAS. Quote: "USDC is issued and redeemed by Circle Internet Financial, LLC and Circle Internet Financial Europe SAS (together, “Circle”)." | [Circle (PDF)](https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20September%2026.pdf) | | Type | Category: fiat-backed. Circle says USDC and EURC are fully backed by highly liquid fiat reserves held separately from Circle’s operating funds. | [circle.com](https://www.circle.com/transparency) | | Redemption | Circle says USDC is always redeemable 1:1 for US dollars. Under the USDC terms only Users Type A can redeem USDC directly with Circle; Circle Mint is not available to individuals. | [circle.com](https://www.circle.com/transparency), [circle.com](https://www.circle.com/legal/usdc-terms), [circle.com](https://www.circle.com/circle-mint) | | Reserves | As of 30 September 2026. Attester: Deloitte & Touche LLP (examination under AICPA attestation standards). Circle’s USDC Reserve Report examined by Deloitte & Touche LLP: at the 30 September 2026 report date, USDC in circulation 73,878,861,314 and fair value of assets held in the USDC reserve $73,956,687,701. | [Circle (PDF)](https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20September%2026.pdf) | | Freeze | The issuer can freeze addresses. Quote: "When an address is denied access, it can no longer send or receive Circle Stablecoin and all of the Circle Stablecoin controlled by that address is blocked and cannot be transferred on-chain." | [Circle (PDF)](https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/Blog%20Posts/Circle%20Stablecoin%20Access%20Denial%20Policy_pdf.pdf) | | Yield to holders | The USDC terms say holders are not entitled to any interest or other returns earned on the reserve funds. | [circle.com](https://www.circle.com/legal/usdc-terms) | | Regulation: European Union | Listed in the ESMA interim MiCA register of e-money token issuers as of 2026-11-01: Circle Internet Financial Europe SAS (LEI 969500OYUDADGZKCR583, home Member State FR, competent authority ACPR), with the USDC white paper (circle.com/fr/legal/mica-usdc-whitepaper, white paper notification date 01/07/2024). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: European Union (France) | Circle says Circle SAS is a licensed Electronic Money Institution under n°17788 and a registered Crypto-Assets Services Provider under n°E2026-005. | [circle.com](https://www.circle.com/legal/mica-usdc-whitepaper) | | Regulation: United States (New York) | Circle says Circle Internet Financial, LLC (NMLS ID 1201441) is licensed as a Money Transmitter and to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. | [circle.com](https://www.circle.com/pressroom) | | Regulation: United States (federal) | Circle says Circle National Trust, the trade name of First National Digital Currency Bank, N.A., is a national trust bank chartered and regulated by the OCC that provides custody of digital assets; it does not issue USDC. | [circle.com](https://www.circle.com/circle-mint) | | Regulation: United Arab Emirates (ADGM) | Listed in the ADGM FSRA Consolidated List of Accepted Fiat-Referenced Tokens as of September 1, 2026 (list date), checked 2026-11-01. Accepted networks on the list: Algorand, Aptos, Arbitrum One, Avalanche C-Chain, Base, Celo, CODEX, Ethereum, Hedera, Linea, NEAR, Noble, OP Mainnet, Polkadot Asset Hub, Polygon PoS, XRP Ledger, SEI, Solana, Sonic, Stellar, Sui, Unichain, Worldchain, ZKsync Era. List note: "Inclusion of an FRT on this list does not imply acceptance of that FRT for use when serving clients in jurisdictions outside ADGM." | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: Japan | Listed in the FSA register (as of 27 August 2026, 令和8年8月27日現在) as an electronic payment instrument handled by two registered intermediaries: SBI VCトレード株式会社 (Kanto Local Finance Bureau No. 00001) and コインチェック株式会社 (No. 00002). These are exchange service providers, not the issuer. The register says the FSA only confirmed, based on the providers’ explanations, that the instruments meet the legal definition. | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "Circle"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/usdc](https://revain.org/coins/usdc/) - Glossary: [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Reserve attestation](/glossary/reserve-attestation/), [Freeze (address freeze)](/glossary/freeze/), [Blacklist (issuer blacklist)](/glossary/blacklist/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$33.8 bn | US$35.3 bn | -US$1.52 bn | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | Ethereum | US$24.7 bn | US$26.0 bn | -US$1.29 bn | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum/stablecoin/usdc](https://stablescan.achivx.com/ethereum/stablecoin/usdc) | | Base | US$3.99 bn | US$4.03 bn | -US$36.2 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base/stablecoin/usdc](https://stablescan.achivx.com/base/stablecoin/usdc) | | Optimism | US$310 m | US$321 m | -US$11.7 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc](https://stablescan.achivx.com/optimism/stablecoin/usdc) | | Arbitrum | US$4.77 bn | US$4.95 bn | -US$179 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum/stablecoin/usdc](https://stablescan.achivx.com/arbitrum/stablecoin/usdc) | The scanner does not index issuance on Solana yet, so the USDC total excludes Solana. The scanner snapshot has no per-network breakdown for USDC on BNB Chain; the USDC total includes it. Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts Acts the issuer carried out on Ethereum, Optimism, Base and Arbitrum, the networks where the scanner indexes USDC issuer acts. | Measure | Value | Window | Scanner build | Source | |---|---|---|---|---| | Freeze acts | 65 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | Unfreeze acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | Seize acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | Seized | US$0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | | Addresses acted on | 35 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) | Latest act in the ledger: 31 October 2026. | Date | Network | Act | Scanner page | |---|---|---|---| | 31 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x1f9bac88d8837222dd73b69112369c7598790ef902af3afc217a09f3ab60db3c](https://stablescan.achivx.com/ethereum/freeze/0x1f9bac88d8837222dd73b69112369c7598790ef902af3afc217a09f3ab60db3c) | | 31 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x1948c56382f7b889b54a1a90588253064944359017c00d5f1032c7bf5e9a3921](https://stablescan.achivx.com/ethereum/freeze/0x1948c56382f7b889b54a1a90588253064944359017c00d5f1032c7bf5e9a3921) | | 30 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x884b83c4ed4ddb0a33cb4977df7d9aa1b94ac14f8b7218680824955337fadb1c](https://stablescan.achivx.com/ethereum/freeze/0x884b83c4ed4ddb0a33cb4977df7d9aa1b94ac14f8b7218680824955337fadb1c) | | 30 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0xc38c0e3a2d68d0599c42024f64d6d522834c91f4458e2fa58363c79d4c0b3d24](https://stablescan.achivx.com/ethereum/freeze/0xc38c0e3a2d68d0599c42024f64d6d522834c91f4458e2fa58363c79d4c0b3d24) | | 30 October 2026 | Ethereum | freeze | [stablescan.achivx.com/ethereum/freeze/0x68ddbd9f75aa132fd877b677b5c69bd0f57eb43f45183e79556e938901512f10](https://stablescan.achivx.com/ethereum/freeze/0x68ddbd9f75aa132fd877b677b5c69bd0f57eb43f45183e79556e938901512f10) | The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. ## Freeze function in the contract What the USDC contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | Arbitrum | `0xaf88d065e77c8cc2239327c5edb3a432268e5831` | native | freeze only | [stablescan.achivx.com/arbitrum/stablecoin/usdc](https://stablescan.achivx.com/arbitrum/stablecoin/usdc) | | Base | `0x833589fcd6edb6e08f4c7c32d4f71b54bda02913` | native | freeze only | [stablescan.achivx.com/base/stablecoin/usdc](https://stablescan.achivx.com/base/stablecoin/usdc) | | BNB Chain | `0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d` | bridged | no freeze function | [stablescan.achivx.com/bnb-chain/stablecoin/usdc](https://stablescan.achivx.com/bnb-chain/stablecoin/usdc) | | Ethereum | `0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48` | native | freeze only | [stablescan.achivx.com/ethereum/stablecoin/usdc](https://stablescan.achivx.com/ethereum/stablecoin/usdc) | | Optimism | `0x0b2c639c533813f4aa9d7837caf62653d097ff85` | native | freeze only | [stablescan.achivx.com/optimism/stablecoin/usdc](https://stablescan.achivx.com/optimism/stablecoin/usdc) | | Solana | `EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v` | native | freeze only | [stablescan.achivx.com/solana/stablecoin/usdc](https://stablescan.achivx.com/solana/stablecoin/usdc) | ## Settlement volume The scanner publishes no organic settlement figure for USDC alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/usdc-explorer](https://stablescan.achivx.com/usdc-explorer) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/circle.html](https://achivx.com/academy/issuers/circle.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/usdc/ ## Sources - https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/Blog%20Posts/Circle%20Stablecoin%20Access%20Denial%20Policy_pdf.pdf - https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20September%2026.pdf - https://achivx.com/academy/issuers/circle.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://stablescan.achivx.com/arbitrum/freezes - https://stablescan.achivx.com/arbitrum/stablecoin/usdc - https://stablescan.achivx.com/base/freezes - https://stablescan.achivx.com/base/stablecoin/usdc - https://stablescan.achivx.com/bnb-chain/stablecoin/usdc - https://stablescan.achivx.com/ethereum/freezes - https://stablescan.achivx.com/ethereum/stablecoin/usdc - https://stablescan.achivx.com/optimism/freezes - https://stablescan.achivx.com/optimism/stablecoin/usdc - https://stablescan.achivx.com/solana/stablecoin/usdc - https://stablescan.achivx.com/usdc-explorer - https://www.circle.com/circle-mint - https://www.circle.com/legal/mica-usdc-whitepaper - https://www.circle.com/legal/usdc-terms - https://www.circle.com/pressroom - https://www.circle.com/transparency - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ # USDC.e stablecoin data USDC.e on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Arbitrum and Optimism. Canonical: https://achivx.org/stablecoins/usdc-e/ Updated: 2026-11-02 As of: 2026-10-31 Data card for USDC.e: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents say about USDC.e, each row with its source. | Fact | Value | Source | |---|---|---| | Issuer | Not issued by Circle. On Arbitrum, USDC.e is USDC bridged from Ethereum and is not issued by Circle. Quote: "In the case of Arbitrum, there also exists a “bridged” form of USDC, known as USDC.e, that’s been bridged from Ethereum. USDC.e is not issued by Circle." | [circle.com](https://www.circle.com/blog/arbitrum-usdc-now-available) | | Type | Category: bridged representation of USDC. Bridged USDC is backed by USDC on another blockchain locked in a smart contract. | [circle.com](https://www.circle.com/bridged-usdc) | | Redemption | Bridged USDC is unofficial: Circle neither issues nor redeems it. | [circle.com](https://www.circle.com/blog/bridged-usdc-standard), [circle.com](https://www.circle.com/multi-chain-usdc/arbitrum) | | Native USDC | Native USDC is issued by Circle and redeemable 1:1 for US dollars. Quote: "Native USDC is officially issued by Circle and always redeemable 1:1 for US dollars." | [circle.com](https://www.circle.com/blog/arbitrum-usdc-now-available) | Issuer, reserves, freeze and register facts for native USDC are on the [USDC page](/stablecoins/usdc/). Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/usdc](https://revain.org/coins/usdc/) - Glossary: [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Freeze (address freeze)](/glossary/freeze/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$4.45 m | US$8.75 m | -US$4.30 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | Optimism | US$11,655 | US$2.71 m | -US$2.70 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | Arbitrum | US$4.44 m | US$6.04 m | -US$1.60 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum/stablecoin/usdc-e](https://stablescan.achivx.com/arbitrum/stablecoin/usdc-e) | Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts Acts the issuer carried out on Optimism and Arbitrum, the networks where the scanner indexes USDC.e issuer acts. | Measure | Value | Window | Scanner build | Source | |---|---|---|---|---| | Freeze acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | Unfreeze acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | Seize acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | Seized | US$0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | | Addresses acted on | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. ## Freeze function in the contract What the USDC.e contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | Arbitrum | `0xff970a61a04b1ca14834a43f5de4533ebddb5cc8` | bridged | freeze only | [stablescan.achivx.com/arbitrum/stablecoin/usdc-e](https://stablescan.achivx.com/arbitrum/stablecoin/usdc-e) | | Optimism | `0x7f5c764cbc14f9669b88837ca1490cca17c31607` | bridged | freeze only | [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) | ## Settlement volume The scanner publishes no organic settlement figure for USDC.e alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/optimism/stablecoin/usdc-e](https://stablescan.achivx.com/optimism/stablecoin/usdc-e) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## Sources - https://stablescan.achivx.com/arbitrum/freezes - https://stablescan.achivx.com/arbitrum/stablecoin/usdc-e - https://stablescan.achivx.com/optimism/freezes - https://stablescan.achivx.com/optimism/stablecoin/usdc-e - https://www.circle.com/blog/arbitrum-usdc-now-available - https://www.circle.com/blog/bridged-usdc-standard - https://www.circle.com/bridged-usdc - https://www.circle.com/multi-chain-usdc/arbitrum # USDe stablecoin data USDe on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Arbitrum, Base, Ethereum, Optimism and Solana. Canonical: https://achivx.org/stablecoins/usde/ Updated: 2026-11-04 As of: 2026-10-31 Data card for USDe: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about USDe, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | Ethena. Legal entity: Ethena BVI Limited. Ethena’s USDe terms say Ethena BVI makes the USDe Services available to Mint Users: creating USDe in exchange for accepted tokens, and redeeming USDe for supported assets. Quote: "The following only applies to Mint Users: As you have agreed to, and are subject to, the USDe Mint User Agreement, Ethena BVI makes available the following USDe-related Services (as defined in the USDe Mint User Agreement: (i) create USDe in exchange for accepted tokens from Ethena BVI, and (ii) redeem USDe for supported assets from Ethena BVI (collectively, the “USDe Services”)." | [docs.ethena.fi](https://docs.ethena.fi/resources/usde-terms-and-conditions) | | Type | Category: synthetic. Ethena says USDe is not a fiat stablecoin like USDC or USDT; it is a synthetic dollar backed with crypto assets and corresponding short futures positions. | [docs.ethena.fi](https://docs.ethena.fi/) | | Redemption | Only Mint Users (who passed KYC/AML and are whitelisted with Ethena BVI) can redeem USDe with Ethena BVI; users in the United States are not eligible to become Mint Users. Ethena BVI commits to redeem 1 USDe for its pro rata portion of the USDe Reserves in supported digital assets, up to 1 USD in notional value. | [docs.ethena.fi](https://docs.ethena.fi/resources/usde-terms-and-conditions) | | Reserves | As of September 2026 (latest monthly custodian attestation listed). Attester: Custodians (monthly custodian attestations listed on Ethena’s docs). Ethena’s custodian-attestation page lists monthly attestations up to September 2026 and says they show none of the backing assets of USDe reside directly on any of its exchange partners. | [docs.ethena.fi](https://docs.ethena.fi/resources/custodian-attestations) | | Regulation: United Arab Emirates (ADGM) | Not found in the ADGM FSRA list of Accepted Fiat-Referenced Tokens dated September 1, 2026 (checked 2026-11-01; searched for "USDe", "Ethena"). | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "USDe", "Ethena"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "USDe", "Ethena"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "USDe", "Ethena"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/usde](https://revain.org/coins/usde/) - Glossary: [Synthetic dollar (delta-neutral)](/glossary/synthetic-dollar/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Reserve attestation](/glossary/reserve-attestation/), [Proof of reserves](/glossary/proof-of-reserves/), [Freeze (address freeze)](/glossary/freeze/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/), [Peg / depeg](/glossary/peg-depeg/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$481 m | US$908 m | -US$427 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usde-explorer](https://stablescan.achivx.com/usde-explorer) | | Ethereum | US$443 m | US$839 m | -US$397 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum/stablecoin/usde](https://stablescan.achivx.com/ethereum/stablecoin/usde) | | Base | US$38.2 m | US$68.8 m | -US$30.5 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base/stablecoin/usde](https://stablescan.achivx.com/base/stablecoin/usde) | | Optimism | US$0 | US$236.34 | -US$236.34 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usde](https://stablescan.achivx.com/optimism/stablecoin/usde) | | Arbitrum | US$121,124 | US$342,582 | -US$221,458 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum/stablecoin/usde](https://stablescan.achivx.com/arbitrum/stablecoin/usde) | The scanner does not index issuance on Solana yet, so the USDe total excludes Solana. Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts The scanner indexes no issuer acts for USDe. ## Freeze function in the contract What the USDe contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | Arbitrum | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | bridged | no freeze function | [stablescan.achivx.com/arbitrum/stablecoin/usde](https://stablescan.achivx.com/arbitrum/stablecoin/usde) | | Base | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | bridged | no freeze function | [stablescan.achivx.com/base/stablecoin/usde](https://stablescan.achivx.com/base/stablecoin/usde) | | Ethereum | `0x4c9edd5852cd905f086c759e8383e09bff1e68b3` | native | no freeze function | [stablescan.achivx.com/ethereum/stablecoin/usde](https://stablescan.achivx.com/ethereum/stablecoin/usde) | | Optimism | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | bridged | no freeze function | [stablescan.achivx.com/optimism/stablecoin/usde](https://stablescan.achivx.com/optimism/stablecoin/usde) | | Solana | `DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT` | bridged | no freeze function | [stablescan.achivx.com/solana/stablecoin/usde](https://stablescan.achivx.com/solana/stablecoin/usde) | ## Settlement volume The scanner publishes no organic settlement figure for USDe alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/usde-explorer](https://stablescan.achivx.com/usde-explorer) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/ethena.html](https://achivx.com/academy/issuers/ethena.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/usde/ ## Sources - https://achivx.com/academy/issuers/ethena.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://docs.ethena.fi/ - https://docs.ethena.fi/resources/custodian-attestations - https://docs.ethena.fi/resources/usde-terms-and-conditions - https://stablescan.achivx.com/arbitrum/stablecoin/usde - https://stablescan.achivx.com/base/stablecoin/usde - https://stablescan.achivx.com/ethereum/stablecoin/usde - https://stablescan.achivx.com/optimism/stablecoin/usde - https://stablescan.achivx.com/solana/stablecoin/usde - https://stablescan.achivx.com/usde-explorer - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ # USDS stablecoin data USDS on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Arbitrum, Base, Ethereum and Solana. Canonical: https://achivx.org/stablecoins/usds/ Updated: 2026-11-02 As of: 2026-10-31 Data card for USDS: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about USDS, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | Sky Protocol. Skybase International’s terms of use say Skybase International does not control or operate any version of the Sky Protocol on any blockchain network and that the Sky Protocol is not part of its Services. Quote: "For the avoidance of doubt, Skybase International does not control or operate any version of the Sky Protocol or Other Protocol on any blockchain network and the Sky Protocol or Other Protocol is not part of the Services." | [docs.sky.money](https://docs.sky.money/legal/skybase-international/terms-of-use) | | Type | Category: crypto-collateralised. Sky.money describes USDS as the native stablecoin of Sky Protocol, “Overcollateralized and verifiable onchain”. Sky also says USDS is the upgraded version of DAI. | [sky.money](https://sky.money/), [sky.money](https://sky.money/blog) | | Redemption | Sky’s docs say fees have not been activated for USDS to USDC and USDC to USDS swaps in the LitePSM (fees could change), and the DAI-USDS converter converts at a fixed 1:1 ratio with no fees, which cannot be enabled in the future. | [developers.sky.money](https://developers.sky.money/protocol/liquidity/litepsm/), [developers.sky.money](https://developers.sky.money/protocol/tokens/usds/) | | Reserves | As of 1 November 2026. No accountant’s report. Collateral is shown on Sky’s on-chain dashboard (info.skyeco.com); the dashboard