Codex Ranks First In 2026 Stablecoin Ramp Report

A 2026 report ranked Codex first among nine institutional providers of stablecoin on- and off-ramp services. It cited settlement in under 30 minutes, 24/7 availability and no requirement to prefund an account. Circle Mint ranked second for direct issuer-backed conversions of USDC and EURC.

The ranking assessed execution price, settlement speed, capital requirements, fiat and blockchain coverage, regulatory status and integration options. It examined services that convert fiat currency into stablecoins and convert stablecoins back into bank money for payment companies, exchanges, banks, brokers and fintech platforms.

The report identified the fiat leg as the main source of cost and delay. A Banca d’Italia mystery-shopping study of $200 USDC transfers across 10 corridors found that the blockchain portion averaged about 0.4% of the amount sent. Total costs, including on- and off-ramp services, ranged from 0.30% to 8.96%.

Codex supports USD, EUR, GBP, MXN and BRL. It offers USDC and USDT across nine blockchain networks, with two-way quotes refreshed every 15 seconds. Customers can lock a rate for up to 12 hours and fund individual transactions without maintaining a balance on the platform. Codex reports more than $1 billion in monthly cleared volume, with most transactions settling in less than 30 minutes.

Circle Mint provides institutional customers with direct minting and redemption of USDC, EURC and cirBTC. Circle reports availability in more than 185 countries and says more than $333 billion in USDC has been minted through the product. Eligible customers can use the service without minting or redemption fees. Bank wires, SEPA transfers and local payment rails remain subject to banking schedules and regional availability.

Bridge ranked third for its application programming interface, virtual accounts and automatic conversion of incoming stablecoins into fiat. Stripe acquired Bridge for $1.1 billion. Bridge received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency on Feb. 12, 2026, for a national trust bank charter. Final approval has not been announced. The company holds a MiCA crypto-asset service provider authorization and a Luxembourg electronic-money license, according to the report.

BVNK ranked fourth after Mastercard completed its acquisition on Aug. 3, 2026, in a transaction valued at up to $1.8 billion. BVNK accepts stablecoins and converts them into dollars, euros and pounds through named virtual IBANs. The company processes about $30 billion in annualized payment volume and received MiCA authorization in early 2026.

Zerohash ranked fifth as an infrastructure provider for U.S. brokers, banks and fintech companies. It holds money-transmission licenses in 51 U.S. jurisdictions and a New York BitLicense. Its payout network reaches more than 200 jurisdictions. The report cited European disclosures indicating spreads of about 100 to 400 basis points, in addition to platform fees.

Paxos ranked sixth for regulated issuance and redemption of USDG, PYUSD and USDP. Coinbase Prime ranked seventh for instant USD-to-USDC and USD-to-PYUSD conversions within its custody platform. OpenPayd ranked eighth after receiving MiCA authorization from Malta’s financial regulator on June 24, 2026. It offers virtual IBANs in more than 40 currencies. Conduit ranked ninth for business-to-business payments and payouts across Latin America, Africa and Asia, covering more than 100 countries and 15 fiat currencies.

The report said total ramp costs generally include the exchange-rate spread, service fees, payment-rail charges and the cost of maintaining prefunded balances. It found that emerging-market corridors generally have greater differences in availability, settlement speed and pricing than major dollar and euro routes.