Reference stack
Launch a stablecoin
A reference architecture for issuing and operating a stablecoin, covering legal structure, reserves, issuance, custody, networks, liquidity, compliance, assurance and redemption.
Intended audience and markets
Audience
Markets
Infrastructure layers
Legal and regulated structure
RequiredDefine issuer, instrument, reserve, customer and distribution model.
Selection criteria
- Applicable issuer regime
- Rights of holders
- Redemption and insolvency treatment
Reserve banking and custody
RequiredHold reserve assets and operational digital assets with appropriate controls.
Selection criteria
- Eligible reserve assets
- Segregation and bankruptcy treatment
- Custody and access controls
Mint, burn and ledger infrastructure
RequiredControl issuance, redemption, supply and operational permissions.
Selection criteria
- Authorisation model
- Supply reconciliation
- Emergency and upgrade controls
Networks and interoperability
RequiredDeploy on selected networks and manage cross-chain expansion.
Selection criteria
- Security and finality
- Issuer-native deployment
- Interoperability and bridge risk
Provider options
- EthereumBlockchain NetworksRole: Settlement network
- SolanaBlockchain NetworksRole: Settlement network
- StellarBlockchain NetworksRole: Asset issuance and payments
- BaseBlockchain NetworksRole: Settlement network
- ChainlinkBlockchain NetworksRole: Oracle and cross-chain infrastructure
- LayerZeroBlockchain NetworksRole: Cross-chain messaging
Liquidity and distribution
RequiredSupport exchange, market-making and redemption liquidity.
Selection criteria
- Market-maker counterparties
- Venue and region coverage
- Redemption liquidity
Compliance, assurance and reporting
RequiredScreen activity, monitor supply and provide evidence over reserves and operations.
Selection criteria
- Wallet screening and sanctions
- Reserve reporting and attestations
- Audit trail and incident response
Implementation sequence
- Legal and regulated structure
- Reserve banking and custody
- Mint, burn and ledger infrastructure
- Networks and interoperability
- Liquidity and distribution
- Compliance, assurance and reporting
Regulatory considerations
- Launching a stablecoin requires jurisdiction-specific legal analysis, governance, capital and operating controls.
- Provider selection does not establish compliance with MiCA, US state or federal law, or any other issuer regime.
Technical considerations
- Reconcile bank reserves, internal issuance ledger and onchain supply continuously.
- Use independent permissions, key controls, monitoring and emergency procedures.
- Plan orderly redemption under stress and network outages.
Questions to ask providers
- Which legal entity contracts for each service and in which jurisdictions?
- Which responsibilities remain with the product operator rather than the provider?
- What are the implementation, approval, testing and migration timelines?
- How are incidents, exits, data portability and business continuity handled?
- What legal claim does the holder have and against which entity?
- Who can mint, freeze, burn, upgrade and redeem?
What this stack does not cover
- This stack does not constitute a legal, accounting or reserve policy.
Related stacks
Reviewed on 2026-07-07.
Provider options are examples of infrastructure roles, not endorsements or a guarantee of suitability, availability or regulatory compliance. Confirm requirements for your product with each provider and qualified advisers.