Map charts US stablecoin stack and key providers

A new ecosystem map produced with compliance firm Notabene documents more than 40 companies across eight categories that support the US stablecoin stack and its roughly $300 billion supply as of early September 2026.

Total supply approached $300 billion heading into September 2026. Tether’s USDT accounted for about 60% of that supply, with USDC representing most of the remainder. Supply has stayed near record highs through 2026.

The map groups firms under issuers, card issuance, infrastructure, B2B payments, custody, on‑ and off‑ramps, compliance and market making. Named issuers include Circle, Paxos, Tether, Agora and Ethena. Card issuers on the map include Rain, Jeeves, Reap, Ramp and Brex. Infrastructure providers listed include Utila, Zerohash, Bridge, Conduit, Crossmint and Blockdaemon. B2B payments firms include VelaFi, Bitso Business, Conduit, OpenFX, MassPay, Mural and Notabene. Custody providers on the map include Anchorage, Fordefi, BitGo, Coinbase Custody, Copper, Ledger and Fireblocks. On‑ and off‑ramps shown include VelaFi, Trace Finance, Wyre, MoonPay, Sardine, Banxa and Ramp. Compliance vendors named are Elliptic, TRM, Notabene, Sumsub, Alchemy Pay, Chainalysis and Scorechain. Market makers listed include Wintermute, Cumberland, Flowdesk, Galaxy and Amber.

Several firms appear in more than one category, including Conduit, VelaFi and Notabene. The map’s authors note that many firms combine infrastructure, payments and compliance services rather than operating in a single narrow niche.

Regional payment corridors are highlighted on the map. Latin America is shown as the largest corridor by dollar volume, with estimated stablecoin flows of about $161 billion annually, compared with roughly $45 billion for Southeast Asia. Flows from the U.S. to Mexico are estimated to account for 5–10% of Latin America volume. A 1% U.S. remittance tax that took effect in January 2026 is cited on the map as one factor shifting remittance volume toward on‑chain channels. The map projects Latin American B2B stablecoin payments could reach about $57 billion by 2030.

The map’s analysis states that, because much of the market remains exchange‑to‑exchange, the main constraint for institutional payments is identifying and vetting counterparties rather than finding liquidity.

Notabene built its business on Travel Rule compliance and a network that links thousands of counterparties across more than 100 jurisdictions and that handles transactions measured in the trillions of dollars annually. The company has extended those capabilities into pre‑settlement payment coordination, providing tools for real‑time transaction authorization, counterparty verification and self‑hosted wallet identification so transactions can be approved before settlement.

Luther Maday, Head of Partnerships at Notabene, described the company’s network as connecting thousands of trusted counterparties and providing tools for real‑time authorization and verification to help institutions move funds on‑chain with greater assurance.

The map and its corridor and supply figures draw on market data from DefiLlama and Stablecoin Beat in early September 2026. The illustration was produced by Chiara Munaretto. Notabene was scheduled to present at Stablecon ’26 in Washington, D.C., on September 9–10, where company representatives planned meetings with issuers, payment providers, banks and fintech firms to discuss integrating counterparty verification into stablecoin flows.