Mapping the US Stablecoin Stack: Meet the Builders

The US stablecoin stack has a shape now.

For most of the last cycle, "stablecoin infrastructure" meant two issuers and a handful of exchanges. That's no longer the picture.

Total supply sits at roughly $300B heading into September, with USDT holding around 60% of the market and USDC most of the rest.

Supply has stayed near record highs through this year's crypto drawdown, which tells you something: the money parked in stablecoins is increasingly there to move, not to trade.

And moving money takes a stack.

So together with Notabene we mapped it.

The map covers 40+ companies across 8 categories:

• Issuers: Circle, Paxos, Tether, Agora, Ethena, Ripple
• Card issuance: Rain, Jeeves, Reap, Ramp, Brex, Pomelo
• Infrastructure: Utila, Zerohash, Bridge, Brale, Dynamic, Conduit, Crossmint, Blockdaemon
• B2B payments: VelaFi, Bitso Business, Conduit, OpenFX, Due, Cybrid, MassPay, Mural, Notabene, Movantis, Sphere, BVNK
• Custody: Anchorage, Fordefi, BitGo, Coinbase Custody, Copper, Ledger, Fireblocks
• On & off ramps: VelaFi, Trace Finance, Offramp, Wyre, BlindPay, MoonPay, Sardine, Banxa, Ramp
• Compliance: Elliptic, TRM, Notabene, Sumsub, Alchemy Pay, Chainalysis, Scorechain
• Market makers: Wintermute, Cumberland, Flowdesk, Galaxy, Amber

A few things stood out while building it.

The categories are bleeding into each other.

Conduit sits in both infrastructure and B2B payments. VelaFi is a ramp and a payments company. Notabene appears under compliance and B2B payments. The companies winning in 2026 aren't picking a box, they're owning the whole transaction path.

The corridor story is Latin America.

LatAm stablecoin flows total roughly $161B annually, more than three times Southeast Asia's $45B. US→Mexico alone accounts for 5–10% of that, driven by remittances, and the new 1% US remittance tax that took effect in January 2026 is pushing more of that volume on-chain. LatAm B2B stablecoin payments are projected to reach $57B by 2030.

Compliance stopped being a cost center.

In a $300B market where most transfers are still exchange-to-exchange, the bottleneck for institutional payments isn't liquidity, it's knowing who's on the other side of the transaction. That's why the compliance box on this map is quietly becoming the most strategic one.

In partnership with Notabene

Notabene built its name on the Travel Rule. If you've sent a compliant VASP-to-VASP transfer in the last three years, there's a good chance it passed through their network with thousands of trusted counterparties, trillions of dollars in annual transaction volume, across 100+ jurisdictions.

That network is now the foundation for something bigger. Notabene has expanded from compliance tooling into stablecoin payment coordination: real-time transaction authorization, counterparty verification, and self-hosted wallet identification, all working before a payment settles rather than after.

The logic is simple. The hard part of stablecoin payments at institutional scale was never the rails, it was trust.

• Who is the counterparty?
• Is this wallet what it claims to be?
• Can this transaction be authorized now, not in a compliance review next week?

Notabene already had the answers to those questions for the compliance use case. Applying them to payments means institutions can move money on-chain with the same confidence they'd expect from correspondent banking, minus the correspondent bank.

That's why Notabene shows up twice on the map above. It's the same network doing two jobs.

Notabene is the trust layer for global money movement. The Notabene network connects thousands of trusted counterparties, facilitating trillions of dollars in transaction volume annually across over 100 jurisdictions. Notabene provides industry-leading tools for stablecoin payment coordination, real-time transaction authorization, counterparty verification, and self-hosted wallet identification—helping institutions build trust into every transaction. - Luther Maday, GTM Partnerships Lead

Meet Notabene at Stablecon '26 — DC, Sep 9–10

Notabene is on the ground in Washington this week. Luther Maday, Head of Partnerships, is representing the team at Stablecon and taking meetings across both days.

If you're an issuer, PSP, bank, or fintech working out how to add counterparty trust to your stablecoin flows or you just want to talk through the map, he's the person to find.

→ Book time with Luther at Stablecon

Not in DC? The same link works for a virtual intro.

About Notabene

Notabene is the trust layer for global money movement. The Notabene network connects thousands of trusted counterparties, facilitating trillions of dollars in transaction volume annually across over 100 jurisdictions. Notabene provides industry-leading tools for stablecoin payment coordination, real-time transaction authorization, counterparty verification, and self-hosted wallet identification, helping institutions build trust into every transaction.

Ecosystem map by Chiara Munaretto (Stablecoin Insider | OutofPilot) × Notabene. Market data: DefiLlama / Stablecoin Beat, early September 2026. Corridor figures as presented in the map.