data read on 1 November 2026 is dated 1 November 2026. | [info.skyeco.com](https://info.skyeco.com/) | | Yield to holders | Sky.money says the Sky Savings Rate is a variable protocol rate funded from aggregate Sky protocol surplus and can change over time; sky.money showed 3.80% APY for it on 2026-11-01. | [sky.money](https://sky.money/) | | Regulation: United Arab Emirates (ADGM) | Not found in the ADGM FSRA list of Accepted Fiat-Referenced Tokens dated September 1, 2026 (checked 2026-11-01; searched for "USDS", "Sky"). | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "USDS", "Sky"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "USDS", "Sky"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "USDS", "Sky"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/usds](https://revain.org/coins/usds/) - Glossary: [Crypto-collateralised stablecoin](/glossary/crypto-collateralised-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Freeze (address freeze)](/glossary/freeze/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/), [Peg / depeg](/glossary/peg-depeg/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$14.5 bn | US$14.9 bn | -US$401 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usds-explorer](https://stablescan.achivx.com/usds-explorer) | | Ethereum | US$14.5 bn | US$14.8 bn | -US$303 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum/stablecoin/usds](https://stablescan.achivx.com/ethereum/stablecoin/usds) | | Base | US$856,521 | US$0.11 | US$856,520 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base/stablecoin/usds](https://stablescan.achivx.com/base/stablecoin/usds) | | Arbitrum | US$99.65 | US$99.3 m | -US$99.3 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum/stablecoin/usds](https://stablescan.achivx.com/arbitrum/stablecoin/usds) | The scanner does not index issuance on Solana yet, so the USDS total excludes Solana. Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts The scanner indexes no issuer acts for USDS. ## Freeze function in the contract What the USDS contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | Arbitrum | `0x6491c05a82219b8d1479057361ff1654749b876b` | native | no freeze function | [stablescan.achivx.com/arbitrum/stablecoin/usds](https://stablescan.achivx.com/arbitrum/stablecoin/usds) | | Base | `0x820c137fa70c8691f0e44dc420a5e53c168921dc` | native | no freeze function | [stablescan.achivx.com/base/stablecoin/usds](https://stablescan.achivx.com/base/stablecoin/usds) | | Ethereum | `0xdc035d45d973e3ec169d2276ddab16f1e407384f` | native | no freeze function | [stablescan.achivx.com/ethereum/stablecoin/usds](https://stablescan.achivx.com/ethereum/stablecoin/usds) | | Solana | `USDSwr9ApdHk5bvJKMjzff41FfuX8bSxdKcR81vTwcA` | native | freeze only | [stablescan.achivx.com/solana/stablecoin/usds](https://stablescan.achivx.com/solana/stablecoin/usds) | ## Settlement volume The scanner publishes no organic settlement figure for USDS alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/usds-explorer](https://stablescan.achivx.com/usds-explorer) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/sky.html](https://achivx.com/academy/issuers/sky.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/usds/ ## Sources - https://achivx.com/academy/issuers/sky.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://developers.sky.money/protocol/liquidity/litepsm/ - https://developers.sky.money/protocol/tokens/usds/ - https://docs.sky.money/legal/skybase-international/terms-of-use - https://info.skyeco.com/ - https://sky.money/ - https://sky.money/blog - https://stablescan.achivx.com/arbitrum/stablecoin/usds - https://stablescan.achivx.com/base/stablecoin/usds - https://stablescan.achivx.com/ethereum/stablecoin/usds - https://stablescan.achivx.com/solana/stablecoin/usds - https://stablescan.achivx.com/usds-explorer - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ # USDT stablecoin data USDT on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Base, BNB Chain, Ethereum, Optimism, Solana and Tron. Canonical: https://achivx.org/stablecoins/usdt/ Updated: 2026-11-02 As of: 2026-10-31 Data card for USDT: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about USDT, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | Tether. Legal entity: Tether International, S.A. de C.V. Quote: "The Company is an El Salvador Sociedad Anónima de Capital Variable." | [assets.ctfassets.net](https://assets.ctfassets.net/vyse88cgwfbl/7nQYtcoP9GxIUFSyro2dGK/8d0521470b9e99c8c0831019cabea4ee/ISAE_3000R_-_Opinion_Tether_International_Financial_Figure_30-09-2026.pdf) | | Type | Category: fiat-backed. Tether’s terms say each Tether token in circulation is 100% backed by an amount of assets (Reserves) equal to its stated value; the Reserves are cash, cash equivalents and other assets and may include loan receivables and other assets from Affiliates. | [tether.to](https://tether.to/en/legal/) | | Redemption | Tether’s terms set the redemption price at one unit of the pegged fiat currency (1 USD for 1 USD₮), plus fees where applicable, subject to minimum amounts. The fee schedule lists a 100,000 USD minimum and a redemption fee of the greater of $1,000 or 0.1%. | [tether.to](https://tether.to/en/legal/), [tether.to](https://tether.to/en/fees/) | | Reserves | As of 30 September 2026. Attester: BDO Advisory Services S.r.l. (ISAE 3000 (Revised) assurance report). Tether International’s Financial Figures and Reserves Report as at 30 