White-Label
Stablecoins 101
A new category of stablecoins is emerging. Issued by brands, powered by shared infrastructure, and distributed through the products people already use every day.
What are they?
A white-label stablecoin is a USD-pegged digital currency issued under a brand's own name, built on shared infrastructure. Think of it like banks issuing Visa cards under their own branding: the payment rails are shared, but the product is theirs.
Unlike USDC or USDT, which are issued by Circle and Tether for general use, white-label stablecoins are purpose-built for specific distribution channels: a fintech app, a crypto wallet, a payments network, or a DeFi protocol.
The three-layer stack
Every white-label stablecoin sits within a three-layer stack. Each layer plays a distinct role in getting stablecoins from reserves to users.
Provides the infrastructure: compliance rails, mint/burn mechanics, reserve management, and smart contracts.
M0Holds the regulatory relationship, manages reserves, and puts their brand on the stablecoin.
+ moreWhere end users encounter the stablecoin: wallets, DeFi protocols, payment apps, and B2B rails.
Multi-chain by design
White-label stablecoins deploy wherever their users are. From Ethereum and Solana to Arbitrum, Noble, and beyond, issuers follow their distribution, not the other way around.
Ethereum
Solana
Base
Arbitrum
Noble
BNB Chain
Linea
Cosmos
CitreaEthereumSolanaBaseArbitrumNobleBNB ChainLineaCosmosCitreaTech Platforms
M0
Open protocol
The leading white-label infrastructure layer. M0 handles compliance, reserve management, and on-chain mint/burn mechanics so issuers can focus entirely on distribution.
Open Issuance
Vertically integrated
Bridge's own issuance infrastructure, used to power CASH and USDH. Since Bridge is both the platform builder and an active issuer, this stack sits closer to the vertically integrated model.
Brale
Vertically integrated
Stablecoin-as-a-Service platform that owns both the issuer stack and the tech stack. Brale handles compliance, reserves, and smart contracts while also issuing its own branded tokens like SBC and USDGLO.
Paxos
Vertically integrated
Regulated stablecoin infrastructure provider with NYDFS oversight. Paxos operates as both the issuing entity and the technology platform behind USDP.
Issuers
Bridge
Stripe-acquired stablecoin infrastructure company issuing mUSD (MetaMask), USDN (Noble), and CASH (Solana) across multiple distribution channels.
MXON
Multi-network issuer powering white-label stablecoins for KAST, Startale, MANTRA, and Usual across DeFi and payments.
MoonPay
Leading crypto payments and onramp platform that has expanded into stablecoin issuance, partnering with wallets and blockchain networks to launch branded dollar-pegged tokens.
Native Markets
Issuer behind USDH on Hyperliquid, targeting DeFi-native trading workflows with a focus on perpetual and spot market participants.
Brale
US-licensed Stablecoin-as-a-Service provider acting as both issuer and tech platform. Brale issues SBC (its own flagship stablecoin) and powers USDGLO for the Glo Foundation across 7+ chains.
Paxos
Veteran regulated stablecoin issuer and infrastructure provider. Paxos issues USDP, one of the earliest regulated stablecoins (NYDFS, 2018), operating both the issuer entity and the technology stack.
Why it matters
White-label stablecoins represent a fundamental shift in how stablecoins get distributed. Instead of one issuer reaching every user, the model delegates distribution to thousands of brands, each with their own user base, regulated relationships, and product surface.
For users, this means stablecoins that feel native to the products they already use. For brands, it means programmable money that integrates directly into their payments stack. For the ecosystem, it means stablecoin supply that grows through product adoption rather than pure speculation.
This is still an early market. The combined market cap sits under $300M. But the infrastructure is proven, regulatory frameworks are clarifying, and the number of new issuers is accelerating fast.
Ready to explore the data?
See all white-label stablecoins, issuers, and platforms live.