September 2026: total assets US$191,451,091,374; total liabilities US$183,496,460,904; assets exceed liabilities by US$7,954,630,470. | [assets.ctfassets.net](https://assets.ctfassets.net/vyse88cgwfbl/7nQYtcoP9GxIUFSyro2dGK/8d0521470b9e99c8c0831019cabea4ee/ISAE_3000R_-_Opinion_Tether_International_Financial_Figure_30-09-2026.pdf) | | Freeze | The issuer can freeze addresses. Quote: "Tether may suspend or terminate your access to the Site or any of the Services, freeze any Tether Tokens held by you, or terminate your Tether Token Wallet, as required by applicable Law or where Tether, in its sole discretion, determines it is prudent to do so" | [tether.to](https://tether.to/en/legal/) | | Regulation: El Salvador | Tether International states it is an authorized Stablecoin Issuer and Digital Assets Service Provider under the Digital Asset Issuance Law of El Salvador, subject to the National Commission of Digital Assets. | [assets.ctfassets.net](https://assets.ctfassets.net/vyse88cgwfbl/7nQYtcoP9GxIUFSyro2dGK/8d0521470b9e99c8c0831019cabea4ee/ISAE_3000R_-_Opinion_Tether_International_Financial_Figure_30-09-2026.pdf) | | Regulation: United States | Tether International states it is registered as a Money Services Business with FinCEN. | [assets.ctfassets.net](https://assets.ctfassets.net/vyse88cgwfbl/7nQYtcoP9GxIUFSyro2dGK/8d0521470b9e99c8c0831019cabea4ee/ISAE_3000R_-_Opinion_Tether_International_Financial_Figure_30-09-2026.pdf) | | Regulation: United Arab Emirates (ADGM) | Listed in the ADGM FSRA Consolidated List of Accepted Fiat-Referenced Tokens as of September 1, 2026 (list date), checked 2026-11-01. Accepted networks on the list: Aptos, Avalanche C-Chain, Celo, Cosmos, Ethereum, Kaia, Near, Polkadot Asset Hub, Solana, Tezos, Ton, Tron. List note: "Inclusion of an FRT on this list does not imply acceptance of that FRT for use when serving clients in jurisdictions outside ADGM." | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "USDT", "Tether"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "USDT", "Tether"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "USDT", "Tether"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/usdt](https://revain.org/coins/usdt/) - Glossary: [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/), [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Reserve attestation](/glossary/reserve-attestation/), [Freeze (address freeze)](/glossary/freeze/), [Blacklist (issuer blacklist)](/glossary/blacklist/), [Seizure](/glossary/seizure/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$170 m | US$308 m | -US$139 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | Ethereum | US$0 | US$6,667 | -US$6,667 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/ethereum/stablecoin/usdt](https://stablescan.achivx.com/ethereum/stablecoin/usdt) | | BNB Chain | US$0 | US$20.16 | -US$20.16 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/bnb-chain/stablecoin/usdt](https://stablescan.achivx.com/bnb-chain/stablecoin/usdt) | | Base | US$3.07 m | US$3.29 m | -US$219,396 | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/base/stablecoin/usdt](https://stablescan.achivx.com/base/stablecoin/usdt) | | Optimism | US$167 m | US$305 m | -US$139 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt](https://stablescan.achivx.com/optimism/stablecoin/usdt) | The scanner does not index issuance on Solana yet, so the USDT total excludes Solana. The scanner snapshot has no per-network breakdown for USDT on Tron; the USDT total includes it. Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts Acts the issuer carried out on Ethereum and Tron, the networks where the scanner indexes USDT issuer acts. | Measure | Value | Window | Scanner build | Source | |---|---|---|---|---| | Freeze acts | 520 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | Unfreeze acts | 19 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | Seize acts | 52 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | Seized | US$8.07 m | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | | Addresses acted on | 519 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) | Latest act in the ledger: 30 October 2026. | Date | Network | Act | Scanner page | |---|---|---|---| | 30 October 2026 | Tron | freeze | [stablescan.achivx.com/tron/freeze/c75a653acfe355ddf5e81cf51549ff70fe6d3c5432a648234cb490733a83683d](https://stablescan.achivx.com/tron/freeze/c75a653acfe355ddf5e81cf51549ff70fe6d3c5432a648234cb490733a83683d) | | 30 October 2026 | Tron | freeze | [stablescan.achivx.com/tron/freeze/837362171f841be7a5835686ebc2ce5d8095a5abe63fa01730c99d58ee4c68b6](https://stablescan.achivx.com/tron/freeze/837362171f841be7a5835686ebc2ce5d8095a5abe63fa01730c99d58ee4c68b6) | | 30 October 2026 | Tron | freeze | [stablescan.achivx.com/tron/freeze/31f2094e063c3f6a2a8754000ec3c9c2dd99271c048c7587c66e3e20be10244c](https://stablescan.achivx.com/tron/freeze/31f2094e063c3f6a2a8754000ec3c9c2dd99271c048c7587c66e3e20be10244c) | | 30 October 2026 | Tron | freeze | [stablescan.achivx.com/tron/freeze/9b80c6bc841a39dff6a0c4e2de828d0a4c99cc2980bae5cabb03ccb3b16f0fa1](https://stablescan.achivx.com/tron/freeze/9b80c6bc841a39dff6a0c4e2de828d0a4c99cc2980bae5cabb03ccb3b16f0fa1) | | 30 October 2026 | Tron | freeze | [stablescan.achivx.com/tron/freeze/8f433c9d2fa7f279858dafbc5c1d1ed805e9eb5389bb302bfcb3b5c63515a8be](https://stablescan.achivx.com/tron/freeze/8f433c9d2fa7f279858dafbc5c1d1ed805e9eb5389bb302bfcb3b5c63515a8be) | The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. ## Freeze function in the contract What the USDT contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | Base | `0xfde4c96c8593536e31f229ea8f37b2ada2699bb2` | bridged | no freeze function | [stablescan.achivx.com/base/stablecoin/usdt](https://stablescan.achivx.com/base/stablecoin/usdt) | | BNB Chain | `0x55d398326f99059ff775485246999027b3197955` | bridged | no freeze function | [stablescan.achivx.com/bnb-chain/stablecoin/usdt](https://stablescan.achivx.com/bnb-chain/stablecoin/usdt) | | Ethereum | `0xdac17f958d2ee523a2206206994597c13d831ec7` | native | freeze and seize | [stablescan.achivx.com/ethereum/stablecoin/usdt](https://stablescan.achivx.com/ethereum/stablecoin/usdt) | | Optimism | `0x94b008aa00579c1307b0ef2c499ad98a8ce58e58` | bridged | no freeze function | [stablescan.achivx.com/optimism/stablecoin/usdt](https://stablescan.achivx.com/optimism/stablecoin/usdt) | | Solana | `Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB` | native | freeze only | [stablescan.achivx.com/solana/stablecoin/usdt](https://stablescan.achivx.com/solana/stablecoin/usdt) | | Tron | `TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t` | native | freeze and seize | [stablescan.achivx.com/tron/stablecoin/usdt](https://stablescan.achivx.com/tron/stablecoin/usdt) | ## Settlement volume The scanner publishes no organic settlement figure for USDT alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/usdt-explorer](https://stablescan.achivx.com/usdt-explorer) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/tether.html](https://achivx.com/academy/issuers/tether.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/usdt/ ## Sources - https://achivx.com/academy/issuers/tether.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://assets.ctfassets.net/vyse88cgwfbl/7nQYtcoP9GxIUFSyro2dGK/8d0521470b9e99c8c0831019cabea4ee/ISAE_3000R_-_Opinion_Tether_International_Financial_Figure_30-09-2026.pdf - https://stablescan.achivx.com/base/stablecoin/usdt - https://stablescan.achivx.com/bnb-chain/stablecoin/usdt - https://stablescan.achivx.com/ethereum/freezes - https://stablescan.achivx.com/ethereum/stablecoin/usdt - https://stablescan.achivx.com/optimism/stablecoin/usdt - https://stablescan.achivx.com/solana/stablecoin/usdt - https://stablescan.achivx.com/tron/freezes - https://stablescan.achivx.com/tron/stablecoin/usdt - https://stablescan.achivx.com/usdt-explorer - https://tether.to/en/fees/ - https://tether.to/en/legal/ - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/ # USDT0 stablecoin data USDT0 on-chain data: 30-day mint, burn and net issuance, issuer freeze and seize acts, and contract freeze functions on Arbitrum and Optimism. Canonical: https://achivx.org/stablecoins/usdt0/ Updated: 2026-11-04 As of: 2026-10-31 Data card for USDT0: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX). ## Issuer and rules What issuer documents and public registers say about USDT0, each row with its source. Register rows give the register's own date or the date we checked it. | Fact | Value | Source | |---|---|---| | Issuer | USDT0. Legal entity: Everdawn Labs Limited. Quote: "USDT0 is part of Everdawn Labs Limited." | [usdt0.to](https://usdt0.to/terms) | | Type | Category: token backed 1:1 by USD₮ locked on Ethereum; the docs call USD₮ itself “a fiat-collateralized stablecoin” and give USDT0 no such category. USDT0’s docs say the original asset (USDT) is locked in the OFT Adapter contract on Ethereum and equivalent tokens are minted on the target chain with a strict 1:1 backing. | [docs.usdt0.to](https://docs.usdt0.to/) | | Redemption | USDT0’s docs say tokens can be redeemed by burning them on any chain and unlocking the original assets on the Ethereum OFT Adapter. | [docs.usdt0.to](https://docs.usdt0.to/) | | Reserves | As of 1 November 2026. No accountant’s report. An on-chain read at Ethereum block 26,318,313 (1 November 2026) showed 3,118,640,159.16 USD₮ in the OFT Adapter and 634,963.52 USD₮ in the IOTA lockbox. | [Etherscan](https://etherscan.io/address/0x6C96dE32CEa08842dcc4058c14d3aaAD7Fa41dee) | | Freeze | The issuer can freeze addresses. Quote: "Blocked addresses can't send tokens, and blocked callers can't invoke transferFrom or the EIP-3009 transfer functions." | [docs.usdt0.to](https://docs.usdt0.to/technical-documentation/token-features/additional-behavior) | | Regulation: United States | USDT0’s terms say Everdawn is not registered with FinCEN as a money services business or in any other capacity. | [usdt0.to](https://usdt0.to/terms) | | Regulation: United Arab Emirates (ADGM) | Not found in the ADGM FSRA list of Accepted Fiat-Referenced Tokens dated September 1, 2026 (checked 2026-11-01; searched for "USDT0", "Everdawn"). | [assets.adgm.com](https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec) | | Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "USDT0", "Everdawn"). | [esma.europa.eu](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) | | Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "USDT0", "Everdawn"). | [hkma.gov.hk](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) | | Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "USDT0", "Everdawn"). | [fsa.go.jp](https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf) | Checked against the sources on 1 November 2026. Not legal advice. - revain.org: [revain.org/coins/usdt0](https://revain.org/coins/usdt0/) - Glossary: [Issuer](/glossary/issuer/), [Redemption](/glossary/redemption/), [Reserve / reserve assets](/glossary/reserve-assets/), [Freeze (address freeze)](/glossary/freeze/), [Blacklist (issuer blacklist)](/glossary/blacklist/), [Seizure](/glossary/seizure/), [Mint](/glossary/mint/), [Burn](/glossary/burn/), [Net issuance](/glossary/net-issuance/) ## Issuance, 30 days | Network | Minted | Burned | Net issuance | Window | Scanner build | Source | |---|---|---|---|---|---|---| | All covered networks | US$287 m | US$318 m | -US$30.9 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | | Optimism | US$33.3 m | US$35.6 m | -US$2.28 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | | Arbitrum | US$254 m | US$282 m | -US$28.6 m | 30 days to 31 October 2026 | 1 November 2026 | [stablescan.achivx.com/arbitrum/stablecoin/usdt0](https://stablescan.achivx.com/arbitrum/stablecoin/usdt0) | Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance. ## Issuer acts Acts the issuer carried out on Optimism and Arbitrum, the networks where the scanner indexes USDT0 issuer acts. | Measure | Value | Window | Scanner build | Source | |---|---|---|---|---| | Freeze acts | 1 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | | Unfreeze acts | 1 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | | Seize acts | 0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | | Seized | US$0 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | | Addresses acted on | 1 | 30 days (2 October 2026 – 31 October 2026) | ledger read on 1 November 2026 | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | Latest act in the ledger: 14 October 2026. | Date | Network | Act | Scanner page | |---|---|---|---| | 14 October 2026 | Arbitrum | freeze | [stablescan.achivx.com/arbitrum/freeze/0xaa20cec5e43d6cfd070d29fece4d00808bb5573b1debc5a23225933d43b87b0f](https://stablescan.achivx.com/arbitrum/freeze/0xaa20cec5e43d6cfd070d29fece4d00808bb5573b1debc5a23225933d43b87b0f) | | 14 October 2026 | Arbitrum | unfreeze | [stablescan.achivx.com/arbitrum/freeze/0x089ad8793ba63fc28e3bf6964739e8f8217bce6fcb6419a4927534a936acfb61](https://stablescan.achivx.com/arbitrum/freeze/0x089ad8793ba63fc28e3bf6964739e8f8217bce6fcb6419a4927534a936acfb61) | | 25 June 2026 | Arbitrum | freeze | [stablescan.achivx.com/arbitrum/freeze/0xa3522dc041cae10cccd2cd6c597e60c7d0a7ee9c80c1d0a939e142d9ef30a4ce](https://stablescan.achivx.com/arbitrum/freeze/0xa3522dc041cae10cccd2cd6c597e60c7d0a7ee9c80c1d0a939e142d9ef30a4ce) | | 25 June 2026 | Arbitrum | freeze | [stablescan.achivx.com/arbitrum/freeze/0xa3522dc041cae10cccd2cd6c597e60c7d0a7ee9c80c1d0a939e142d9ef30a4ce](https://stablescan.achivx.com/arbitrum/freeze/0xa3522dc041cae10cccd2cd6c597e60c7d0a7ee9c80c1d0a939e142d9ef30a4ce) | | 16 June 2026 | Arbitrum | freeze | [stablescan.achivx.com/arbitrum/freeze/0x2cd342baf64e91e6e29d6f111e1a1b9aa52bbc0d05a185fc4de57f8f9eb47ae3](https://stablescan.achivx.com/arbitrum/freeze/0x2cd342baf64e91e6e29d6f111e1a1b9aa52bbc0d05a185fc4de57f8f9eb47ae3) | The scanner notes that every act is something the issuer did or proposed; it says nothing about who the address belongs to or why. ## Freeze function in the contract What the USDT0 contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date). | Network | Contract | Deployment | Freeze function | Source | |---|---|---|---|---| | Arbitrum | `0xfd086bc7cd5c481dcc9c85ebe478a1c0b69fcbb9` | USDT0 (omnichain) | freeze and seize | [stablescan.achivx.com/arbitrum/stablecoin/usdt0](https://stablescan.achivx.com/arbitrum/stablecoin/usdt0) | | Optimism | `0x01bff41798a0bcf287b996046ca68b395dbc1071` | USDT0 (omnichain) | freeze and seize | [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) | ## Settlement volume The scanner publishes no organic settlement figure for USDT0 alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see [organic settlement by network](/data/organic-settlement/). ## Links - Stablecoin Scanner (ACHIVX): [stablescan.achivx.com/optimism/stablecoin/usdt0](https://stablescan.achivx.com/optimism/stablecoin/usdt0) - ACHIVX Academy issuer page: [achivx.com/academy/issuers/usdt0.html](https://achivx.com/academy/issuers/usdt0.html) ## How these figures are made - **Organic, not raw.** Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used. - **Coverage: 7 networks** (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here. - **Read at build time.** Figures are read from the [Stablecoin Scanner (ACHIVX)](https://stablescan.achivx.com/) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from. - **Not a reserve or solvency claim.** Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities. - Scanner methodology version: `stablscan-methodology-v0.6.0`. ## revain.org - https://revain.org/coins/usdt0/ ## Sources - https://achivx.com/academy/issuers/usdt0.html - https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec - https://docs.usdt0.to/ - https://docs.usdt0.to/technical-documentation/token-features/additional-behavior - https://etherscan.io/address/0x6C96dE32CEa08842dcc4058c14d3aaAD7Fa41dee - https://stablescan.achivx.com/arbitrum/freezes - https://stablescan.achivx.com/arbitrum/stablecoin/usdt0 - https://stablescan.achivx.com/optimism/freezes - https://stablescan.achivx.com/optimism/stablecoin/usdt0 - https://usdt0.to/terms - https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv - https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf - https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/